Mobile Moments: What Data Looks Like in the Mobile Ecosystem
Marketers have more data at our fingertips than ever before, and if you’re not measuring your team’s progress across all channels, you’re falling behind. But when it comes to mobile, what metrics matter most?
In this episode of Mobile Moments, Robi Ganguly discusses some of the metrics that really matter in mobile, and shares tips on how you can increase the amount of actionable data that you’re capturing.
Rather read than listen? See below for the full video transcription.
Hello and welcome to Mobile Moments with Apptentive. I’m Robi Ganguly, co-founder and CEO of Apptentive, which is the easiest way for enterprises to communicate with their mobile customers inside their apps. Now we’re on over a half a billion devices, we see billions of data points every month, and as a result, we get asked about data all the time. So I want to talk about what data looks like in the mobile ecosystem, and what it means to you as a mobile decision-maker.
Today in marketing, I think it’s a foregone conclusion that you have to be focused on data, you have to be thinking about data a lot, you have to be making data-driven decisions. But it’s really easy to get overwhelmed, so I’m going to talk to you about some of the metrics that really matter in mobile, and how you could actually think about increasing the amount of data that you’re capturing.
So step one in thinking about being a data-driven mobile marketer is putting in something around analytics in your app. If you’re not tracking the actions and the activities that people are doing inside your apps, you’re flying blind. So using tools like Google Analytics, MixPanel, Flurry, in order to track what’s happening inside your app, that’s crucial. If you’re not doing that, make sure that you’re prioritizing that in the near-term so you can actually understand what actions people are taking.
But the second piece is explicit feedback. That is, what customers actually say, and that helps you to understand the why. And the why is really one of the hardest questions to answer for any decision maker. So you can use your apps actually as weapons to create more data that give you more answers to the why. What I mean by that is, when a consumer in your analytics package goes through a purchase funnel, you see them click click click, and then fall out of the purchase funnel. You don’t know why that happened. But if they go through, they click click click, come out of the purchase funnel, and you quickly ask them a question that says “Was this too difficult?” or “Was the price too expensive?” and they can tap tap, and then be on their way, all of sudden you get answers, insights into the why. And when you do that really well inside of mobile, when it’s personalized and hitting at the right time, you get response rates that far exceed what we see historically.
I’m sure you’ve all been on a website that has shown you an interruptive sort of survey, it’s got five or 10 screens, you need to click through 30 different answers, well response rates to that historically are 1% or less. It’s not very good, you don’t get a lot of data. But in mobile, when you’re doing it personal, and you’re doing it at the right time, and you’re really asking discrete questions to answer specific questions that you have, then you get 30% and 40% response rates, and more importantly, you’re creating unique data to for you to help you make your decisions.
What are you going to use that kind of data for? Three key metrics. The first is acquisition. How many downloads are you getting of your mobile app? The second is retention. How many people are staying in your app? Not just today, but 30 days from now, 60 days from now, 90 days from now. And the third is monetization. Of those people who are sticking around, are they spending money? Are they monetizing either because you have an ad strategy, or you have an in-app purchase strategy, or you have an e-commerce strategy? What are they doing that’s making money?
When you focus on all of those points, those three points, and then you build up questions and data repositories about your customer base and why they’re doing what they’re doing, you can really optimize each of those steps, from acquisition to monetization. And in conjunction with an analytics package, you’re not just going to see the what, you’re going to understand the why, and that’s really key. So when you’re thinking about making data-driven decisions, make sure you’re focused on acquisition, retention, and monetization, and thinking about creating data sources that aren’t just implicit, but they’re explicit, so that you can answer the why. Thanks.