3 Mobile Marketing Campaign Metrics to Watch
Mobile marketing is integral to most modern marketing campaigns. The increased prevalence of smartphones and the heavy use of social media has ensured that mobile marketing reaches a captive audience. Individuals are always connected, and mobile ad spending is likely to comprise between two-thirds and three-quarters of all digital ad spending in 2019. It is expected to continue growing in 2020.
But as with any other type of advertising, it’s crucial to understand what is working and what is not. Without data, you can’t make informed strategic decisions about your advertising budget, and it’s also imperative to understand that some data is more valuable than other data. Below are three marketing metrics that can tell you a lot about how to adjust your campaigns to meet your goals.
Engagement/Interaction Rate
With engagement and interaction data, you can begin to understand how much customers want to interact with your various touchpoints, why they want to engage with your mobile content, and what circumstances cause a change in the frequency of interactions.
The interaction rate can be calculated by taking the number of swipes, touches, video plays, and social shares and dividing this number by the number of impressions. Mobile interaction rates should be 1.8% at a minimum, and anything lower suggests you may want to alter your strategy.
Retention Rate
The retention rate or percent retention is a very useful metric. It can tell you how faithfully users are interacting with your content. Is it quickly abandoned after installing, or do people continue to use it over a more extended period? On average, only about a quarter of apps are used more than once within the first six months of install, meaning that the retention rate is a far more informative data set than the download rate.
Your aggregate retention rate can be calculated by dividing the number of monthly active users by the number of total installs. If you are looking at retention over a fixed time, divide the number of users retained at the end of the interval by the number of installs at the start of the interval.
Average Revenue Per User
Another critical metric is the average revenue per user, calculated by taking the total revenue generated over a set time frame and dividing it by the total number of active users within that time frame.
This data can tell you the amount of revenue that each of your active customers contributes, on average. The benchmark for this rate varies by industry and revenue model. However, once you know this data, you can also calculate the predicted lifetime value of an engaged user, when combined with the retention rate data.
As we move forward in the digital era, it’s important to remember that metrics matter. They can tell us a lot. By conducting meaningful analysis, you can use these metrics to increase your revenue and profit, while also ensuring that your customers are more satisfied with your advertising campaigns.