Fueled by the mobile revolution, subscription apps are setting a standard for meeting user expectations and becoming a profitable sector to step into.
So how do you make your mark as a subscription app? You focus on your app promotion.
Sometimes, managers don't pay enough attention to analytics. Yet, for subscription apps, those analytics are nothing less than helpful nuggets of advice!
Why are subscription app analytics important?
Analytics play a pivotal role in the success of mobile applications for several compelling reasons.
Firstly, they provide insights into user behavior. In other words, app managers can understand how subscribers interact with the app, what features they value, and where they might encounter obstacles.
This information is extremely crucial for optimizing user experience and enhancing app usability.
Secondly, analytics aid in user retention by identifying patterns related to churn and engagement. By understanding why users unsubscribe or remain loyal, app managers can implement targeted strategies to reduce churn and cultivate a more loyal subscriber base.
Lastly, subscription app analytics are integral for revenue optimization. They offer a comprehensive view of financial metrics, helping businesses track subscription performance, identify revenue sources, and refine pricing strategies for sustained profitability!
What is an analytics framework?
An analytics framework is a systematic approach to collecting, measuring, and analyzing data related to mobile app performance and user interactions.
The main goal of an analytics framework is to track key metrics and user behavior, and it utilizes many methods to achieve that, including:
- Subscription analytics tools,
- Analytical calculations and processes,
- Retargeted marketing strategies and methodologies.
By implementing a robust framework, app managers can gain valuable insights into the effectiveness of their strategies, paving the way for data-driven decision-making.
Like any other framework, analytics frameworks are built on a tiered system.
4 steps to make your analytics framework
Here are 4 necessary steps to make a successful analytics framework for your subscription app.
Define key metrics and tools
Identify the key performance indicators (KPIs) that align with your app's objectives. These may include user acquisition metrics, retention rates, conversion rates, revenue per user, and more.
Clearly define your goals, such as increasing user engagement, improving retention, or boosting conversion rates. These goals will shape the metrics you choose to track.
Implement a robust analytics tool
Integrate robust analytics tools into your mobile app. Set up event tracking to monitor important user interactions within the app.
For instance, Apphud stands at the top when it comes to revenue analytics for your subscription app, making it a great choice to start marking those numbers.
Collect and analyze data
Regularly analyze the collected data to gain insights into user behavior and app performance. Look for patterns, trends, and correlations in the data.
Use cohort analysis to understand user behavior over time and segment users based on various attributes. This helps in identifying high-value user groups and optimizing strategies.
Consistently optimize and readjust your strategy
Based on the insights gained from data analysis, continuously optimize your strategies. This may involve tweaking ad campaigns, refining user onboarding processes, or adjusting in-app messaging.
Implement A/B testing to experiment with different approaches and identify the most effective strategies. Stay agile and be willing to adapt your marketing efforts based on the evolving landscape, user feedback, and the changing dynamics of your app.
3 mobile app analytics tools
One of the most important things to create a successful subscription app analytics framework is to find and pair up with a top-notch analytics tool!
Fortunately and unfortunately, there are a lot of options available. For one, it means you have a lot of options to explore. But, this also means your search is likely going to be confusing, especially if you’re dipping your feet into analytics tools for the first time.
That’s why we’ve brought you 3 of the top mobile app analytics tools with robust features, plenty of successful case studies, and that wow factor you’re looking for.
Apphud
Apphud is a comprehensive revenue analytics tool designed specifically for subscription apps. It excels in providing insights into subscription-related metrics, such as conversion rates, churn analysis, and user lifetime value.
Apphud enables app owners to understand the financial performance of their subscription model, track key revenue-related KPIs, and optimize pricing strategies. It also smoothly integrates with various app stores and subscription platforms, streamlining the process of managing and analyzing subscription-based revenue streams.
Notably, its A/B testing functionality for subscription apps on pricing and paywalls empowers app managers to fine-tune their subscription plans for optimal results.
The intuitive Cohorts section provides valuable insights into user behavior, making Apphud an inclusive solution for subscription management for subscription app owners looking to maximize their monetization strategy!
AppsFlyer
AppsFlyer is a leading marketing analytics platform tailored for mobile apps. It specializes in tracking and analyzing the performance of various marketing campaigns across different channels.
With AppsFlyer, mobile app marketers can gain insights into user acquisition, attribution, and the effectiveness of their advertising spend. The platform provides granular data on user engagement, conversion rates, and the return on investment for each marketing channel.
This enables app owners to optimize their marketing strategies, allocate budgets effectively, and maximize user acquisition efforts. AppsFlyer plays a crucial role in helping subscription app marketers make informed decisions to drive user growth and improve the overall efficiency of their marketing campaigns.
Amplitude
Amplitude focuses on product analytics, providing subscription app owners with a deep understanding of user behavior within their apps. It tracks and analyzes user interactions, feature usage, and user journeys to help app owners and mobile marketers make data-driven decisions related to product development and user experience.
Amplitude allows for the segmentation of user cohorts, A/B testing, and funnel analysis, providing valuable insights into how users engage with specific features and content.
This helps app owners enhance the overall product experience, optimize user retention strategies, and identify opportunities for product improvements.
The good news is that Aphhud has integrations with AppsFlyer, Amplitude, and many other tools to enrich your data and see the big picture of your app performance.
Tips on using a subscription app analytics framework
You’re almost done with knowing everything you should make a successful analytics framework for your subscription app!
But before I let you go, I’ve got 3 tips to take it to the next level.
1. Keep it simple
The first rule to live by when it comes to analytics frameworks is to keep it simple. You might think, “Well, that’s very generic,” but it’s not as simple as it sounds— pun intended!
When you start building your framework, don’t get carried away with an advanced custom time decay model or something more complicated.
At the start, nothing can be as beneficial as a simple system!
2. Emphasize quality over quantity
Subscription app management has a ton of confusing, complicated, and important-sounding KPIs. You might feel compelled to add more and more of those KPIs into your framework from the get-go, but that’s a terrible idea.
Instead, choose a few meaningful KPIs that make sense to you. There are no standard KPIs because they vary with your business type, and you’ll have to research your industry deeply to find out what matters the most.
For example, one app manager might feel compelled to stick by the MRR and ARPPU of their efforts while another might fixate on KPIs that relate to user retention.
3. Reengage and retarget your key users
You have your key segments and users locked in. You’ve also engaged and targeted them once. Don’t think your job’s done already!
It’s essential to always reengage and retarget your key users, whether they’re high-value users or folks who never converted after the initial app download.
You should implement a mix of paid and engagement channels like Customer Relationship Management (CRM), offering both value and promotional content to keep your brand in its thoughts.
Conclusion
Successfully nailing your subscription app analytics can make the world your oyster. Understanding, managing, and analyzing your app performance can make all the difference!
And what better way than to do it through an efficient marketing analytics framework?!
In this blog, we’ve taken you through why mobile marketing analytics are important for subscription apps and how you can implement an effective framework as a mobile marketer.
Sign up for Apphud and get all-embracing visibility of your app MRR, ARPU, Churn, Refund rate, and 20+ more key revenue metrics. From tracking subscription revenue and user churn rate to analyzing subscription conversion and retention, Apphud provides comprehensive analytics tools to help app managers understand and improve their subscription app's performance.
