App analytics involve looking at how users function on your app. They can provide valuable insights and data. We discuss why you need to consider delving into them for business success.
By 2033, the global app analytics market is forecast to reach over $48 billion in revenue. This will be driven by changing trends in digital marketing and further demand for customer insights. As smartphone and digital adoption increase around the globe, analyzing your app users’ data is not something that can be overlooked. So why is it so important, and what do you do with all that data?
The Increase in App Usage
Mobile apps have become an integral part of our lives. The average user has around 10 to 20 apps on their smartphone device. These can range from internet banking to shopping loyalty apps, to social media, entertainment, and communication. We can even use them to manage the heating and lighting in our homes. Adoption of these devices has increased year on year across the globe, with 6.1 billion users predicted by 2029.
What makes the data in apps so rich is that people who download your app choose to be there. They already have an interest in your company, product, and the solutions you are providing. This is extremely valuable customer data, as opposed to analyzing seemingly random traffic that passes by your storefront or website. If app audience analytics can then be connected with web intelligence, allowing you to gain other insights like which other apps people are using, you have a lot of valuable information at your disposal.
Why Are App Analytics So Crucial?
Being online is getting harder. There is more competition in a field awash with bots, PPC ads, and affiliate marketers. This makes getting customers and retaining them even harder. However, an app gives you an advantage and once you have people, you can use it to keep them faithful to your brand and business.
At its most basic level, app analytics will let you know if your app is achieving its goals. If it is designed to make people shop more at your store, is it doing that? Is it creating more subscribers to a service? This is at the very bottom of the pyramid, and if not, you can use your data to work out why it isn’t resonating with customers.
You can also see what customers are doing with your app. For example, if you set it up to provide discounts but find that people are actually using it to read articles and sign up for products there, then you know where to concentrate your efforts. Knowing what users are not doing is just as valuable as knowing what they are doing.
You can also use it to define the critical points in your sales funnel. While a conversion will be the end goal, there may be many touchpoints along the way. You can then pinpoint these and make the journey much smoother.
Tips for Using App Analytics
Getting app analytics right can be broken down into two camps. The first is setting your goals, and the second is how you will measure them.
In the first instance, you need to have SMART targets. Overly used in business and marketing, they are still the best way to plan what you want from your data. This means being specific, measurable, achievable, attainable, and relevant.
Don’t be general with your goals, or change them halfway through the campaign. Instead, make sure they have a laser focus. This means the outcome is defined, with timeframes and clear figures. As an example, ‘improve app conversions’ would be a poor target. It is general and has no specifics. This makes it harder to achieve.
In contrast, something like ‘Increase app conversions for the 25-40 demographic over the next three months in the pensions and investments‘ category would be much better. It is specific, it can be measured, could be achievable and attainable depending on your business, but is also relevant.
The next step is to get your measuring tools right, through the use of key performance indicators (KPIs). These should be there to help you align with the objective of your app. This could be engagement or increasing conversions. Combine this with methods that check how users interact with your app, either in time frames or where their favorite areas of the app are.
All of this can be daunting, particularly if you are on a small team. This is why it may help to get third-party assistance from professional bodies who have experience in this field.
As the online landscape changes, so must your business. An app gives you a direct path to your customers, which is with them at all times. This data is much better than anything else available, so use it to your advantage. The answers you have been searching for may have been there all along, hidden in the movements in your app.
