OpenBack Announces New Metrics & Measurement Playbook
The team at OpenBack are very excited to announce the release of our latest playbook: Using Metrics & Measurement to Maximize Return on Push.
The playbook is a comprehensive look at the unique set of metrics OpenBack has for tracking the progress of your push notification campaigns, as well as the analysis features on our KPI dashboard that visualize the results of your push campaign on a rolling 30-day basis. In addition to this, the Playbook does a deep-dive into different levers that the mobile marketer can pull to maximize the effect of their push campaign, as well as how to use your push notification funnel to think through these levers. Ultimately, our metrics are there to give developers full insight and control over how to design and deploy their push notifications. And, in doing so, increasing their return on push notifications.
Download our Metrics & Measurement Playbook here.
How Does Higher CTR Lead to Greater Return on Push Notifications?
Return on Push Notifications is the answer to the question: for every dollar I’m investing into my push campaign, what am I making in terms of revenue from push notifications? To determine this, you need to assess both how successful your push notifications are in terms of goal conversions, and then set that off against the cost of sending those push notifications. This cost generally encompasses the licensing fee for your push notification platform.
However, for developers who opt to build their own platform, there are costs incurred with going that route as well: salaries for the developers who are building your platform, opportunity
cost in terms of time and resources spend on building and maintenance that could be better spent scaling your company, and then the cost in terms of customers you miss out on due to poor UX.
A simple equation you can use to calculate your Return on Push is:
(Revenue Gain From Push Notifications – Cost of Push Platform) / Cost of Push Platform
And the first step for monetizing your app is to get users into the app and actively using it. First they have to enjoy your app and engaged with it. Then the revenues will come in, whether from in-app ads, in-app purchases, etc.
Remember! A goal conversion doesn’t necessarily have to result in immediate revenue to have value. If a push notification results in a user inviting their friends to download your app, or leaving a 5-star review, or even simply retaining them for the long-term, this will positively affect your app ecosystem.
How Does Metrics Analysis Help Your Return on Push?
Metrics serve as benchmarks so you can track your progress, determine what you’ve done right, and follow an estimated trajectory along those same lines. Typically, your marketing team will build a dashboard of metrics and Key Performance Indicators. With these, you can assess your business strategy in real-time. With OpenBack’s platform, that dashboard comes ready-made, with a full range of metrics at your disposal.
But how do you get soft, marketing-level metrics such as CTR and brand awareness to translate into more concrete, holistic metrics such as increased revenue or market share? Metrics are a way of measuring what your marketing campaign is accomplishing, and forecasting that on
future actions. Whether it helps you count your leads in your pipeline, or — more on the level of the mobile app industry — your Monthly Active Users, Monthly Sessions, etc., these are crucial signals of the health and staying power of your app. By tracking your past results, you can map out a game plan for the future.
Top Metrics You Should Focus on to Optimize Your Push Campaign
For those starting off, here are a few fundamental metrics that will help guide your mobile engagement strategy.
- Monthly Active Users (MAU): MAU is a key signifier of your app’s “stickiness.” MAU shows you the number of users who are using your app and getting enough value from it that they are returning on a regular basis. Tracking your MAU numbers can be a crucial means of forecasting user trends and predicting churn so you can proactively combat it. It can generally be interpreted as a reliable signal of overall app health.
- Daily Active Users (DAU): The DAU/MAU ratio shows you how often people are engaging with your product. This is also known as “stickiness.” It shows you what share of the users that opened your app in the past 30 days opened in it in the prior day. Crucially, it also shows how many Monthly Active Users are opening your app on a daily basis. But even on its own, DAU is important to track, especially for mobile games, where user habits and stickiness is built in those first few days.
- Number of Active Devices: Which devices currently have your app installed. Track these numbers over an extended period of time to see your growth rate.
- Monthly App Sessions: It’s also useful to understand how often users are opening your app, and for what length of time. For context, a Statista report showed that the average number of monthly sessions for the Facebook, WhatsApp, and Snapchat apps were 159.55, 143.35, and 122.57 respectively. Tracking your monthly numbers of sessions is a better indicator of app performance than daily sessions. Especially for free apps, the
vast majority of users will install an app, test the waters, and then delete it once they lose interest.
- Goal Conversions: This tends to be viewed as the gold standard for marketing metrics. And although it’s certainly not the only one to pay attention to, if a certain type of notification consistently results in users opening your app and completing a goal, that’s
a sure sign you should continue what you’re doing.
Using OpenBack to Gain a Mobile Marketing Advantage
Currently, OpenBack is the only push notification platform with such advanced metrics and measurement capabilities. This is rooted in our patented hybrid platform, which uses mobile edge computing and machine learning, enabling real-time notification delivery and the capacity to follow up on, take insights from, and even edit or remove push notifications once they have delivered.
Ultimately, our full suite of metrics allows for a completely new relationship between developers and push notifications. And it considerably raises the bar on the potential of what push notifications can accomplish. For even greater insights on what our metrics are and how they can help you boost your return on push notifications, sign up for one of our upcoming webinars:
Download our Metrics & Measurement Playbook here.