Data Science For SaaS Companies

The data science plan has become an important part of businesses across all industries. An enormous amount of data is generated every day, and by collecting and analyzing it, companies can receive helpful insights that enable them to make better business decisions and increase their ROIs.

However, when the field of data science first gained popularity, only a few niche players in the industry who had access to this technology were enjoying its benefits. In this article, we are going to highlight the important aspects of data science for SaaS companies.

Today, data tools can be used by anyone, and are not only limited to large enterprises willing to spend vast sums of money. Data science is so widespread today that over 59% of enterprises are using analytics up to a certain degree (Forbes). Companies are benefiting from the new insights extracted from this data in many ways, such as improving their advertisement campaigns and building their market strategy upon the knowledge gained from this data.

Data Science For SaaS Plan Strategy | MindbowserThe importance of data in any industry is massive, particularly the SaaS industry. SaaS is short for Software as a Service. Data science in SaaS companies provides cloud-based services to their customers over the internet. These services include hosting and maintaining servers, databases, and application source codes.

The most significant advantage of this industry is that it allows customers to use software without concern about hardware and infrastructure costs. The main product of SaaS companies is software; therefore, storing and processing data is a crucial element of the SaaS industry.

If these companies use data science technologies to make the most of their existing data or collect more valuable data, they will be able to make better decisions and grow at a faster rate.

How To Implement Data Science In SaaS Companies?

The most crucial aspect that contributes to the success of a company is tracking its metrics. Data Science plan lets them recognize their strengths and weaknesses and modify their business strategies accordingly. The biggest mistake that many companies make is assuming that they already know which metrics to track.

During the process of acquiring new customers, a company goes through five stages, acquisition, activation, retention, revenue, and referral. In order to obtain more customers, a company needs to understand which stage of the process users are getting stuck on and what are the weaknesses in the current customer acquisition strategy.

The best way to gain maximum utility from your data is to segment it. Segmentation of data can help you better understand your customer’s journey and develop strategies to generate more leads for your organization. Therefore, you must give a lot of thought to the most efficient method to segment your data. Here are the three types of data segmentation:
Implement Data Science For SaaS Companies | Mindbowser

Customer Demographic

Information such as the user’s location, and the devices that they use, will tell you where and how the user spends most of their time. It will help you narrow down the users that are interested in your services and follow a more targeted strategy to make your marketing campaign more effective.

Marketing Attribution

Whenever you acquire a new user, always keep track of the marketing channel or campaign that brought the customer to you. This data will help you identify which marketing strategy is most useful for your organization, and which is the least effective.

After performing this analysis, you can decide to pour more resources into the campaign or channel that has generated the most leads. Thus, allowing you to maximize your profits and improve ROI.

User Behavior

Identify what features and functionalities of your product are the most used functions amongst your users. The analysis of this data can help you determine the best features of your product. Then, you can enhance those features to increase user engagement with your service.

Some of the KPIs that can help your company answer these questions and segment your customers are:

  • Number of people that have checked out your app or service
  • The average time spent by the user in each session
  • Many people  have signed up for the free trial

Meet Our Tech expert

Sandeep Natoo

Sandeep is a highly experienced Python Developer with 15+ years of work experience in developing heterogeneous systems in the IT sector. He is an expert in building integrated web applications using Java and Python. With a background in data analytics. Sandeep has a knack for translating complex datasets into meaningful insights, and his passion lies in interpreting the data and providing a valuable prediction with a good eye for detail.

Get Free Consultation

How To Select The Right Data Science Tools For Your Company?

After you start tracking your KPIs, your company is ready to begin the implementation of data science using analytics tools. But now, you are faced with the challenge of finding the right analytics data tool for your company. In reality, you will not be able to find one tool that can do everything.

You can pick a tool based on the task you want it to perform. Otherwise, you can create a stack of different tools for a variety of functions. Here are some recommendations for data tools based on categories of tasks:

Select Data Science Tools | Mindbowser

Data Abstraction

Segment and mParticle can be used to simplify your data implementation requirements.

Strategic Development

Google Analytics, Appsflyer or Branch can be used to identify the best marketing campaigns to acquire more customers.

Usage Measurement

Heap and Amplitude can be used to understand what users are doing with your product.

Revenue Metrics

Recurly and Chargify can be used to track your SaaS revenue metrics.

Qualitative Data

Hotjar and Appsee can be used to track session recordings, surveys, and other qualitative data.

Guidelines To Create A Report

The purpose of a report is to visualize the metrics and KPIs that you have tracked in the previous step. You can create the report however you want, but there are a few guidelines that you must follow.
Data Science Report Guidelines | Mindbowser

Audience

Keep in mind who is going to use this report and modify it according to their needs.

Comparisons

Your metrics do not mean much without any context. Always compare them to your metrics from the past or other benchmarks.

Priority

Your report must reflect your highest prioritized metrics and KPIs.

Segmentation

If you group your users, it will become easier to handle their data.

Once your basic reporting is set, follow the Assess, Execute and Improve (AEI) model to keep growing with your reports and data.

The AEI model is a process that will help your company to discover which KPIs and metrics you should track, implement the right data tools to collect accurate data and grow your reports and dashboards. However, this process should only be used after you get your basics right and have established a solid foundation.

Here are some critical aspects you must pay attention to before implementing the AEI model:

Data Science AEI Model | Mindbowser

Baselines And Historical Data

It is imperative to have a solid foundation before applying this model because it requires you to develop your baseline metrics and create realistic targets for experiments that you run. To create baselines with realistic goals, you must have your historical data in place.

Internal Roles

It is crucial to maintain your data over some time. To do so, you must establish internal roles in your organization dictating who will take ownership of data implementation. Generally, the ideal person for this role is a developer who works closely with product and marketing teams.

Testing And Target Reporting

Set up messages that will increase customer retention by driving engagement. Once you have enough data, run A/B tests to measure parameters such as engagement, onboarding, and conservation. Finally, add your baselines and targets to your key reports. It will simplify the process of tracking progress, and it will add context to your reports.

Why Mindbowser?

Our lean and agile team of full-stack data scientists, engineers, and application developers accelerate the innovation and implementation of custom machine learning and AI products. We bring extensive cross-industry expertise backed by scientific rigor and deep knowledge of state-of-the-art techniques to design, build, and deploy bespoke AI solutions.

Mindbowser For Data Science

coma

Endnote

The implementation of data science for SaaS companies helps ensure that your business is moving in the right direction and checks the efficiency of your strategy. To make data science effective, the company must have a robust understanding of its business problem.

Before implementing a data science plan, the company must track specific KPIs and metrics using a tracking plan. Finally, after choosing the right tools and creating a report, they can start thinking about the more advanced methods to extract more value from their data.

Sandeep Natoo

Head Of Emerging Trend

Sandeep is a highly vigorous Machine learning expert with over 12+ work of experience with developing heterogeneous systems in the IT sector. He is an expert in building Java integrated web applications and Python data analysis stack. He has been known for translating complex datasets into meaningful insights, and his passion lies in interpreting the data and providing valuable prediction with a good eye for detail. He is highly optimistic and avid nature, for various challenges is his major strength.

The complete guide on "Data Science" is released - Get your copy and learn the trends of Data Science in 2022 :)

Download Free eBook Now!

Get in touch for a detailed discussion.

Hear From Our 100+ Customers
coma

Mindbowser helped us build an awesome iOS app to bring balance to people’s lives.

author
ADDIE WOOTTEN
CEO, SMILINGMIND
coma

We had very close go live timeline and MindBowser team got us live a month before.

author
Shaz Khan
CEO, BuyNow WorldWide
coma

They were a very responsive team! Extremely easy to communicate and work with!

author
Kristen M.
Founder & CEO, TotTech
coma

We’ve had very little-to-no hiccups at all—it’s been a really pleasurable experience.

author
Chacko Thomas
Co-Founder, TEAM8s
coma

Mindbowser is one of the reasons that our app is successful. These guys have been a great team.

author
Dave Dubier
Founder & CEO, MangoMirror
coma

Mindbowser was very helpful with explaining the development process and started quickly on the project.

author
Hieu Le
Executive Director of Product Development, Innovation Lab
coma

The greatest benefit we got from Mindbowser is the expertise. Their team has developed apps in all different industries with all types of social proofs.

author
Alex Gobel
Co-Founder, Vesica
coma

Mindbowser is professional, efficient and thorough. 

author
MacKenzie R
Consultant at XPRIZE
coma

Very committed, they create beautiful apps and are very benevolent. They have brilliant Ideas.

author
Laurie Mastrogiani
Founder, S.T.A.R.S of Wellness
coma

MindBowser was great; they listened to us a lot and helped us hone in on the actual idea of the app.” “They had put together fantastic wireframes for us.

author
Bennet Gillogly
Co-Founder, Flat Earth
coma

They're very tech-savvy, yet humble.

author
Uma Nidmarty
CEO, GS Advisorate, Inc.
coma

Ayush was responsive and paired me with the best team member possible, to complete my complex vision and project. Could not be happier.

author
Katie Taylor
Founder, Child Life On Call
coma

As a founder of a budding start-up, it has been a great experience working with Mindbower Inc under Ayush's leadership for our online digital platform design and development activity.

author
Radhika Kotwal
Founder of Courtyardly
coma

The team from Mindbowser stayed on task, asked the right questions, and completed the required tasks in a timely fashion! Strong work team!

author
Michael Wright
Chief Executive Officer, SDOH2Health LLC
coma

They are focused, patient and; they are innovative. Please give them a shot if you are looking for someone to partner with, you can go along with Mindbowser.

author
David Cain
CEO, thirty2give
coma

We are a small non-profit on a budget and they were able to deliver their work at our prescribed budgets. Their team always met their objectives and I'm very happy with the end result. Thank you, Mindbowser team!!

author
Bart Mendel
Founder, Mindworks