It’s no secret that a well-thought-out, effective mobile app can be a smart move for your business. Whether you are hoping to improve complicated day-to-day work systems, increase the communication between your virtual team members, or simply make mobile data access easier for your employees, a great mobile app can truly help you take your company’s internal processes to the next level.
However, there are a number of initial development costs, as well as ongoing security and maintenance costs that you may face to ensure that your app remains successful, well after launch day. Therefore, it’s important that you are regularly measuring the ROI of your mobile strategy to ensure that your app is helping to improve your workplace, rather than simply spending money without any thought to strategy.
Defining Measurable Mobile ROI Values
When most companies measure the ROI of their products or services, they typically look at a basic profitability ratio—net profit divided by total assets. However, when you are looking at the return on investment of your business mobile app, the way that you measure success is not quite as visibly defined.
To measure the ROI of your mobile app, you first need to come up with measurable key performance indicators (KPIs) that match up with your company’s goals and strategy. You can do this by determining what the goals are of your mobile app. For instance, some businesses want to improve workplace efficiencies through mobile, while others want to provide a better system for their employees out in the field. Whatever your mobile goals are, your KPIs should directly reflect them.
Some common KPIs for business mobile apps include:
- Increased sales among the sales and marketing teams.
- Less paperwork necessary to complete complex tasks.
- Faster response times for virtual field technicians.
- Improved first-time fix rates for technicians out on job sites.
- Reduced production costs for product companies.
You will find that a lot of your mobile strategy’s KPIs will depend based on your industry, which department is using your mobile app, and even by employee.
Determining ROI From Your KPIs
Once you have defined your company’s goals and developed measurable KPIs that are relevant to your overall strategy, you can then begin to calculate the mobile ROI of your enterprise mobile app. The way to do this is to weigh your KPIs against your app development costs. This includes everything from development costs, ongoing app maintenance costs, upgrade costs, and other costs that come with producing an enterprise mobile app.
Once you do this, you will be able to see a tangible ROI number that you can weigh against the value of your mobile strategy. This will also help you to make strategic, analytical improvements later down the road when updating or changing your enterprise app, as you will be able to see which features are working best for your strategy, and which are not.
At 7T, we focus on helping businesses maximize the ROI for their development projects. In addition to custom software and mobile app development, we also offer services for mobile app analytics. When it comes to mobile apps, analytics play a crucial role in tracking an app’s progress toward a positive ROI, whether that’s measured as revenue generated, streamlined operations or another metric.