Recent statistics indicate that the key focus for mobile marketers is to get their app installed. With more and more competition, installations are proving to be quite a challenge compared to the recent ‘Good old days’. Today’s trends indicate that this is just the beginning of their mobile journey, even for the small percentage of paid apps.
When it comes to the future of marketing, mobile customer engagement is a must and the app installation is just the beginning.
There are many key performance indicators for markets to gauge performance. This means that there is no “one size fits all” solution. Below are some key KPI’s that markets should look to when bringing users to the applications.
- Usage within the first 24 hours and first week: Although downloading the app is the first step, the amount of times the user accesses the app in the first day/week is a great indicator to how much they will use the app in the future. It is most likely that the user will not return to the app in the future if they do not in the first week, so it is crucial for the marketer to highly engage the user in this first time period.
- Session duration: Another important KPI is the time spent in the app which shows the level of engagement with the content. This KPI is extremely critical when it comes to media and games applications.
- Permissions: An important engagement-based KPI is when users give authority and access to their personal information. Location information is an example of certain access rights such as “recommending a store nearby” or sharing a contact list. The importance of this KPI is high as it signifies a bond of trust between the app and user which is not prominent in any given app.
- Pages viewed: A crucial engagement metric is the number of screens/pages that are accessed each visit to the app. Similar to sessions times this KPI shows how engaged the user is with the content. It is likely that a shopping app or news/magazine app would use the amount of screens/pages visited as a KPI.
- Number of registrations: In order to generate a stream of revenue, many applications will rely on a registration model. It is an extremely scalable business model and many apps are able to generate a high amount of revenue through a small amount of money on a monthly basis.
- In-app purchases& bookings: Although the ultimate goal is to maximise lifetime customer value, the in-app purchase is the be all and end all of mobile marketing. It is not only to get that first purchase from the user, but to hold them as a loyal consumer. Hence, the purchase/bookings KPI should be reviewed on the continual basis.
- Shopping cart: Although revenue stream is a key importance to marketers, users placing items in their shopping cart is just as much an important KPI. This leads to a strong indicator of user intent. Marketers need to ensure that users aren’t lost in the buying process through a poor check-out system.
- Readership of articles and blog posts: An important KPI for media applications is the number of articles read. This indicates the level of interest in the application and its content.
- Social shares: Social shares are indicative of confidence from visitors of what they are reading which they then share with followers and friends.
- Customer retention: Retention rate is a key KPI as it shows how many visitors want to return to the app and re-engage with the content or make additional purchases. This is a particularly crucial KPI when ti comes to applications with a registration model.
Each business will have its own individual KPI’s and it has been found that the above KPI’s will enable decision makers to optimise their applications accordingly.