In today's competitive app market, data-driven decisions are paramount. App companies have a treasure trove of data at their fingertips, thanks to the various Key Performance Indicators (KPIs) provided by app stores. By analyzing these metrics, businesses can uncover valuable insights to fuel their growth strategies. Let's dive into how these metrics can be harnessed for growth.
Understanding User Acquisition Sources
Acquiring new users is the first step in the app growth journey. By understanding where your users are coming from, whether it's through organic searches, referrals, or paid campaigns, you can allocate resources more effectively. For instance, if you notice a high conversion rate from a specific source, it might be worth investing more in that channel.
Some of the KPIs available for iOS and Android KPIs: Installs, Updates, Redownloads, First-Time Downloads, Total Downloads, Conversion Rate, Source, Product Page, Store Listing Visitors, Store Listing Conversion Rate.
Retention is the Name of the Game
While acquiring new users is essential, retaining them is equally crucial. High retention rates indicate that your app offers value, leading to increased user engagement and loyalty. By monitoring active devices and sessions, you can gauge user engagement levels. If there's a drop in active devices over a month, it might be time to re-evaluate your app's features or user experience.
iOS KPIs: Sessions, Active Devices, Active Devices last 30 days.
Android KPIs: Active Devices.
App Store Optimization (ASO) - The Silent Growth Driver
ASO is the process of optimizing your app's visibility in the app store. By analyzing metrics like store listing visitors and conversion rates, you can understand how well your app is performing in search rankings. For example, if you notice a high number of visitors but a low conversion rate, it might indicate that your app's description or screenshots need tweaking.
iOS KPIs: Impressions, Product Page Views, Conversion Rate, First-Time Downloads, Country.
Android KPIs: Store Listing Visitors, Store Listing Conversion Rate, Acquisitions (Installs), Category, Country.
Feedback Loop: User Reviews and Ratings
User feedback is invaluable. Reviews and ratings provide direct insights into what users love or dislike about your app. Monitoring these metrics can help you address user concerns promptly. For instance, a sudden spike in crashes reported in reviews can alert you to technical issues that need immediate attention.
iOS KPIs: Reviews and Ratings (with Reviews only), Crashes.
Android KPIs: Ratings, Reviews, Crashes, ANR.
Monetization Strategies and Revenue Streams
Monetizing your app effectively is the key to sustainable growth. By analyzing revenue streams, you can understand which monetization strategies work best for your audience. For example, if you notice a high number of new subscriptions but also many cancellations, it might indicate a need for better onboarding or value proposition for your subscribers.
iOS KPIs: Proceeds, Customer Pricing, New Subscriptions, Canceled Subscriptions, In-App Purchases.
Android KPIs: Earnings, New Subscriptions, Canceled Subscriptions, In-App Purchases.
Data is a goldmine for app companies. By leveraging the KPIs provided by app stores, businesses can make informed decisions, optimize their strategies, and drive sustainable growth. Remember, it's not just about collecting data but interpreting it in a way that aligns with your company's goals and vision.