Categories: Business / Developers / Mobile Apps
With an app, there is a lot of information you need to take into account. The metrics you look over can help determine your daily tasks and decisions, as well as data that informs you of how your app is received over time. The right information can help guide all of your business decisions and help you grow your audience and increase your revenue. When it comes to the people who helped make your business possible, they don’t care about the day-to-day. Your investors want to see their time and money going to work to benefit them.
New User Acquisition
Whether they hear of you through App Store advertising, word of mouth, or random search, you need to know how users are finding your app and what is leading them there. Sometimes getting new users means paying money to optimize your presence in the app store and online to increase awareness. Paid campaigns are a great way to inform potential users, and to keep track of them. By tracking acquisitions, you help everyone measure the ROI, and figure out the cost per user. Measuring the acquisition keeps you on top of the needs and future for your app.
Along with acquiring new users, it is important to measure how long users are interacting with your app and what features they are most drawn to. You don’t want to just have people download your app, you want them to use it. Engaging your users and encouraging them to return to your app is the key. Your job is to provide value to each user. Measuring the current engagement helps you and your investors see what is most important to your users. The most important thing to look for is app “stickiness,” which tells you how long your app stays in the minds of its users. Engagement is key to giving investors a full ROI. At the end of the day, engagement is the most metric you need to pay attention to.
Apps are built to grow and be used. Everyone is on their phone for multiple hours each day, and it is important to keep them engaged in your app. More and more, people choose mobile apps to interact with companies they care about. The growth of an app can be measured through user retention, user acquisition, lifetime value, and changes in any of the above. Measuring your growth is important to give each investor peace of mind that their investment is worthwhile.
Investors put money down and expect to get that money back at some point. To them, the most important metric is revenue. When you show your investors your app metric reports, revenue should be highlighted, underlined and circled. You need to show them the value users find in the app, and what that means for them. This includes showing app purchases, in-app purchases, total revenue, user lifetime value, and anything with a dollar sign next to it. Without the help of investors, your app would not have been possible. Showcasing the revenue along the way proves that they didn’t waste their money and can help build credibility when it comes time to work on your next app.