How to analyze your app marketing strategy?
The mobile app market is oversaturated. There is an abundance of digital inventions for all tastes. However, people usually use only 9 applications daily and 30 applications per month. So, entrepreneurs still need to improve their advertising techniques to acquire more customers and increase engagement.
Building a proper marketing strategy is impossible without good analytics. Companies should learn new ways of promotion, study the targeted audience, and elaborate the best methods of measuring performance.
In this article, we’ll try to define the main mobile marketing metrics and find out how to evaluate the success. Such standards will help to manage your business more effectively.
To choose the right marketing metrics startup owners have to understand their goals clearly. What are they trying to achieve? There are some ideas, such as brand awareness, increasing engagement, generating more revenues, etc.
These aims depend on the stage of the business growth. Thus, newcomers have to focus on user acquisition and brand recognition at first. More experienced marketers usually want to enlarge the customer base and find the ways to earn more.
The best approach is to set one primary goal and some secondary goals. These subordinate objectives usually support the main business goal.
Choosing appropriate metrics
The next step is the selection of metrics, relevant to your aims. Thus, if you are interested in the user acquisition you need to track CPA, App Store ranking, app abandonment. For those who try to improve an app performance, it is necessary to pay attention to the app loading speed, app crashes. In-app feedback, reviews are important to evaluate the customer satisfaction.
Budget assessment and financial metrics
When you invest in your business you need to plan your budget. Such metrics as CAC (Customer Acquisition Cost) and LTV (Customer Lifetime value) allow marketers to distribute funds more efficiently. Tracking these indicators help to adjust your promotional strategy and save money.
The effectiveness of each metric
The metrics you choose depend on your business model. Each indicator influences the success of your project. Do a thorough research, use proper analytical tools. That is essential to optimize all marketing metrics. When you are in the initial stage the main objective is getting customers. In this case, CAC (Customer Acquisition Cost) is the key metric. Think over the methods of reducing costs, engaging users, minimize churn. You’ll know where to direct your efforts primarily.
Tracking the user engagement is one of the most important things in your business management. That allows you to understand how people interact with your app, why they are still interested in this product. The number of downloads, in this, case means nothing. Various useful features that customers like are more important. Analyze the response of your audience. Why do they choose your invention? Why do some of them leave? These facts can identify ways to improve performance.
To Wrap it Up
The right choice of the marketing metric is a necessity for those who want to find the best approach to the development of their mobile app business. The goals you set determine the indicators you need to track. Mobile marketers should define priorities when analyzing data. That helps them to optimize their promotional plan.
While we work with pretty much all app categories