Top Metrics to Monitor your Mobile Marketing Strategy
The widespread access to mobile devices has seen mobile marketing become one of the leading eCommerce trends in the world today. Most people are using mobile devices like smartphones and tablets for online shopping. Most businesses are looking to tap into the market by creating mobile marketing strategies. Like any strategy, not all mobile marketing strategies are successful.
Here are the key metrics to help you measure your mobile marketing strategy success
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The primary metric to measure your mobile marketing strategy is customer acquisition. It is also the most difficult to achieve. To get a higher app installation, you need appropriate marketing to convince the target market that the app is worth downloading. All the below metrics will fall into places once the users download the apps.
Once you have convinced users that the app is worth downloading, the next hurdle is to convince them it worth their time. It all depends on the nature of your products, user-friendliness, and customer expectations.
It is easy to mistake downloads for registrations when some people only download but never register.
Engagement is an important metric to determine how much customers use your app and the marketing strategy. Unlike the other methods, participation does not have specific figures of measurements because it involves different metrics in itself.
To measure engagement, you have to consider the session length, session interval, and app per screen per session. You also have to look into the messages the customers reply to and prompts. Also, discover the frequency of opt-ins and opt-outs when looking into the engagement.
The other important metric to measure your mobile marketing strategy to make financial sense. The best way to determine how the performance of your app is to measure the monetization metrics. It involves looking into the cost of downloading and using the application. Afterward, you have to consider how much the users are spending on the platform and who they spend it.
Looking into the monetization metric helps you determine the amount of money you spend in creating and implementing the strategy versus how much you gain. The amount enables you to establish if you need a better approach or to keep the one you already have.
Lastly, you have to measure the rate at which customers churn your app. Create a specific time frame to monitor the users who are still active on the app. Even though you might have 1,000,000 app installations, nothing guarantees that all will always be active a week, one month, or a year.
A high churn rate is an indication of unfulfillment. You can then look into the areas where you don’t deliver the best to improve. You can always also switch concentration between acquisition and retention, depending on where you are lagging.
Also Read: Data-Driven Marketing is Critical for Brands
The main to implement a mobile marketing strategy is the possibility of success. The only way to measure success is by using these metrics. Use these metrics to determine revenue allocation, and to increase profit by improving on the areas you don’t perform well.