Maximizing Life Time Value of Mobile App Users

access_time July 20, 2019
by   TechmavenitAdmin
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Customer lifetime value (CLTV) is a term used to denote a user’s value over a period of time and the amount of revenue that accrues from such users during the said period. If you have a large number of users engaging with your app on a particular date but leave soon after without continuing to engage or convert, your app is not succeeding in areas that matter most. Conversely, if you have a large number of users who have become devoted to your app, you have acquired customers with lifetime value. Calculating LTV While calculating LTV, three major variables are factored in; these are monetization, retention and virality. Monetization is the amount of money received from customers by way of subscriptions, in-app transactions etc in a given time frame. Retention is the level of engagement a customer has with your app. In calculating retention, you will need to measure how often users return to your app after the initial installation. Virality is the sum value of additional users a customer will refer to your app. These referrals come via social media, word of mouth etc Tactics to Boost LTV Boosting LTV of users is important, as it is only a dedicated customer who will bring you commercial benefits. If a user disengages from your app within days of installing, you are losing valuable revenue when you also factor in the acquisition costs. We now suggest a few measures that will help you keep your users engaged, spend money and spread word about the app via social media. Optimizing Onboarding Process Provide your users with a pleasant onboarding experience in order to make users stay longer on your app and help in the goal conversion process. Reducing the login process, avoiding hamburger menu, providing tutorial on how to use the app etc will help in making the onboarding experience a pleasant one. Be Careful with Push Notifications Personalized push notifications have been found to energize dormant app users and make them continue using the app. However, you need to maintain a fine line while trying to push the notifications or else users would consider them to be too intrusive. Lay Emphasis on User Needs Always have the interests of the user in mind throughout the entire app development cycle. The user is the king and the app should serve his interests. In addition, integrating an in-app support tool will prove to be beneficial by enhancing the user experience and boosting engagement. Improve User Interface (UI) Designing a visually appealing and user friendly interface for your app is a crucial element that could decide the commercial success of your app and also create a group of committed users. If users find it difficult to access certain features of your app, they will get frustrated and leave your app for good. Always make sure that you design an app that users will love; this will create a band of loyal customers. Improved Use of Social Media Social platforms are a great way to build a dedicated group of users by offering an excellent platform to spread the word about your app and promote your pages among the group. Integrating social media buttons in your app will make sharing easy and make more and more people love the app. The commercial success of your app is directly proportional to the number of people using the app. Building up a group of dedicated users, who, with their continued use bring life time value to your app and help ensure the commercial success of your app.

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