1Key Password Manager
1Key Password Manager is an app that stores and manages your passwords. If you are subscribed to many different apps, pages, and other websites, it is wise to have more than one password. But how do we remember all the different passwords? 1Key Password Manager has you covered. In addition to saving your passwords, this app also manages your online security and keeps information on your mobile secure allowing you to have peace of mind.
How Appflow helped
Although 1Key Password Manager is a great app, they were struggling in certain areas. Their biggest issue was a high churn rate (users leaving) after their free trial ended. It is a very useful app, so why weren’t more users sticking around after the trial? This is where Appflow comes in. When we see such issues, our first thought is a potential monetization issue. There are a few ways to test this. One way we can evaluate this is through A/B testing.
Using Appflow Suggestions, we conducted A/B tests. The test results said that while users really liked the product, they were unwilling to pay for basic features. After researching the market, we discovered that the majority of apps in this market were free but with the option to pay for advanced features. This discouraged them from paying for the app, but it still showed that they wanted to use the app, so another approach was needed.
With this knowledge, we advocated that they switch to an ad-monetization model. This gave them a way to monetize their product without hemorrhaging users after their trial period. After switching to this model, 1Key Password Manager saw a 150% increase in growth compared to the previous six months. Now the users can enjoy a password manager without having to pay for features they don’t need, and the app developer got to see their app grow and increase their overall number of clients.
What can be learned from this is that understanding your target market, what they want, what they like, and what they don’t like is the key to building your app’s user base and maintaining long-term user retention and value. Even great apps like 1Key Password Manager need to understand their users to build a monetization model. We were very proud to assist them with this.
“Appflow is the best! fun guys with a good attitude.”- Rob
“We enjoyed working with Appflow, they really know how to do their job and they really understand the market and user behavior”- Zoey