Subscription businesses are on the rise. With this spike in popularity comes an increase in demand for subscription billing dashboards that can help business owners monitor their customer base and set up actionable strategies based on the data they receive back. But what exactly is a “subscription billing” dashboard?
Why should you care about subscription billing?
The future of your company is at stake. You have to pay attention to subscription billing because it’s the future of your company. And if you’re not paying attention, someone else is.
Custom dashboards are the way forward for subscription billing. With custom dashboards, you can get more information about your customers and more information about your company—and that’s exactly what you need as a business owner making decisions every day.
What does a sample dashboard look like?
A subscription billing dashboard is the most important tool in your arsenal. It’s a place where you can get real-time data about customers, their subscriptions and payments, as well as company revenue and expenses.
You could use this data to decide which products to focus on in your marketing strategy (for example, if a particular product is new and hasn’t been widely adopted yet). Or perhaps you want to define an algorithm for customer acquisition by finding out which customers are more likely to purchase multiple products from your subscription-based business model rather than just one or two.
How is data for custom dashboards often gathered?
Custom dashboards can be built from a variety of sources. Take a look at some of the most common:
Your data: This is the main source for custom dashboards, as it provides insights into how your company and its products are performing. It also helps you understand how customers engage with your business, so you can make more informed decisions about where to focus your efforts going forward.
Your customers’ feedback: If you have customers who use your product or service, they’ll likely have data and feedback that’s relevant to their interactions with it—and these insights could be useful for improving both customer experience and overall user behavior within the product or service itself.
Customer data from other companies’ customers: If someone purchases an item on Amazon, they’re probably using some type of payment method offered by one of their banks—but if you dig deeper into this relationship between merchant/bank/cardholder? You could find ways to improve both sides’ experiences within this ecosystem as well.
How do you benefit from custom dashboards?
To start, you can use custom dashboards to track trends in your business. By seeing how your revenue changes month-to-month and region-to-region, you can better understand how changes in pricing or marketing campaigns affect each area.
You can also use custom dashboards for customer insights. You can see which customers are buying your products and services most frequently or at what price points they’re most likely to purchase.
Finally, a well-designed dashboard should help sales reps understand which customers require their product or services—and that means they’ll be more successful when selling them on the benefits of signing up for subscriptions.
But with all this power comes responsibility—or rather, problems: most importantly, making sure that your dashboard reflects reality by only showing representative data points so that you don’t build false conclusions based on data points that don’t represent what’s happening with your customers (i.e., building a dashboard where there aren’t enough subscribers).
The data gathered and analyzed from custom dashboards can be a great asset for your business. You’ll have more insight into your customers’ needs and preferences, which will help you make the best possible products and services for them. However, if you don’t take the time to build a dashboard that represents reality, you’ll be building false conclusions based on data points that don’t represent what’s happening with your customers.