Get hundreds of valuable metrics & business insights in one click with Baremetrics
Originally published at siftery.com.
Baremetrics provides one-click, zero-setup SaaS analytics & insights for Stripe, Braintree, Recurly and Chargify users. With zero configuration, Baremetrics give you important business metrics like MRR, LTV, Churn and much more. In addition to providing metrics, they provide actionable insights and reports like daily, weekly & monthly email reports and notifications to you and your team automatically, so you âre always in the loop with your business.
Can you tell us about what you are working on ? What is Baremetrics?
I’m the founder of Baremetrics, a one-click revenue analytics platform! So, one-click and you can get deep business insights from Stripe, Braintree, Recurly and Chargify. Or you can pass us you data directly via our Analytics API.
Our goal is to get you out of that awful spreadsheet that you begrudgingly sometimes update a few times a month and instead give you real-time insights into things like MRR, LTV, Churn and so much more.
Why are you building this? What problem are you trying to solve?
Back in 2013 I was running a couple of SaaS products in the survey space and was having a heck of a time staying on top of the metrics I needed to grow our business. I tried all sorts of tools from spreadsheets (which are always out-of-date and ripe for screwing up) to more generic analytics products like Mixpanel or Kissmetrics (which are primarily focus on “events” as opposed to customers and the revenue associated with them).
It was a hot mess but there just wasn’t anything out there. I desperately wanted to not build something, but I kept coming up empty on a good solution. So, I bit the bullet and threw something together, initially just as a little internal tool.
After I showed it to a few other founders, who desperately asked to use it, I decided to put it out there and see what happens.
And then it kind of took off: https://demo.baremetrics.com (our actual data).
Who are your top competitors & how is Baremetrics different from what’s already exists in the market? What’s unique about what you are building & why do you think companies should use Baremetrics?
We have two really vicious competitors: spreadsheets and apathy. That very large majority of companies are crunching this stuff inside complex spreadsheets that don’t give them very insight and are a pain to keep updated.
The rest are using their accounting software to tell them things like profit & loss, and then doing back-of-the-napkin calculations to get some high level LTV and churn numbers. It’s a mess.
So, we have to actively work to show people how much more insight they can have with so much less work.
Who uses Baremetrics? Can you tell us a bit about the different customer segments using Baremetrics? What types of roles do your customers have at their companies?
Most of our customers are CEO and Founders, along with other financial roles (like a CFO). The really smart companies also add folks from their customer success and marketing teams so everyone can understand how the company is growing and where to focus their efforts!
How are your customers using Baremetrics? Could you share a few different use cases?
Companies typically use Baremetrics throughout the day to understand how their business is growing (or not) and what needs to be improved.
For instance, we surface how your churn rate is trending and alert you when it’s getting too high. We can then offer guidance around how to reduce your churn rate.
Many customers also use our Recover feature to collect on failing credit card charges, with companies recovering hundreds of thousands of dollars every month.
Have there been unique use cases for Baremetrics that you hadn’t thought of or expected?
We have quite a few gyms and coworking spaces that use Baremetrics! Certainly the bulk of our customer base is software-focused, but I love seeing more traditional businesses using it!
Who are some early/key customers?
One of our biggest wins for a customer early on was Buffer. They took a bet on us early on to publish their entire revenue dashboard to the public and it’s really been a great source of attention and new customers for us.
Were there any early ‘growth hacks’ or tactics that have contributed to your current success?
We started getting a lot of attention when we made our dashboard public: https://demo.baremetrics.com
It gets shared every day and many of our customers come to us through that.
What were some of the biggest challenges while building the product early on and how did you solve them?
We store a lot of data (many terabytes worth) and properly scaling that in a performant way is a constant battle. We’ve tried many different solutions and continue to work to find more efficient ways to handle that.
What have been some of the most interesting integrations you’ve added?Are there any that have been particularly impactful for you?
Any time we add a new payment processor that instant access to a new group of customers. Stripe is our largest source of customers, so they’ve definitely been particularly impactful.
What are top 5–10 products that you depend to run the company & how do you use them?
- Clearbit — Clearbit powers a lot of our Customer Profile features and helps enhance the customer information we display in Baremetrics
- Intercom — Any and all customer communication runs through Intercom. We’ve got extensive marketing funnels and messaging that are all powered by Intercom.
- Slack — Most company communication runs through Slack. We also have a Slack integration that many of our customers use.
- FullStory — We use FullStory to actively learn how our customers are using the app and the troubles they may be having. It’s a UX goldmine.
- Clubhouse — Our entire product development cycle is managed and run through Clubhouse. After trying half a dozen other solutions (Trello, Asana, Pivotal, Basecamp and others), Clubhouse has fit the bill perfectly.
Do you use Baremetrics and recommend them? You can do it here https://siftery.com/baremetrics?recommend.