Because so many consumers are converting to smart phone app, marketers can take advantage of this through careful research and data-driven decisions that will increase their company’s ROI. Below are five ways to increase revenue through smart phone apps.
Research the Right Demographic Group
It is very important to understand which consumer demographic group drives sales and online conversions. It doesn’t matter what country they are from, what language they speak or if they live in rural areas. What matters is being able to research and document the common attributes of the most engage users and profitable consumers. This will eliminate inaccurate marketing tactics and the associated wasteful spending because the targeted users will most likely convert. Be sure to sure standard programs like Google Analytics to obtain accurate and real-time data.
Evaluate Alternative Attribution Paradigms
Not all advertising partners need to follow the same marketing attribution model. This is still true for mobile marketers who work with limited ad types. For instance, video, banner and search engine ads are different and result in various levels of consumer engagement. Each ad type will impact certain behaviors and consumer groups. Therefore, business owners should use detailed attribution model reports to gain a better sense of which models work best in which mobile situation. Linear attribution prioritizes consumer interaction, position-based attribution focus on the first and last interaction and time-decay attribution focus more on recent interactions.
Measure Re-engagement ROI
The majority of smart device users access between five to 10 apps a day and approximately 10 to 20 apps a week. Certain apps that are rarely or never accessed will most likely be boring with limited functionality. The top mobile app publishers will dominate the market, so app re-engagement is critical for mobile marketing success. Therefore, ads should offer new deals, features, products and functionality. Be sure to use comprehensive re-engagement ROI reports to review how often users access and delete apps.
Define and Evaluate Designated Windows
Certain time frames provide valuable insight into mobile app performance. For example, a look-back window is the time frame between when users agreed to pay for the app and actually download and install the app. Using analytical reports, review user installs that occur outside the designated time frame, such as 10 or 20 days. Review user download and uninstall reports to evaluate how soon users experience problems and how fast they get rid of the app. Benchmark and compare the different time frames for different ad partners so you can improve user conversion and acquisition costs.
Finally, measure consumer motivations. In order to properly understand the consumer motivations of comparing, reviewing and selecting apps, be sure to rely on old-fashioned marketing research methods. Survey and interview consumers to understand the traditional sales journey and also the new app install journey. The decision to install an app may be based on online and in-person recommendations from friends and social media acquaintances.