Generally, games and e-commerce companies have their keen interest focused on tracking key metrics and gain leverage from mobile apps analytics. Some of the key metrics are the app and gaming functionalities present together with the usability of smartphones explains to the most part of the mobile analytics. These key metrics encourage many businesses to own mobile apps and get monetized.
Tracking all the Key Metrics and planning for design and upgrade mobile apps might make things difficult for you in terms of revenue generation or lost in due progress. Therefore we have selected only a few of the key metrics that are required for a Modern Mobile Apps development and to improve the financial prospect. Given below is a list of 7 App Metrics that controls your mobile app Return on Investment.
- Funnel Tracking
Funnel Tracking is a key metrics that allow business owners to track their mobile app from its acquisition phase to the conversion phase. Usually, the mobile app user conversion process happens through key events like referrals, subscriptions, and purchases. Once knowing the gradual steps or stages of the conversion process then businesses can start to depend on the funnel marketing and isolate problems to eliminate it. Eventually, this should improve the conversion base and encourage businesses to offer incentives to their users.
- Average revenue per user
The average revenue per user is a ratio of the total revenue generated amongst no of users. Generally, most of the investors in your business would want to know about the financial position of your mobile app. And if the financial position of your mobile app is low and its user base become moderate then you can easily identify it from Average revenue per user. One of the foremost thing to be performed by the app owner is to familiarise the mobile app data and then safeguard it from outliers.
- AOV and AOV per Paying User
Average Order Value is the average revenue generated by all the app users. In addition, you have the AOV per Paying User which is the average value of the order placed by a paying user. The prior metrics allows a business to know about the app users list that is yet to be converted into paying customers. These are the basic metrics that an e-commerce app may have to consider for the betterment.
- Cost per Acquisition
It is the average cost out of a total campaign that is directly involved in getting an active user or a paid subscriber. Cost per Acquisition ranges from the app marketing expense to development costs. Hence you should have to make sure the cost per acquisition does not exceed the price tag of your mobile app. If you have In-app purchases then this estimate is theoretical and is widely accepted according to the industry standard cost followed.
- Lifetime Value
Lifetime Value is the total revenue generated from a user who accesses a lifetime session and that excludes the acquisition cost. Mobile Apps Analytics is the most often used tool by many people and knowing about its Lifetime Value becomes a necessity. It also indicates the user engagement and retention capability of your app. Businesses can build mobile apps thoroughly based on the needs of the user base and get profited. If companies can obtain regular feedbacks from app user and release app updates often then it will attract more users and keep them heard.
- Revenue Target
Revenue Target is the total revenue generated from a mobile app. We have designed smart criteria to improve the revenue obtained from a mobile app. It is termed as Specific, Measurable, Attainable, Relevant and Timely criteria’s. This is usually a contemporary practice to break the instabilities present in making a decision on modern mobile app developments. It also gives you the freedom to inform some of your investors well ahead of time.
- Return on Investment
ROI is termed to be a ratio of Net Profit versus Total Investment made while designing your mobile app. It is much easier now to understand the financial prospects of the Modern Mobile App progressions. This is mainly because of the ROI valuation that is represented in percentage ratios that are obtained after making all the expenses.
Conclusion
These are the 7 mobile app analytics that can substantially create the profit and branding for your Modern Mobile app development. Understanding these critical conditions will let you know the effectiveness & capabilities of the Modern Mobile App and further guide you on future efforts accordingly.
If you have a requirement for app developers who could better the ROI of mobile apps then do not wait any longer by researching over the internet, rather get in touch with us Way2Smile at the earliest. With over 10+ years of experience in mobile app analytics and development, we are ready to take up a project of any large scale.
Author Bio: This is Vignesh, Digital Marketing Strategist at Way2smile Solutions Pvt Ltd. Currently helping Startups & SME’s to achieve their success through custom mobile apps & web apps.
