Though your mobile app is up and running, is it actually meeting your expectations? Are the revenue numbers enough to help you break even? These are common questions that need answers. You have, after all, created your app with a goal in mind. Thankfully, it isn’t that challenging to check for the app usage insights for your app. conversion rate
What you should be looking for is the conversion rate for your app. This is the most crucial metric you have to track for user acquisition (UA). The conversion rate could be anything you want to track-the downloads, purchases, leads, or the users of a particular feature on the app. Conversion rates help you compare your app with the competitors’ and help you plan your marketing strategy to reach your marketing goals.
Measuring your conversion rate
A conversion rate is essentially the percentage of users who have completed an action, divided by the total number of people exposed to the campaign. For instance, if you have 10,000 impressions on your website for your app and 500 of these download the app, you have a 5 percent conversion rate.
Comparing your conversion rate
The conversion rates for various apps depend on the niche and the location. On average, a good conversion rate is up to 5 percent for most apps. However, the app conversion rates vary greatly by niche, and can even vary based on other factors like brand value, demographics, utility, and so on.
To know how well your app is faring, there are many app benchmarking tools online you can use for this purpose. These tools will help you know how much work you need to put in to compete with your established peers.
5 strategies to increase conversion rates
Track everything- Every little detail of your app matters. At each narrowing level of the marketing funnel, you could concentrate on the users that are actual prospects. With careful tracking, you would come to know precisely how well your marketing funnel is working and where you need to improve to get the most relevant users from the total downloads.
Use personalization in your campaigns- Personalization is the secret sauce to getting users to complete an action on the app. After all, the main conversion metric for most apps are downloads. When you tailor your app’s features or marketing campaigns to individual preferences, you stand a better chance of these users becoming paying customers.
Ensure smooth and simple onboarding- Onboarding is extremely important, especially if your conversion point is an in-app action. The onboarding process has to be quick, efficient, and to the point. The user should be able to understand the app’s use with the simple onboarding process.
Research and A/B Test- Analyze your app’s insights to know and compare it with other similar apps to see what’s working and what’s not on your app. Then, run marketing campaigns with various options to see which one’s working. This ‘A/B Testing’ will help you get the best out of your marketing campaign. Choose what’s best and keep improving your campaign with creativity to get as many people to download the app as possible.
Re-engage users when necessary- To increase conversion rate, you cannot just depend on increasing downloads. Within the marketing realm, it is a well-known fact that retaining customers is much easier and cost-effective than finding new customers. In other words, motivate your existing customers to complete a transaction or in-app action for better results.
In Conclusion
Reaching your business goals with your mobile app requires continuous effort, time, and money. The conversion rate is a kind of ‘report card’ of your app’s performance. With hundreds of apps on both the Play Store and App Store that resemble yours, you have to go the extra mile to stay ahead of your competition.
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