If you are a mobile app developer, some applications are going to do great and some not so great. What you can do to track success and focus on what does well is develop some KPIs to track. This will help you focus on the right things over the long term and improve decision making. It is all about data driven insights and if it doesn't make dollars, it doesn't make sense.
Relevant Template:
Key Performance Indicators (KPIs) for a mobile app business can vary depending on the specific goals and objectives of the business. However, here are some commonly used KPIs that can help track the performance and success of a mobile app:
User Acquisition - How are you getting new users and how much does it cost?:
- Number of app downloads/installations
- Cost per acquisition (CPA)
- Conversion rate from app store views to downloads
- Months to pay back user acquisition cost
- Daily/monthly active users (DAU/MAU)
- Session duration and frequency
- Retention rate (percentage of users who continue to use the app over time)
- Screens per session
- Average revenue per daily active user (ARPDAU)
User Behavior - What are your new users doing when they get on the app?:
- In-app purchases and revenue generated
- Conversion rate from free users to paying users
- Average order value (for e-commerce apps)
- Number of subscriptions and subscription renewal rate (check out more subscription financial models here)
- Churn rate (percentage of users who stop using the app)
User Satisfaction - Does your app give the user what they want?:
- App store ratings and reviews
- Net Promoter Score (NPS)
- Customer satisfaction surveys and feedback
Monetization - Is the mobile app profitable?:
- Average revenue per user (ARPU)
- Cost per thousand impressions (CPM)
- Ad click-through rate (CTR)
- Ad fill rate (percentage of ad requests filled with ads)
Technical Performance - Is your mobile app stable and built well?:
- App crashes and error rates
- App load time and responsiveness
- API response time (if applicable)
- Battery and data consumption
Virality and Social Sharing - How is the word-of-mouth marketing going?:
- Number of shares on social media platforms
- Referral traffic and conversion rate
- Viral coefficient (number of new users acquired per existing user)
Remember, the most relevant KPIs will depend on your specific business goals, target audience, and monetization strategy. It's important to regularly analyze and monitor these metrics to make informed decisions and optimize your mobile app's performance. Using spreadsheets is a great way to do this and usually the best time-frame to track is monthly and 12-month views with previous year data compared.
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