Metrics Hotmart Doesn't Show You (And You Need to Know)

Hotmart is the largest digital product platform in Brazil. It processes billions in transactions, has a robust affiliate ecosystem, and offers solid content delivery. However, when it comes to business analytics, the native dashboard has gaps that can be costly.

This isn't a critique of Hotmart—it's a sales platform, not a BI tool. But if you're managing a recurring revenue business based solely on what the panel shows, you're operating with only half the information you need.

Here are the 6 metrics Hotmart doesn't show you—and how they can change the way you manage your business.

1. Real Churn Rate (Not Just the Number of Cancellations)

Hotmart shows you how many subscriptions were canceled. What it doesn't do is calculate the rate and provide context.

What you see in Hotmart: "47 subscriptions canceled this month"

What you need to know: "Your monthly churn is 9.4%, up from 7.2% three months ago, and 60% of cancellations happen within the first 45 days."

The difference is massive. The raw number (47) means nothing without context. Is it high or low? Is it improving or worsening? At what point in the lifecycle does the cancellation occur?

Why this matters

If 60% of cancellations happen within the first 45 days, your problem is onboarding. If they happen after 6 months, your problem is value renewal. The strategy for each case is completely different.

Without knowing the "when" and "how much" of your churn, you're shooting in the dark with generic retention efforts that might not even be addressing the real issue.

2. NRR (Net Revenue Retention)

This metric simply doesn't exist in the Hotmart vocabulary. Yet, it is arguably the most important metric for businesses with multiple plans.

What it is: The percentage of revenue from existing customers that you retain (or expand) month over month.

Example: You started the month with $40,000 in MRR. At the end of the month, considering only those same customers (no new ones):

• Upgrades added $1,500
• Downgrades removed $400
• Cancellations removed $2,800

NRR = ($40,000 + $1,500 - $400 - $2,800) ÷ $40,000 = 95.75%

An NRR of 95.75% means your base is shrinking 4.25% per month organically. To compensate, you need new sales equivalent to that percentage just to break even. If you want to grow, you need much more.

If your NRR were 103%, your base would grow on its own. Every month, without a single new sale, you would have 3% more revenue. This is the difference between a business that depends on paid traffic to survive and one that grows organically.

3. LTV by Acquisition Channel

Hotmart shows where sales came from (last-click sources), but it doesn't connect that to future customer behavior.

What you need to know:

This data completely changes where you invest. Organic traffic customers are worth nearly double those from Facebook Ads. Investing more in SEO and YouTube could yield a much higher return in the medium term.

But without LTV by channel, you're making investment decisions based solely on CAC and funnel conversion rates—which only tell half the story.

4. Real Net Revenue per Product

Hotmart shows gross revenue. However, every product has different costs:

• Hotmart fees vary by plan (Complete, Starter, etc.)
• Affiliate commissions vary by product
• Refund rates vary by product type
• Chargeback rates vary by payment method

Real-world example:

Membership B generates less gross revenue but has an 88% net margin—the highest of the three. If you only look at gross revenue, you might be prioritizing the wrong product.

5. Cohort Analysis

Cohort analysis groups customers by the month they joined and tracks their behavior over time. It is the most accurate way to know if your customer quality is improving or declining.

Example of retention by cohort:

Retention is improving month over month. What changed from October to January? New onboarding? Better content? A different audience? The cohort reveals it; the Hotmart dashboard does not.

6. MRR Segmented by Component

Hotmart doesn't break down your MRR into New, Expansion, Contraction, and Churned. Without this decomposition, you don't know what is driving or stalling your growth.

Example of the breakdown you should see every month:

• Previous MRR: $45,000
• New MRR: +$5,200 (new subscribers)
• Expansion MRR: +$1,800 (upgrades)
• Contraction MRR: -$600 (downgrades)
• Churned MRR: -$3,400 (cancellations)
• Current MRR: $48,000 (+6.7%)

This view shows that the $3,000 growth came from $7,000 in new revenue minus $4,000 in losses. If churn rises by another $1,000, growth drops to $2,000. If New MRR drops (e.g., a campaign ends), growth could turn negative.

With this insight, you anticipate problems instead of discovering them after the fact.

How to Access These Metrics

You have two options:

Option 1: Build Manually

Export data from Hotmart, set up spreadsheets, and calculate everything yourself. This works for small businesses with time to spare. Expect to invest 4-8 hours per month.

Option 2: Connect to a Specialized Dashboard

Groware integrates with Hotmart and calculates all 6 metrics automatically. The connection takes less than 2 minutes via API, and you see your metrics in real-time—not at the end of the month when it's too late to act.

Additionally, if you also sell on Kiwify, Monetizze, or use Asaas, Groware consolidates everything into a single dashboard. You see the whole business, not just isolated snapshots.

Conclusion

Hotmart does what it's designed to do very well. But to make strategic decisions about retention, acquisition investment, and growth, you need metrics it doesn't offer.

Real churn, NRR, LTV by channel, net revenue per product, cohort analysis, and segmented MRR are not luxuries—they are necessities for anyone who wants to scale with predictability and efficiency.

The data is in your transaction records. You just need to process it the right way.