This far in the game, you likely aware that a properly planned, effective mobile app is a no brainer for your business. If you are aiming to improve complex day-to-day operations, or enhance interdepartmental communications, or make mobile data access easier for your staff, a properly strategized mobile app will help you reach new levels of business operations.
That being said, there are a few initial development costs, and ongoing maintenance and security costs that you will need to be mindful of in order to ensure that your post-deployment app stays a success. There is value in routinely measuring the ROI of your mobility strategy to ensure that your app is doing what it is supposed to – and not just becoming a cost burden.
Defining Measurable ROI Values With Mobile
If you are accustomed to measuring ROI for the products or services you offer, than you are likely used to reviewing your basic profitability ratio – or your net profit divided by your total assets. The way to investigate the ROI of your mobile app is not as black and white.
In order to measure the ROI of your business mobile app, you need to first define measurable KPIs that coincide with the goals of your business and your strategy as a whole. This is done by first determining what goals you wish to see from your mobile app.
Some common KPIs for business mobile apps include:
● Increased sales
● A move towards a paperless office
● Faster response times
● Improved first-time fix rates for technicians
● Reduced product manufacturing costs
As you explore the possible goals, your will find that a large part of your KPI’s will be specific to your particular industry, the departments using the app the most, and also your employees.
Determining ROI From Your KPIs
After you’ve clearly defined your overall goals and established KPI’s that are aligned with your mobility or business strategy, you can next calculate the ROI of your business mobile app. This is done by weighing your KPI’s against the development costs of the mobile app itself. Remember to include the complete cost of development, ongoing upgrades and maintenance and other related expenses.
After you’ve completed this, you should be able to clearly measure your ROI against your entire mobile strategy. This information will also help you to make strategic improvements later on.
Does your business currently have a business mobile app? If so, what are you looking at to determine ROI? Share your views!