Most Important Metrics to Evaluate the Success of Your Mobile App
Analysing key metrics is an intricate aspect of mobile app marketing. Without analyzing these metrics, you cannot know how the app is doing on different parameters. Although there are several different types of metrics you can measure, you need to focus on the most effective ones based on the type of app and your marketing objectives.
Few metrics remain almost irreplaceable for evaluating almost all apps. Here we are going to explain a few of them.
App Store Visibility
The first thing that you need to ensure for your app is its visibility on the app store. Naturally, mobile app development company need to measure how your potential customers can find your app. In this respect, it is important to remember some statistics. More than 60% of apps to date become discovered through searches on app stores. This shows still boosts visibility across stores is one of the crucial requirements for the app marketing success.
Some metrics that you need to track continuously to measure app stores visibility include keyword ranking, app stores page views or clicks of store visitors, etc. Use of right keywords is extremely crucial in this respect to boost customer footfall and for getting in touch with the right customers.
User Acquisition Cost
This is a crucial metric to evaluate the success of your campaign. How much cost you need to bear for each user acquisition is essential to figure out how your campaign is doing? There are two separate KPIs for evaluating this, respectively as CPA (Cost Per Acquisition) and CPI (Cost Per Install).
Remember, if you want to reduce acquisition cost per user, it would be wise to depend more on organic user acquisition instead of the paid channels and campaigns. Consistent App Store Optimization (ASO) manoeuvres over a long period of time can help you achieve better results without spending on campaigns.
The adoption rate is another important metrics which takes care of the people who adopt your app and when. The metrics can be divided into three segments, respectively as the following.
Product Adoption Curve: The adoption curve varies across different user segments. We can see this curve moving particularly with respect to SaaS (Software as a Service) products. Generally, the early adopters will be advanced or loyal SaaS users. The second group of users will be influenced by the reviews of the first group of users. The third group of users or the early majority comes to adopt the product when this starts rolling, and the products keep getting positive reviews. At last, when the product becomes widespread, the late majority comes in, and by then the product tastes its first marketing success. Finally, after the hype around the product is over, some users still go for it because of the status quo.
Average SNB: As more and more small and medium businesses (SNB) are adopting digital products, average adoption of these businesses is a key metrics now. If you want to get wind of this SNB trend on your sail, you need to focus on this metrics.
Continuous betterment: By the time your product is on the verge of getting the favor of the majority, you need to ensure adding value to your product on a continuous basis. The later adoption will largely depend on how you address scepticism with real value and evaluation of the product. As time moves on, the product needs to get better.
The conversion rate is one of the key metrics, but it is also highly variable metrics that differ from one company to another. For optimizing the conversion rate the most credible measure us to increase the number of users through free sign-ups. As many top successful SaaS app developers agree that the easiest way to get a million of customers is to have a similar number of users onboard.
The conversion rate metrics are best explained through Conversion Funnel. It is about breaking up the user volume into categories. A whopping 44% of companies use free trials when driving user acquisition for their SaaS products.
Retention & Churn Rate
This is one of the crucial metrics to give a clear idea of how many of your customers are sticking to your product with unflinching loyalty and how many are leaving. This metric again can be measured with a few key figures. Through the negative monthly revenue churn, a company offering a SaaS product can measure how it satisfied customers before selling them new upgraded products and services. These metrics become more important as your business grows and you face the challenge of keeping the same growth rate.
This is a crucial metrics for app monetization. As in-app purchase is the most successful monetization method for the vast majority of apps, this deserves a special focus. The principal KPI to measure for this metrics is the conversion rate of users to in-app purchases.
Finding the average spending on the in-app purchases by the users is very easy to find. But until and unless you do segmentation either through user profiling or by common user behavior (cohorts) you cannot get a clear picture of the particular type of users and ads that are making more traction to one another. Optimizing in-app strategy is crucial for your app monetization.
User engagement and session length is the kind of metrics that every app invariably focuses upon and so, we rather skipped it as a pretty well-known metrics. Whether you have an ambitious SaaS product or a consumer app, these metrics should be inseparable from your analytics and evaluation of the product.