The increasing penetration of smart phones along with better internet connectivity and reach has led to a growth in businesses looking at mobile apps to engage with their customers. Mobile apps enable marketers to reach out to potential customers at the right time, at the right place and if done correctly – with the right offer.
As with every opportunity, come a host of challenges – creating an engaging mobile application, driving app installs, ensuring engagement and regular app usage and estimating if the focus and expenses incurred are worth the investment. Collecting user-app interaction data is vital to mobile strategy success. Analytics can be used effectively to measure the performance of a mobile strategy and measure the pulse of the customers.
How to track mobile app analytics?
There are a host of tools out there, we prefer Mixpanel, Firebase and iOS App Analytics
Basic analytics for mobile applications
a. Download and Install statistics: Allows businesses to measure the growth of user base, types of devices, location and application ratings
b. Usage statistics: Measures the engagement levels, usefulness and the ability of the app to keep users engaged
c. Purchase Statistics: A direct measure of how many purchases, cart, abandonment etc. are being driven through the app
d. Crash and Application not responding (ANR) statistics: Indicates the performance of the application across devices and mobile operating systems
Mobile app data can provide businesses with a lot of information about the users and the app usage. These data, when converted into insights can help businesses design:
1. Ads to drive awareness and app downloads
2. Push notifications on searched/related products
3. Recommendation of new or unseen products
4. Personalized promotions
We present a few KPIs that should be tracked at the minimum to allow businesses generate actionable insights for better business outcomes:
1. Conversion* rate: Allows businesses to measure the fraction of users who are getting converted through the mobile app
*Conversion is defined as an intended outcome and not necessarily a signup or purchase
2. Traffic Heatmaps: Measures the traffic on each screen and the time spent by each user on a screen
3. Crash & ANR: Measures the crash and application not responding statistic
4. Users by App version: Provides statistic on number of users by version, indicating user lifecycle, engagement levels and few other proxies
5. Acquisition source: Helps a business monitor the source of downloads and the app download conversion rates
6. Retention: Allows businesses to measure the retention rates week on week, and can help distinguish seasonality, holiday behavior etc.
7. Demographics: Data on location, device, demographics and interests of the app user
8. Revenue: Revenue being generated by a mobile application
9. Event tracking: Data on automatically collected events and custom events, the number of times that event has been occurred and by how many user
Businesses should make use of data and mobile app analytics to generate insights about the mobile app usage. This can help them come up with new strategies to optimize the funnel for conversion and business growth.