It all begins with identifying the most important metrics to analyze your In-app subscription performance. The success of an app is assessed by data, metrics, and analytics. It takes a lot of time, money, and effort to develop a successful app, therefore it's essential to monitor its performance.
Key performance indicators to analyze In-App Subscription Performance can be broadly classified into five categories as follows:
- General Mobile App Performance Indicators
- Engagement Mobile App Performance Indicators
- Revenue-Focused/Financial Mobile Performance Indicators
- User Experience Performance Indicators
- App Store Optimization Performance Indicators
General Mobile App performance indicators
Performance metrics that measure the general performance of mobile apps are known as General Mobile App performance indicators.
Subscriptions: If you provide the option to subscribe to new content or updates, you should keep track of the number of signups and unsubscribes.
Installs: Just because someone downloaded an app doesn't guarantee they finished the installation procedure. As a result, you should keep track of real installation on the numerous devices that your target audience utilizes.
Crashes: Of course, if a consumer downloads and installs an app and constantly crashes, this is undesirable. Keeping track of the number of crashes that occur and where they occur in the user process is essential for improving your app's performance, user experience, and retention rate.
Engagement Mobile App performance indicators
It tracks how users interact with the app, including how, when, and where they use it, as well as how they connect to or engage with your mobile app.
Average Screens Per Visit: The average number of unique pages or URLs visited by a person throughout each visit. Generally, the larger the number, the better for your app, especially if you monetize with advertising – more screens means more views or impressions.
The higher the retention rate, the better the prospects for future app profits.
Rate of Retention: The number of users who return or return after a specified period. Retaining users is a sign that you've created a "sticky" or worthwhile app since people use it on a frequent or more constant basis.
Retention Rate = ((CE - CN) / CS)) X 100
CE = customer count after the term
CN = the number of new customers gained within this time period.
CS = the number of customers at the beginning of the term
Active Users Every Day: The number of daily active users of the app. Averaging the number of DAUs across a month or year is a standard technique to determine a development's worth or potential growth.
Active Monthly Users: The number of active app users on a monthly basis. Keep in mind that these are monitored as unique visitors who may return for many sessions, so paying attention to both KPIs is beneficial.
Financial Mobile Performance Indicators
Money is not everything, but it is very significant. And you most likely want your app to be successful or financially solid in some way. You'll need to track how it generates income using the measures listed below.
Lifetime Value: A user's lifetime value is the amount of income they've spent in your app thus far.
LTV = Average payment per user per month ÷ Churn rate for the period
Churn rate: The number of subscribers who unsubscribed or stopped paying over a certain time period.
Average Revenue Per User (ARPU): This is the total revenue generated by all of your existing accounts. Alternatively, MRR/total users.
Time To Make Your First Purchase: The time it takes for a user who has downloaded and installed the app to make a transaction, whether it is an in-app purchase, an e-commerce purchase, or purchasing a premium or otherwise enhanced version of the app, is the key performance indicator.
Average Revenue Per User: The average amount of value or revenue earned per user through in-app purchases, ad impressions or clicks, subscriptions, paid downloads, or other types of monetization.
When multiplied by the size of the user base or the number of active users, this statistic provides a fair preliminary estimate of the app's overall worth.
Average Revenue Per User = Lifetime Revenue / Total Number of Users
User Experience Performance Indicators
The user experience is possibly the most important component in determining whether a mobile app succeeds or fails.
Loading Time: The time it takes for an app to load from the first tap to being ready to use. It also relates to in-app screens and the amount of time it takes the user to go from one screen or activity to another. The shorter the load time, the quicker the app and the more pleasant the user experience. Load time should always be as short as possible.
API Latency: This is the time elapsed between when your API proxies are called or activated and when they respond or load. In general, you want this value to be low. It is linked to load time and the accompanying user behavior.
App Store Optimization Performance Indicators
The app store experience and how it draws users' attention is important to analyze.
How they discover your app, decide whether to install it and rate and review it is among the most significant aspects of marketing and promoting your mobile app.
Views to Installations: The number of times a user looked at your app's listing before downloading it.
Reviews: The more favorable reviews you receive, the better. Also, pay attention to the overall quantity of them, as this indicates that users are enthusiastic and engaged enough to take the time to write a review of your app.
Rating: The more positive ratings you receive, the higher the average rating score will be in the app store. While rating an app requires less time and work, the quantity of ratings is not as indicative of enthusiasm or involvement as reviews are.
Finally, the top indications of high-performing app quality are the finest metrics to monitor for mobile apps. Once you've launched an app, you must commit enough time and effort to measure KPIs in order to provide an exceptional user experience. With the help of the insights obtained, the developer will know the crucial spots where investment is needed.
Check out Appflow.ai if you are in need of an In-app subscription analytics tool. It offers advanced capabilities such as subscription analytics, app cohort analysis, and much more to manage your In-App subscription in the best way possible. More information on Appflow.ai can be found here.
You must continue to improve these KPIs in order to give a better user experience and app performance. Launch your app, maintain user contentment, and constantly update and improve consumer pleasure.