A lot goes into Mobile Marketing.
From targeting your segment, collecting and measuring data to finally analyzing results. Although, it may feel harder than it sounds. In fact it is not that complicated.
Your key formula to an enticing Mobile campaigns’ performance will be a clear plan with an organized outline backed up with the needed resources along with the well-execution of this plan. Nowadays it became far beyond just checking out the review and ratings section of your App.
Careful attention to your metrics plays a huge role in assessing whether or not your users are enjoying the App, determining who are your most valuable users and how much revenue is gained from each one?
Today we will cover together a part of the planning portion of your Mobile Marketing.
In order to get exceptional results you have to pay attention to the metrics by which you will select your KPIs and measure your outcome. All the metrics you have in mind must eventually serve your primary marketing objectives so you do not lose track of the target and get distracted.
On that note, What are the 7 key metrics you should involve in your planning before launching any Mobile Marketing campaign?
Surely, you do what you have to do so that you get users to take action by installing your App at the end. This being said, installation rate is extremely important to determine how successful your application is.
Despite not being the only metric that tests the extent users are enjoying your App, it is the initial element to put your hands on. Installation rate can be calculated by obviously tracking the number of downloads on smartphones divided by the times users clicked on an Ad containing the App landing page.
If you have a high churn rate then there must be something not quite right that you need to assess. Churn rate means that users stopped to navigate through your App after a certain period of time.
Knowing such information will require double-checking from your side to know exactly the reason why the audience is provoking and not having a pleasant experience with your interface.
To measure Churn Rate you firstly have to specify a certain time frame where you could take users who churned during that time and divide them by the total number of all users who had the App. The number given will be the percentage of churn you got.
Stickiness is self-explanatory. It helps you measure the percentage of users who stick around and are loyal to your brand. If you have a high percentage stickiness rate, then I salute you. Your business is doing a phenomenal job by attracting traffic and users are delighted to use your App.
To know the stickiness rate you need to divide your daily active users on your total monthly users. You will finally get a number that represents the percentage of users who keep visiting your App.
Average Revenue Per User (ARPU)
It is important to know the resources of profit to keep generating this revenue flow. ARPU helps you to identify the estimated Monterey value that each user is contributing to your business.
So you focus your marketing efforts on this group of users as they are your elite group that increase your conversion rates. Calculate it by dividing the total revenue you gain in a month by the total users who have your App.
Return On Investment (ROI)
Similar to ARPU, ROI is the total amount of revenue that your business gained as a whole since you have launched your marketing campaign. It is usually compared to the total costs in order to conclude the net profit in return of your efforts. Calculate it by dividing your profit and your total expenses in given time-frame times 100.
Lifetime Value (LTV)
Users are the main source of our income as a business. Without generating leads, conversion rates will stay steady and no cash will flow. Knowing LTV helps you calculate the total value that a user added to your business since he/she installed your App.
It is very important also in setting your marketing strategy and how you will approach your top prospects. To calculate LTV you need to calculate average purchase value, and then multiply that number by the average purchase frequency rate.
Cost Per Install (CPI)
Nothing comes for free. Even installations are actions that occur in exchange for another value. It is important to match the value of each installation to know how much you put in, so you could math out in comparison to what you gain out at the end. You get it by dividing the cost spent on Ads divided by the number of installs you acquired during a specific duration.
All these metrics are extremely important to include in your Mobile Marketing campaigns. Once you master the knowledge and can calculate them it will take your business miles and miles away. Focus on these metrics and research others. The more you know the better you will be able to point out problems within your App and turn your weaknesses into strengths.
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