Investing in a custom mobile app for your business is a strategic move to meet rising customer expectations for digital convenience while unlocking operational efficiencies. However, like any major investment, determining the return on that mobile app investment is essential. Here are key factors to consider:
Define Success Metrics Upfront
Before you begin your mobile app project, clearly define what success looks like with quantifiable metrics tied to tangible business objectives. Common mobile app success metrics include:
– User adoption and retention rates
– Frequency and depth of usage
– Cost and time savings from workflow automation
– Increase in customer lifetime value
– Uplift in sales conversion rates
Connect Data Points with Analytics
Implementing robust analytics is crucial to actually measure performance against your identified success metrics with real data. Consider building in tracking around:
– Customer journeys and in-app behaviours
– Sales conversion funnels and workflows
– Operational task completion rates
– External marketing campaign attribution
Continually Optimising the Data
Simply collecting analytics is not enough. To maximise ROI, you need to continually optimise the app experience based on the data insights. This means tweaking user flows to reduce drop-off rates, adjusting notifications to re-engage lapsed users, A/B testing calls-to-action, personalising promotions with behavioural data, and more. An optimisation mindset is essential.
Calculate Your Net Return
With your success metrics defined and supporting data ingested, conduct periodic cost-benefit analyses. Contrast tangible savings in dollars, hours, or other units against development, maintenance, and marketing costs. Factoring in less quantifiable benefits like customer loyalty lifts gives you a complete ROI picture.
Drive Up Impact Over Time
View the initial app launch as just the beginning from an ROI standpoint. Build a roadmap for ongoing iterations by doubling down on the highest performing features. Expand to new platforms like wearables as they emerge. Integrate with other systems using APIs. Your app investment should pay dividends for years to come.
Approaching mobile app ROI measurement with clear metrics, actionable data, and continuous improvement provides accountability and only strengthens the case for sustained digital transformation. Quantify the app’s business impact at every turn.