In this world of hyper-competitive application market, it becomes quite difficult to achieve financial success if you have not taken required measures to reach a certain ROI of your project. It’s even more difficult you are offering a free mobile application that based on newer concept, looking forward to serve an unacquainted audience-base.
Across the world, there are lots of mobile app developers, who fail to scope-out the right numbers with their daily attempts as they don’t know the right technique and are not completely sure on how to recognize important factors and determine trends to measure ROI of the venture.
As per the reports, it is already happened with more than 65% of developers, who have missed on to hit the right strategy and fail to develop a complete plan to determine, evaluate and track Return on Investment that made them dejectedly fail with reaching the right revenue generation plan. Measuring the ROI of your mobile application becomes easily possible with these 5 high-end ways that you can follow.
5 Highly Successful Ways to Measure the ROI of Mobile Apps
Develop a Measurement Plan
When it comes to develop a successful measurement plan, it is important for developers to ponder implementing the analytics into the application. They need to plan to measure ROI, setting up performance and conversion trackers around various communication points of the app. The more early you start developing and implementing your ROI plan, the better it is as you get to measure it at a longer stretch across all phases.
You should ensure that you follow the metrics, which help you measure the performance of your app more efficiently – like in the case of an eCommerce app, developing a measurement plan based on effective check-outs makes real sense.
Set Your Clear Goals
Most of the business models have shown that there are mainly four very basic steps when it comes to measure mobile application ROI. First, you need to define your goals. With two categories where you want your intentions to lay and it comprises evaluating your workplace efficiency and estimating consumer interactions.
However, we have gone little deeper about the latter, consumer interaction; but there are lots of businesses, who have neglected to realize that mobile app ROI could be used in evaluating the workplace.
In case, if you have noticed that the sale of your business is not boosting up, it might be because of the lack of response from your reach that you should be looking at. However, the areas that are responsible for developing the reach. It may not be the employees in the workplace, but it could also be a lack of proper asset management within the company.
Estimate Customer Lifetime Value
To measure the app’s revenue, it is essential to quantify its Customer Lifetime Value accurately. Talking about the CLV, it is an expected revenue that will be contributed by customer, over the course of his or her association with the application.
One can also calculate it by calculating the total amount of purchases that made by a customer on the app. It can also be grasped by calculating total sales attained around all time and further dividing it by total number of users on the app.
All those businesses, who already have their website, can calculate their earnings and reach a projected CLV for their mobile app. It will help them to forecast the possible role and influence of the planned app on expanding the lifetime value.
Do you know that it is the most important step? Not only because of the need of ensuring you are keeping within the limits of the budget you may have placed aside; however, it is because you will need it to measure it against the third step to get the final mobile app ROI.
So, the development cost is extremely higher subset, which comprises the cost to design, develop and implement the application. It is also vital to keep in mind that once the application has been developed, there needs to be a team for maintenance and support, which adds to long-term development costs.
Comprehend That Not All Users Are Same
As you know that not all the users are same as they come from different sources and representing different consumption patterns that impact differently. It is essential to ghettoized well so that you can reach more reliable ROI scores.
All the customers, who have purchased history with your application and visited directly are more valuable than a visitor coming through a Facebook Advertisement. If users have already jumped into your website and downloaded the app, it turns out to be a more promising and valuable visitor. What you should do is keep these visitors marked separately to help gain a better perspective of returns.
So, these are some of the best ways to measure the ROI of your mobile application. So, if you have a mobile application what factors you are considering to measure the ROI of the app.
Do share by commenting below. However, you are looking forward for any assistance from professional; you can hire a mobile app developer with hands-on experience in the mobile app industry.