If you’ve been on the market long enough, you know how important it is to measure business development. You know that, when it comes to profit, most businesses look at gross profit margin, return on invested capital, asset turnover etc. to measure profitability. After all, these are some of the most important metrics for measuring company profit.
You know that, when it comes to liquidity, quick ratio and interest coverage ratio are what companies look at because this is the information that tells them about managing debt load and bills.
Efficiency too is an important part of a company’s development. So you probably also know that revenue per employee and staff turnover are two key metrics that businesses use to keep track of efficiency. They do this by looking at the number of staff, whether or not more staff is needed and so on.
You know all this because you’re probably representing a business yourself. Or maybe you just have some personal interests or fascination with metrics. We know we do.
Source: Advertising Week Social Club
But business development today is also a lot about client engagement, customer retention, brand image etc. And one of the most important tools to drive customer engagement and make it permanent or long-term at least is to utilize mobile apps. So how do you know when your app is successful?
<p style="text-align: justify">
It all certainly starts at the point of app creation but there is actually more work to be done <em>after</em> the software is built. So here are the most important <strong>mobile metrics</strong> that measure just how successful an application is:
</p>
<p style="text-align: justify">
<p style="text-align: justify">
<p style="text-align: justify">
<span style="font-size: 12pt"><strong>Installs</strong></span>
</p>
<p style="text-align: justify">
The more the merrier. Tracking the number of app acquisition and downloads will give you an idea of how the app is doing. Although this metrics alone doesn’t determine the app’s success, it is still an important measuring tool. It provides information about users and traffic, such as geographic distribution. It also allows for transparency when it comes to determining which channels bring in more downloads.
</p>
<p style="text-align: justify">
<span style="font-size: 12pt"><strong>Engagement</strong></span>
</p>
<p style="text-align: justify">
How often do people come back to using an app? How much time do they spend within the app? Engagement metrics tell all about users being active or not. They determine the frequency of app usage and the time spent by users within the app. It’s also possible to retrieve stats regarding the type of content most relevant to users. Engagement metrics can indicate the exact point where a user has been lost, which is important in the process of developing new content that will increase the chances for continued use of the app.
</p>
<p style="text-align: justify">
<span style="font-size: 12pt"><strong>Retention</strong></span>
</p>
<p style="text-align: justify">
Retention is very much related to engagement metrics. While engagement puts more of a focus on the time spent by users within the app, retention looks at how many people have “stuck” with the app after the download and install process. If today you have 250 people downloading the app, you can calculate the retention rate within a month’s time by looking at the number of people who have stuck with the app at the end of the month.
</p>
<p>
</p>
