You had an amazing idea for an app. You researched its potential in the market, defined its core functionality and even talked to various customer demographics. You went the whole nine yards and finally created the perfect app. By this time a lot of effort, hours and money has gone into it and you obviously don’t want it to be one of the 78% of apps that aren’t used after the first try. You need to measure its success at every step and we are here to tell you how.
We all know that the first 20-30 downloads are going to be from your family and friends, but it needs to move beyond that. While the number of downloads alone can’t determine the success of an app, it’s a very important metric. You also need to monitor whether the app gains or loses popularity over a period of time.
Approximately 80% – 90% of all the downloaded apps are used once and then eventually deleted by users.1 So, does it really count if a million people download your app and never open it twice? This is why calculating the app’s retention is important. It refers to the percentage of people who return to the app after their first visit. Long term retention means the users like the app. Some of the best methods of increasing retention includes – easier onboarding, mobile personalization and incentivization Here’s a look at average retention for mobile apps
Better lifetime valuation (LTV):
Making money out of the app was one of the goals, wasn’t it? So, is that happening? LTV tells you the actual worth of engaging a user i.e. how much the user is contributing to the profit, how much you have spent etc. LTV also helps you determine who are the best users and where your app stands. Choosing the right mobile ad mediation platform for monetization goes a long way in improving your app’s LTV. Rewards program also
If your app offers subscription services or paid upgradation, then measuring them would tell you a lot about your app’s positioning. Statistics such as how soon users upgrade, what percentage of users upgrade, and if the upgraded version gets better ratings and reviews can help you determine if the app is successful.
Satisfactory star ratings:
Lastly, something as basic as star rating on app stores is a public testament to your app’s success. While it’s not as reliable as other metrics mentioned before, it’s an important one because it influences future users’ choice.
There are hundreds of key performance indicators that you should measure your app against at regular intervals. It helps you stay updated with what your users want and how they are reacting to the app and the subsequent updates. So, choose the best strategy to market and monetize your app, and enjoy the success.