When you first get started with mobile marketing, it can be difficult to know if you are having the desired effect on your audience. While you may be receiving new customers and engaging with current clients, without the proper mobile analytics you will find yourself grasping in the dark. Unless you have the proper tracking tools in place, your campaign will never be fully optimized.
Thankfully, this shouldn’t be a problem for you very much longer. In this article, we are going to walk you through 6 different mobile analytics that you need to be tracking. These can not only help you have a better understanding of your mobile marketing campaign, but the way your customers think. By using these mobile analytics correctly, you can put your best foot on the road to increased customer retention and engagement. Let’s get started.
Big Data and you
Ever since the term “Big Data” came into the cultural zeitgeist years ago, companies have been trying to harness the potential that this term promises. However, many small business owners have ignored this trend due to believe that big data only works for big companies. The truth is that with recent advancements in mobile technology, big data isn’t just for Fortune 500 companies anymore.
Part of harnessing the power of big data is understanding which user engagement metrics matter to your specific business functions. It can be easy to be distracted by different analytics and data points when you aren’t sure what you are looking for, which is yet another reason why we put together this guide.
Long story short: you no longer need a significant budget or years of expertise at your disposal to take advantage of big data. All you need in today’s market is a nudge in the right direction, which is what we hope to provide.
Mobile analytics you need to be tracking
What we are about to take a look at are 6 mobile analytics that you should be tracking to better understand your business, your product, and most importantly, your customers. Without further ado, let’s take a look at these mobile analytics that can take your customer retention marketing campaign to the next level.
1. Click-through rate (CTR)
Whether you are using SMS marketing, email, or a push notification service to reach your customers, one of the most important mobile analytics you need to be tracking is click-through rate or CTR. Not only will this metric show you how many customers actually engaged with your messaging, but it can be used in conjunction with other analytics to get a better idea of the customer journey.
Before you begin sending marketing messages, you will want to make sure that you have a way of tracking the CTR of your campaign. Then, once you have a better understanding of who is clicking, you can measure other metrics like bounce rate and conversion rate. Speaking of, let’s talk about those two mobile analytics.
2. Bounce rate
While CTR is important for understanding the potency of your marketing messaging, bounce rate can help you ensure that your clicks turn into sales. For those who don’t already know, the bounce rate is when a customer clicks on your call-to-action, but then immediately goes back to the previous page. Obviously, a high bounce rate is not ideal.
Now, imagine that you are running an SMS marketing campaign with a link to your website as the desired action to be taken by your audience. You may be excited by the fact that this message has a high CTR, but upon further investigation you find that your bounce rate is equally high. This means that while your messaging is good, the landing page needs some work. Simply understand the mobile analytics of your campaign like these can show tell you everything you need to know.
3. Conversion rate
On the other side of bounce rate, we have conversion rate, which is a mobile analytic that shows how many people complete a transaction out of the people that visit your site. While we won’t go into the much larger subject of conversion rate optimization, this metric tells you the rest of the story that bounce rate doesn’t.
For instance, should you discover that customers are coming to your page and not bouncing, you might assume that they are more engaged customers. However, should you discover that your conversion rate is low, that story no longer rings true. It is by combining these different mobile analytics that you will be able to comprehend the whole story, giving you better insight into what does and doesn’t work for your customers.
4. Customer acquisition cost
Taking things in a slightly different direction, our next mobile analytic we will tackle is customer acquisition cost. This metric will be used in more of a broad sense than others, but should always be taken into consideration when planning out a campaign. As the name states, CAC is the cost that goes into acquiring a customer, which as most customer retention marketers know is typically at least 5 times as expensive as keeping an existing customer.
Once you know the cost of each customer, it can help put your marketing in context. For instance, if you know that each customer costs $10 to attain (purely hypothetical), you should expect to earn that money back over the course of your relationship. This leads us to the next mobile analytic that works in conjunction with CAC, which is lifetime customer value.
5. Lifetime customer value (LCV)
Each customer that you bring on board has a value to your company, which as they engage with your company will hopefully continue to rise. Taking the average of each of these numbers is what will get you your LCV or lifetime customer value. The goal of most customer retention strategies is to make sure that this number never falls below the cost of acquiring those customers.
In the same way our first few mobile analytics work together, LCV and CAC are two sides of the same coin. By monitoring these dynamic metrics, you will be able to better understand your customer base and the need to reduce churn rate for your company.
6. Mobile app analytics
The final group of mobile analytics we will look at is mobile app analytics, which are specialized due to the fact that they require a mobile app. However, having a consumer mobile app is part of many companies mobile marketing strategies, so it is worth taking a look at.
Mobile app analytics can tell you everything about your customer’s interaction with your app, from time spent within the app to how much time passes between unique user sessions. If you have a mobile app for your business, these metrics are invaluable in showing not only how your customers think, but engage with your company. The other great thing about mobile app analytics is they have a broader application outside of the app.
We hope that this guide has been helpful for those looking to get the most out of their mobile campaigns. Remember that without the right tools for tracking in place and knowledge for understanding them, you will be shooting in the dark. Turn a light on by taking advantage of big data and your customers will thank you for it.