Better Subscription Data for WooCommerce

Published: 2 weeks ago

WooCommerce is a great way to sell subscription products, but it doesn't offer the best analytics tools to understand the data behind your subscriptions. When you have a recurring revenue, it's important to be able to understand your churn rate, drop off, cohorts, and more. By using this, you can better implement marketing strategies, retainment strategies, and value your brand.

In this blog post, we are going to take a look at Metorik, a tool that allows you to get better subscription date for WooCommerce.

We've actually been using this tool for several major WooCommerce websites selling over $1m of subscription project a year, and have been really pleased with the reporting it offers us. Let's take a look at some of the reports and analytics that this tool gives us:

WooCommerce Subscription Analytics Dashboard

This primarily shows us our monthly recurring revenue and active subscribers. It allows us to understand the growth of our store as a whole.

The main analytics dashboard presents us with our monthly recurring revenue, and active subscriptions over a period of time. For this example, we're filtering between May 1, 2021, and October 31, 2021. That's a half year period.

You can quickly get an understanding as of the ending., Where your monthly recurring revenue is, what your annual run rate is, what your average monthly growth is, you're active subscribers, and the average growth of the subscribers.

This gives you a good handle on the subscriptions of your store, and allows you to understand the overall trend of growth or decline. However, let's take a look at some more useful statistics to help us get a real handle on WooCommerce Subscriptions.

It's also worth noting, that if there are multiple subscriptions on the website, you can break down all of this information into each individual product. However, this shop only has one subscription running, so we will only be able to show your data from a single product shop.

Retention and Churn of Subscribers

This report gives us three different metrics. First is our retention rate. We can see a graph of the retention rate over the period between what we have selected. On the right, we get an overall average of our subscription retention, and monthly recurring revenue retention.

In the middle, Metorik tells us what the average lifetime of a subscription is. So, based on the average lifetime retention rate of 88.7, the expected subscription lifetime in months will be 8.9. This is what really sets this to apart, you won't get anything close to these metrics for WooCommerce subscriptions in the actual plugin (and you probably wouldn't want to, as this would put a huge load on your server, and cause your website to slow down immeasurably).

It also mentions the average revenue per subscriber, and then calculate the total subscription lifetime value. This is really helpful if you're trying to value your customer, and align it with your marketing efforts.

On the bottom, we can take a look at our churn rate. This is the percent of customers that no longer return to the subscription and choose to cancel it. Churn rate is an industry standard metric that this tool helps us calculate.

Subscription Cohorts

If we want to better understand how long a customer last as a subscriber, and when they drop off, we can take a look at subscription cohorts. This displays each month (which is also known as a cohort of subscribers), and the retention for each month.

It should be noted that all of this data can be exported, which means we can run regression analysis and more on other platforms.

Segmentation of Subscribers based on WordPress/WooCommerce Custom Fields

We can really drill down to specific subscribers by utilizing segmentation. In this example, we are finding users that are pending cancellation, with a subscription status change in the past seven days, and only for the subscription product 'hungry for apples'. We can dance and marketing emails, reach out directly, or do something else with this customer information.

Future Subscription Revenue Forecasting For WooCommerce

We can also calculate the future expected revenue, which helps us understand our brand's value.

There's also another report that aggregates all sales, including your subscriptions, giving you an accurate linear forecast for the next couple of months or years. Of course, this is extrapolating, and you can mess around with the numbers to show what you want to see, but it's helpful to understand where you store may be in a year or so.

Conclusion

If you're looking for a tool that will help you understand and analyze your WooCommerce Subscriptions, Metorik is your best bet. The standard analytics that one commerce has the offer, is not made for subscriptions, and it also doesn't offer you multifaceted data, search and segmentation for your shop. Metorik is the perfect third-party analytics platform for WooCommerce, and many major shops use it.

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