The mobile application market contains various solutions for different purposes and tasks. Moreover, this tool has become practically mandatory for any business today. But how do you know how effective your program is? There are mobile app analytics systems to track key metrics.
The program’s effectiveness is measured by many different parameters, each of which has its own metric. All these indicators are essential, they must be monitored and taken into account in the general statistics, then you will be able to see the full picture of your application.
- Number of downloads and registrations
The first and easiest thing you can determine is the number of downloads of your app and the number of registrations. These indicators may differ significantly, even if registration is the first and mandatory step of using your program. First, a user can install it on multiple devices but use the same account, and second, some users install apps but never get around to using them.
Accordingly, with mandatory registration directly, it is better to calculate the number of users of your program by the number of registrations, not downloads. However, the number of downloads and a traffic analysis program can help determine the effectiveness of promoting your app. But if your application can be used without registration, focus on downloads, or check the number of users in another way.
- User activity in the application
This indicator is already related to the effectiveness of the tool itself. Here is an analysis of how often users who have downloaded your app use it. This indicator is studied in different periods: during the day, the week, and the month. At the same time, the sum of active users during each of the seven days will not be equal to the number of active users during the week.
- User engagement
This metric shows how useful and interesting the application is to users by analyzing their retention over time. Here, the answers to the following questions are important: how many users continue using the application after a certain period, how many users use the program every day; how long users continue to use the app.
To calculate this parameter, you simply need to determine the ratio of the number of users per day to the number of users per week, month, or another period. The program analytics system will easily calculate this metric for any period. In an ideal world and for a perfect program, this figure would be 100%. In reality, such numbers are rarely achieved but are worth striving for.
- Session duration
How long do your users stay in the app? The answer to this question will help you understand whether they understood the interface (or left immediately without understanding how to solve their problem); how interesting the program is and whether it keeps users after taking the intended action; as well as how much time is required on average to perform the target action. This data will help you determine the effectiveness and identify weaknesses in the application UX. In this way, you will be able to improve and become even better.
- Customer retention rate
Another important metric that helps determine how long users stay with you and continue to use your app is the retention rate. Analytics systems for mobile apps help determine how long users stay on your site and when they stop.
Most often, the higher this indicator is, the better, but there are exceptions. For example, if your app helps you achieve some one-time goal, it will no longer be needed, and the retention rate will not matter to you. In this case, it is crucial to focus on proper promotion.
- Coefficient of virality
This metric helps determine the ratio of those who came through advertising to those who learned about the application in other ways. By increasing this indicator, you also increase the number of users without increasing the cost of the advertising campaign.
- The price of a practical installation
The higher the virality ratio, the lower the cost per customer acquisition, which is very good for you. The price of an effective install, unlike the cost of attracting a single user, also depends on the virality of your app. Still, at the same time, it will allow you to get more accurate data for your statistics.
- Payback of advertising investments
And the last but most important parameter that the mobile application analyst considers is the return on investment. Calculating it is pretty simple: the ratio of net profit to expenses. Obviously, the higher this indicator, the better.
This metric will not help you find the weak points, but it will best reflect the effectiveness of the mobile application and its contribution to the development of your business. To determine the shortcomings of your resource, we recommend conducting unobtrusive user surveys, encouraging feedback, and, of course, studying all the metrics of the mobile application.
Geniusee has multiple successful partnerships focused on custom mobile app development with 100+ companies in different industries. Custom mobile application development companies should provide you with the team members you lack, covering the skill gaps in your team or hiring the entire team for you and with you. A group of people you have constant contact with and whose results exceed your expectations. Not by chance because you had time to evaluate their talents when you selected the team for your project’s lifecycle. Analyzing statistical data helps you track performance, compare yourself to competitors, identify strengths and weaknesses, and make more accurate and detailed planning based on factual data rather than assumptions and wishes. Thanks to all this, the effectiveness of promoting the application and the usefulness and effectiveness of the program increases significantly. And as a result, the company’s profit from the application also rises.