Vital Metrics For Tracking Your App’s Success
If you want your mobile app business to succeed today you need to integrate a reliable analytics tracking system. However, today as the App Store has matured, creating a chart-topping product has become a much more complex process and integration of analytics tracking system isn’t enough. You need to know exactly which data points to track, which metrics are important to you and what steps to take in order to improve. This post will be dedicated to app tracking and key metrics and the most important data points when tracking your app’s success.
Growth of your app business starts at the user acquisition stage. The most common questions from developers are featuring with number of installs, their cost and origin. Tracking installs received as an overall figure is quite easy, and all data is provided through iTunes Connect/Google Play. You have to know what your cost per install (CPI) is when paying to acquire new users to your app. If your CPI rises above the value of your user’s lifetime value (LTV), then the campaign is unprofitable. When you see a spike in your app’s downloads, the first thing you want to know is where they came from. By using install attribution tools you can see a breakdown of all your installs by referral source, which gives you a better idea of which networks can send you the greatest volume of users at the lowest cost.
With app engagement there are multiple metrics that need to be tracked in order to paint a picture of how engaged your users really are. Among them, the key metrics are session length and time spent in your app. With session length, it is not as obvious as it seems at first glance because each analytics provider defines when the session started and terminated differently. So, to be able to work with correct data, you need to make sure you know exactly how a session is defined within your app. Session length describes how long a user’s individual session lasts, time in app is used to define how long a user spends within an app, in total, over a given length of time. Another metric for your user engagement is the popularity of pages and events within your app, which will draw you a better picture of which content is most valuable to your users.
It is argued that user retention is what sets apart a top grossing app from its competitors. While user engagement tracks how long users spend within your app, user retention focuses on how often customers visit your app. It’s worth keeping in mind that a digital product can be a huge success, even if engagement is low, providing retention rates are high. For example, Google is a very successful tech company with sky high retention rates, yet engagement is relatively low. On the other hand, user churn rate, which is the opposite of retention rate, is a key metric to understand particularly when it comes to calculating your user lifetime value (LTV) and measure how many users stop using your app within a month.
There are a number of important metrics that you need to be tracking and improving upon in order to make your app a true success. You should constantly be looking at the bigger picture and evaluating how each metric has an effect on one another. If your team is small or you are an individual Indie developer, don’t focus on millions of downloads or top charts, start by iterating your product and increasing user engagement, retention, and your average user LTV. Test your app constantly, gather your user feedback and optimize your app accordingly. When you’re confident in your product quality and monetization method, you can start to invest in user acquisition.
Branded Content Manager at ComboApp