Analytics Teardown for SaaS Products using Wistia (Case Study + SaaS KPI Examples)

Note from Ruben: I’m excited to share the second article in our tracking plan series. Our free tracking plan resource is one of the most popular templates we offer today and we recently decided to improve this template by showing you exactly how we would fill it out for different industry types. We have created a completed tracking plan for 4 industries and included several videos to break down the logic at each stage e.g. acquisition events, retention events, etc.

For this article, I’ll let Wiehan take over the blog. He will guide you through the breakdown of our SaaS industry and product focus: Wistia, the popular video hosting platform for businesses.


1. What we will cover:

We have taken one of the most popular resources that we offer (a tracking plan template) and made it 10x better.

Instead of just giving you a blank template, we have gone ahead and created sample plans for 4 industry types or products:

Marketplace: we used Meetup.
Mobile Gaming: we used Bejeweled.
eCommerce: we used Indochino.
SaaS: we used Wistia.

The focus of this article is on Wistia.

We included all the events that we would track if we were in charge of their analytics strategy and even provided videos explaining the rationale behind each event.

 

2. Why I should read it and what will I get out of it?

Benefits for both Marketing & Product Teams

As a SaaS company, you want to have quality data in your reach to help you make better business decisions. An analytics stack that will help you track users and customers across all the lifecycle stages within your product. It should not be a pie-in-the-sky item, but something that you have actively running in your company. Here is the thing: not all SaaS companies have it completely figured out.

You have a bunch of challenges that you as a SaaS business are currently facing:

  • Attributing sign ups to the correct marketing channel and source
  • Tracking and measuring your Cost per Acquisition (CPA)
  • Measuring your true Return on Ad Spend (ROAS)
  • Not being able to put your focus on customer retention
  • Siloed data making it difficult to pinpoint exactly why you have a lower than average retention rate
  • Missing data causing you to have a hard time measuring the impact of your experiments and new releases

Putting measures in places to solve the above challenges is the holy-grail for any SaaS marketing and product team. A good first step is to get your analytics tracking plan in place.

Below you will find a detailed teardown of a sample tracking for Wistia. You can take inspiration from it to start building out your own detailed tracking plan.

 

3. Overview of Wistia’s platform

Wistia is a perfect video solution for every type of business that have a small to large video library that needs to be managed. At its core, Wistia was built for video marketers, by video marketers. Not only that, but they provide you with a customizable player to help you match your videos to your brand identity.

Wistia allow any business to:

  • Host their videos with ease
  • Manage their videos in once central platform
  • Track and measure the view-rates with access to video analytics
  • Improve your marketing with video best practices

Visit Wistia for more details on their video hosting platform.

 

4. Tracking plan detailed teardown

I’ve decided to tear down the tracking plan into different user lifecycle stages so it’s far easier to consume.

To get full access to the Wistia example tracking plan (Google Sheet / Excel), click on the below button to get your copy.

Time to tuck into the practical application of our case study.

User Lifecycle Stage: Acquisition

I can with certainty say that Wistia are spending a fair amount of dollars on digital marketing – and they are brilliant at it. During the acquisition stage, we want to showcase how Wistia will track signups in order to tie it back to their marketing spend.

To tie back signups to their marketing campaigns and sources, they need to UTM tag their landing page URLs. You’ll see how I do it in the video below:

Watch video recording here:

Sign up funnel visualized
Sign up started → Sign up completed

As you can see above, Wistia has a short signup process, so they won’t have to analyze a complex signup funnel. Where in your case, you might have a much longer signup process that will require a close-eye on the steps in your signup funnel.

Alongside tagging their landing page URLs for seamless marketing campaign/source attribution, they need to fire custom events within their product.

Event and trigger conditions breakdown

Event name Trigger when
Sign Up Started User clicked on the “sign up” button to start the sign up process.
Sign Up Completed User successfully signed up for free subscription.

SaaS KPI Examples and Questions Wistia Will Be Able to Answer:

  • Does Facebook, LinkedIn or Google Ads generate more signups?
  • Did your summer campaign drive more signups than our black Friday campaign?
  • Is the ROAS higher on our paid channels, social channels or email channels?
  • What is our average visitor-to-signup rate?
  • How many signups do we generate on a weekly basis?
  • Are there certain days of the week that see a boost in signups generated?

 

User Lifecycle Stage: Onboarding

Wistia’s onboarding funnel is a great way for them to learn more about their users – hence the reason why they ask about their main goals and experience. It is pivotal that Wistia push these input values as event attributions to their analytics platform. See in the below video what I mean by pusing event values (attributes) when each event in their onboarding process trigger.

Watch video recording here:

Wistia’s onboarding funnel visualized:
Choose your main goal → Select your experience with business video

Event and trigger conditions breakdown

Event name Trigger when
Onboarding – User Main Goal User completed the onboarding step where they are asked what their main goal for using Wistia is.
Onboarding – Experience with Business Video User completed onboarding step where they are asked about their experience with business video.

Wistia will be in a position to answer the below questions:

  • What % of users completed our onboarding funnel?
  • What is the breakdown of beginner users to video marketing experts?
  • What are the main goals of our users and which features of our platform will provide them with the most value for their level of expertise?

 

User Lifecycle Stage: Retention

Smart SaaS businesses measure churn and retention. It is believed that retention is the new conversion. Churn kills Saas businesses and that is why we want to double-down on how Wistia (and you for that matter) could go ahead and track retention-focused events (engagement) within their platform. Are users finding their best features useful, or does it lead them to churn?

Watch video recording here:

Event and trigger conditions breakdown

Event name Trigger when
Created New Project Users successfully created a new project.
Deleted Project User successfully deleted project.
Uploaded Video User successfully uploaded video to project.
Customized Video User successfully customized their video and saved their changes.
Downloaded Video User successfully downloaded video.
Deleted Video User successfully deleted video.
Login Completed User successfully logged in to the application.
Logout Completed User clicked ‘logout’ button and confirmed log off action.

SaaS KPI Examples and Questions Wistia Will Be Able to Answer:

  • When during the user’s lifecycle do they create their first new project?
  • How many projects do users create on average?
  • How does engagement differ between our new users and power users?
  • How many videos are uploaded per user on average?
  • How many videos are uploaded by our power users on a weekly basis?
  • Do users customize their videos and does it lead to more videos being uploaded?
  • Do users make use of the download video feature?
  • What is our overall retention rate?
  • After how many days/weeks/months do users stop using our platform?

Referral signups are often a higher quality (at a lower CPA) type of user, so it’s imperative for Meetup to include this into their marketing strategy. By knowing exactly how their current share mechanics perform will allow them to experiment with new ways to drive referral business.

 

User Lifecycle Stage: Referral

Generating referral leads is definitely a smart tactic. Wistia is clever enough to invite their users to join their Slack community. From here, they could potentially draw in new users to their platform. Let’s find out how they could track new users joining their Slack community.

Watch video recording here:

Event and trigger conditions breakdown

Event name Trigger when
Joined Slack Community User successfully requested to join Wistia’s slack channel.

SaaS KPI Examples and Questions Wistia Will Be Able to Answer:

  • How many new users joined our community during the last month?
  • Do more new users join our community, or active users?
  • How does our Slack community influence users’ behavior within our platform?
  • Does it lead to new referral signups?

 

5. Conclusion:

You want to be a smart SaaS business owner, marketing specialist or product manager who take their tracking and analytics serious.

It starts with a solid tracking plan to help you:
a) pick the right events to track;
b) set the correct trigger condition;
c) add the best event properties (attributes) and
d) push event properties to your analytics platform to learn more about your users.

You will be in a much better position to answer tough business questions, reduce your churn and grow in order to reach your targets.

 

6. Next steps you can take:

If you enjoyed this breakdown, you can get the full Meetup.com tracking plan template through our Web & Mobile App Analytics Bundle. It also includes 3 other industry type plans plus other resources around Segment.com and Mixpanel. It’s everything you need to get started in analytics.

One more thing before you go! Are you getting the data you need to grow your company?

I find most companies are stuck with high-level metrics and they aren't able to properly understand what actually drives user growth for their web and mobile products. To do that, you need the right data and the right tools.

If this sounds like your situation, then you should download our free tracking plan (and tutorial video). This is the document that you should create before you ever implement tools like Mixpanel, Amplitude, Segment, and Intercom. Click the image below to download your own free tracking plan (and tutorial video).

Wiehan Britz
Wiehan Britz
Husband, Father, Optimizer & Analyst. I help Marketers and Product Managers gain the right access to quantitative and qualitative insights to help drive their business forward. My life consist of a good balance between technical implementations, report generation and spending time with my lovely wife.

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