In our previous post, we included three vital mobile metrics that measure app success. The number of installs, engagement metrics and retention rates are developers and marketers’ first choice in monitoring apps that either go big or go home. Let’s take a look at some of the other ways that you can use to determine the success of your mobile applications.
Outcomes
Source: KISSmetrics
Say your app has been doing really good in terms of downloads and installs. Plus, you’ve got a lot of users who keep on coming back to it, so your app turns out to be “sticky.” That’s great! The next thing you’d want to do is monitor conversion rates. So outcomes actually measure whether or not an app brings in profit. There are several key points to look at here:
In App Purchases: You can track where exactly in your app users purchase content whether your application is free or paid. This allows you to see the type of content users prefer so you can actually improve monetization through the app.
Goal Conversions: They measure the success of your mobile application’s objectives. Different mobile apps will have different goal conversions. For example, take an app that is not designed for in-app purchases. So its goal isn’t to encourage or determine the users to buy anything. Instead, you set a goal to track the number of visits to a specific screen of the application. So by monitoring your initial objectives, you can determine the success of the app. You can set goal conversions for any type of action in the app: like tracking the number of times users touch a specific button in the app, tracking revenue from purchase, tracking clicks on a pop-up event in the application etc.
App purchases: This mobile metrics value allows you to monetize your app by looking into app sales (when you have paid apps). Outcome metrics are an indicator of how you can use ad monetization in places where users convert the most.
Lifetime value
Lifetime Value (LTV) is understood in terms of revenue mobile metrics. Specifically, it measures the revenue that each user brings during his or hers lifetime of using the app.
Lifetime value covers the financial aspect of how your app is doing but it can also be used to measure client loyalty or evangelism. If you’re not familiar with the term, evangelism or word-of mouth marketing is when companies form clients who freely advocate for a product or service. If you’ve ever recommended a restaurant to a friend that was you being a customer evangelist.
Developers consider LTV as the most valuable of mobile metrics since it shows the amount of money that users generate when using the app.
Behavior reports
After releasing an app, you definitely want to know how users interact with it. The behavior reports give you a lot of information on user behavior so that you can understand it and refine your app accordingly. You should code into your application the ability to:
Track and evaluate the performance of each screen in the app.
Track and evaluate how users move from one screen to another. You can use this information to see what most users find more engaging.
Track and evaluate technical errors.
Track and evaluate the speed at which elements within your app load.
Try referring to these metrics when you release your next mobile application. Not only will you make it more attractive and engaging for users but also, you will learn how to progress with your apps so that you can increase conversions and boost ROI. Make it a smooth ride by measuring and optimizing with the right mobile metrics.
