Contrary to popular belief, running a subscription company is tough. You can’t simply put your solutions out there, and expect the revenue to recur on its own. It takes exhausting number crunching, reporting, and decision-making to ensure that the customers stick around and your business remains floating. If you can relate, perhaps you should give ProfitWell a shot.
In this in-depth ProfitWell review, we’ll explore what the platform has to offer, how it can help scale your subscription business, and if it’s worth it or not.
Let’s get started.
What is ProfitWell?
ProfitWell is a SaaS company that provides subscription analytics, retention, and pricing solutions. Their intelligent software and experts help, both, B2B and B2C subscription companies increase their recurring revenues. They accomplish this by leveraging real-time reporting to identify strengths and weaknesses, create suitable pricing strategies, and reduce churn.
Founded by Patrick Campbell in 2012, the platform is meant to help subscription companies eliminate guesswork and make better decisions.
For example, instead of “guessing” the localized price for an international market, you can get close-to-accurate figures with actual data.
Today, more than 14,000 companies – such as HubSpot, Hotjar, and Siemens, to name a few – across more than 100 countries, use ProfitWell.
Contact Details of ProfitWell
You can get in touch with the ProfitWell team on their website: ProfitWell.com
You may also email them at firstname.lastname@example.org.
What Solutions Does ProfitWell Offer?
If you’re a SaaS, media, subscription ecommerce, or a non-profit company, there’s a lot you can accomplish with ProfitWell.
Before jumping into the specific features/products, let’s take a look at the broader solutions that it has to offer:
For a subscription company, one of the biggest challenges is to keep track of everything and leverage KPIs to drive decisions.
From calculating the LTV (lifetime value) to distinguishing the best-selling features/solutions, there’s a lot of number crunching and reporting required at every step.
Without a reliable system, you’re prone to using obsolete data or making inaccurate calculations.
With the real-time analytics and reporting tools of ProfitWell, you can get accurate data about your existing customers, the competitors, and the performance of your product.
Apart from dealing with the general financial metrics, another challenging aspect of a subscription-based business is recognizing the revenue sources.
If performed manually, this task alone can take up several precious hours.
However, with ProfitWell, you can ease your schedule and get highly accurate revenue recognition – thanks to the advanced AI of the platform (more on that later).
By having a definite understanding of where and how your revenue’s coming from, your finances are less open to interpretation.
Customer Recovery & Churn Reduction
An increasing customer churn rate is a sign that something’s not right.
At times, the problem isn’t with your product/service/business – it might be the payment gateways or some other unrelated issues.
Regardless, knowing how many customers are pulling out (and why) is crucial for the survival of the business.
With ProfitWell’s sophisticated algorithms and experts, you can experience a significant reduction in churn and win back your customers.
Last, but not the least, with a little help from ProfitWell, you’ll never have to worry about your pricing strategies.
By leveraging real-world data about your industry and the market, the software will determine the best rates.
That way, you won’t have to rely on guesswork or incomplete calculations to determine your price(s).
Overview of ProfitWell Features (or Products)
In light of the above, it’ safe to say that ProfitWell is one of the most complete platforms for subscription businesses.
With the solutions out of the way, let’s now dive into the products that ProfitWell has to offer (along with their features):
The ProfitWell Metrics is the flagship product of the company.
This platform provides real-time analytics and reporting capabilities. The best part: It’s all free - you don’t have to pay a single dime.
Here are a few of the metrics and reports that you can track:
- Lifetime Value (LTV)
- Average Revenue Per User (ARPU)
- Monthly Recurring Revenue (MRR)
- Usage Rate
- User Engagement
With the help of these industry metrics and data, you can gain a better understanding of your business, and reveal hidden sources of revenue.
You can get the required data on a single platform. For example, instead of switching between a lifetime value calculator and your spreadsheets, you can do everything on a single dashboard.
Despite being free, ProfitWell Metrics comes with impressive functionalities, including:
One of the best things about ProfitWell Metrics is that it provides great flexibility when it comes to segmenting data.
You can sort the figures according to geographical location, gender, age, and many other factors, allowing you to distinguish different segments on the basis of how much revenue they’re generating.
This, in turn, can help you make better-informed decisions about your offerings.
Customer Acquisition Tracking
With ProfitWell, you’ll always be in the know of where your customers came from.
You can keep track of how prospects become customers, make accurate attribution reports, and focus on what matters.
Get deeper insights into your revenue sources.
With this tool, you can track the MRR of new and existing customers. In addition, you can track upgrades and downgrades (if applicable).
Retention & Engagement Tracking
You can also track the retention and churn rates.
You can also track the likelihood of conversion or churning for specific individuals.
The ProfitWell Retain software helps reduce churn and win back customers with the help of advanced algorithms.
This is a paid product. However, the good thing is that you only pay once Retain actually helps you increase your customer recovery rate.
ProfitWell guarantees a minimum ROI of 100%.
The software is PCI compliant, integrates seamlessly, and starts the recovery process automatically.
Another paid product, ProfitWell Recognized helps accounting and finance teams keep track of everything.
If you have a large customer base, many of whom have paid for their subscriptions in advance, having an automated system that handles revenue recognition can make things significantly easier and help avoid errors.
Price Intelligently – a combination of intelligent software and experts – helps you set the perfect prices for your subscription business.
This, in turn, can help you unlock sales potentials and penetrate difficult markets.
Instead of opinions and guesses, Price Intelligently enables you to create helpful pricing strategies.
Whether you want to tweak the local rates, or want to enter an international market with appropriate localized prices, this software can help with anything.
ProfitWell Pricing Overview
As already discussed, the main product – ProfitWell Metrics – is 100% free.
You don’t even need to provide a credit card number.
However, to unlock the features of Retain and Recognized, you’ll have to pay. In that sense, ProfitWell is a freemium platform.
Here are the pricing details:
- Recognized ($1,000/month)
- Retain (depends on the revenue recovered)
For Price Intelligently, you can either pay for a data sprint (costing $60,000) or partner with the customer research team for $15,000/month.
Pros of ProfitWell
Besides the functionalities discussed above, here are some reasons why ProfitWell is the leading choice for subscription-based businesses:
Access to Free Metrics & Reports
This is a no-brainer.
The best thing about ProfitWell is that it provides free access to industry metrics and insightful reports.
For many small businesses, this is more than enough.
Ease of Setup & Integration
Another great thing about ProfitWell products is that they integrate easily with popular platforms.
A few of them include Stripe, Zuora, Chargebee, and Braintree, amongst others.
Besides, the overall setup procedure is simple (it usually doesn’t take more than 6 minutes).
Top-Notch Support & Resources
Compared to its competitors, ProfitWell offers the best customer support.
They’re available round-the-clock to help users with their queries.
In addition to the above, they also have access to an ocean of educational resources (videos, blog posts, and more).
Cons of ProfitWell
The platform has its downsides as well. Let’s take a look at a few:
If you use ProfitWell Retain, and recover a large sum of revenue, you may end up paying a staggering amount for it.
Overwhelming Number of Features
This isn't a “drawback,” per se, but the products do have too many features to offer.
This can be overwhelming, especially if you don’t have ample experience with subscription analytics software.
Considering all of the above, it’s safe to conclude that there aren’t many platforms that come close to ProfitWell.
With its advanced features and team of experts, ProfitWell is your go-to platform if you want to take your subscription business to the next level.