What Should You Know About Your App Analytics?

It’s now a lie that the growth of your social media app depends only on the value you bring to your customers. Today, more than ever, many factors determine app performance. These factors include: complexity, design, app testing, butterfly effect, and the list is endless. So, developers are careful about how they view and assess their apps. Therefore, without knowing how your clients react to different marketing strategies and which acquisition channels work best for them, you’ll never be 100% sure of how to make your app increase traction. Today, using app analytics yields countless possibilities and endless insight. However, there are special benefits that stand out.

Here’s What You Should Know About App Analytics

  1. App Analytics Drive ROI in Every Aspect of Performance

Millions of apps on the stores are competing for customer attention and better visibility. In this cut-throat contest, you can’t afford to have an acquisition strategy that lacks monetary goals. Marketing costs huge money. As such, you need to measure how much different channels deliver and compare with different acquisition strategies to determine what results in the best ROI. A winning app analytics strategy includes the following two points.

  • Looking at which channels offer the best customer lifetime value. Customer lifetime value LTV is calculated by customers generating higher revenue and higher possibility for retention.
  • A focus on in-app messaging. Hearing from prospects who have the power to connect to your employees at any time throughout your app experience is helpful to improving your strategy.
  1. App Analytics Help You Gather Accurate Data to Better Serve Your Customer

It’s hard to listen and serve your clients without looking keenly at their feedback and use patterns. Thus, app analytics help you to gain insight into customer data to serve them across all lifecycle stages. Many apps suffer the unfortunate fate of gathering a bulk of followers and failing to serve their needs adequately.

  1. Personalized, Customer-Focused Marketing

Creating an individually targeted and customized customer experience is now possible with app analytics. Customer-targeted push messages sent to specific people can make your app double its rates in a short time. It also converts up to three times better than traditional push messages.

  1. Tracking Individual and Group Achievements

Most app marketers rely on marketing strategies they’ve experienced before to drive results. But, using app analytics gives you a whole new set of customer data. Now, more than ever, app marketers can gain insight around small groups and individuals completing specific, directed activities within the app. What’s more, the possibility of using this knowledge is endless.

  1. Data-driven Results in Issues Concerning Retention

There’s a lot of buzz concerning customer retention these days. However, you can’t have a strong app engagement score if you don’t have many customers using your app regularly. The bottom line is that apps with higher retention rates enjoy better engagement, and more engagement and retention helps the app to gain customers and achieve growth. The most successful apps use analytics by focusing on high life time value customers and acquisition channels. In addition, app analytics close the gap between churn and retention.

Bottom Line

App analytics work in your social media background to enhance your app marketing efforts. It helps you achieve better growth and higher ROI. The above benefits paint a picture of how helpful app analytics is in today’s marketing space. And now, with NS804, you can create a social media app and collect app analytics in just a few clicks.

 

How Much Does It Cost To Develop A Social Media App?

One of the most asked questions by businesses is how much does it cost to create a social media app. So, the average cost of designing an application like LinkedIn, Tumblr, and Facebook, can range from $15,000 to 50,000+ depending on app types, elements, features, design, complexity, and software development.

From Twitter to LinkedIn and Facebook to Instagram, all have become a social sensation that is booming the internet these days. Furthermore, with the projection that social media users will reach 4.6 billion by 2025 from 3.6 billion in 2020, it is fair enough to surmise that social media applications will take the world by storm. So, the existing social media platforms have revolutionized the way people communicate these days. And they are becoming an integral part of everyday life.

Cost of A Social Media App

In calculating the cost of a social media app, it is important to factor in three fundamental elements. These elements include; the complexity of the app, features, and the operating platform. The first level of complexity is the simple social media app. This level has embedded app features such as sign-in, text messages, profile editing, and push notifications. In addition, it provides access to in-device features like camera and storage. The simple social media app uses a single-platform operating system and costs $15,000+.

The medium app entails the following features: profile editing, sign-in, push notification, user profile, sharing stories, and video sharing, and costs $20,000+. The advanced social media app entails superior app features like text chat, voice notes, video sharing, push notifications, and more. The advanced app utilizes a cross-platform operating system and because of this, it costs $25,500+ on average.

Minimum Viable Product Cost

According to the best practices of mobile app development, it is important to start your project with a minimum viable product. The MVP will help you see whether your product meets the market demand because users interact with the minimum viable product. It provides an overview of how effective your marketing strategy is. The minimum viable product provides much output from the least input. As a result, developers and app owners can see the potential benefits, costs, and expenses of the social media app long before it is developed.

After determining the cost of the MVP, you can proceed to coordinate your marketing and development efforts with the results obtained from the MVP study. Essentially, an app MVP is a great tool for reaching out and keeping in touch with your intended audience.

This leads us to the question: So, if you build a minimum viable product for a social media app, how much will it cost?

Well, the cost will depend on a combination of factors like the set of features you want to implement. These features include; technology stack, deadline, project design, and the operating system. A simple ten-screen app is likely to be cheaper than a ten-screen application with a complex design.

Features of a Minimum Viable Product

Research shows that a minimum viable product with a basic feature set could feature the following functionalities:

  • Sign up
  • Private messages
  • Post feature
  • Personal profile
  • Feed
  • Search
  • Comment feature
  • Group

So, as you embark on your journey, remember that creating a successful app is not easy. Luckily with app development experts like NS804, you can take your shot. The world has witnessed small ideas materialize into great apps, your story could be similar. Visit NS804, your app development partner, to know how much it costs to create a social media app.