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Four Steps to Measuring Mobile ROI

Four Steps to Measuring Mobile ROI Step 1: Define your objectives What is the GOAL of the app? Every mobile campaign can be measured by one of two intended outcomes. Do you want to... User Sales & Aquisition Marketing Lead Aquisition Supply Chain Evaluate your Evaluate your CONSUMER WORKPLACE INTERACTION EFFICIENCY Mobile Influence Field Service Retention Rate Asset Management Step 2= Add up your DEVELOPMENT COSTS Integration Implementation 80 $$$ Hardware Support Step 3 Give each appa measurable KPI User Aquisition: Sales & Marketing: How much are you spending per new mobile • Is there less paperwork? • Less need for in-office support? • Have sales increased? • More upselling and cross selling? • Have lead conversions increased? • Has face time with customer customer? Imagine this: Mobile TCO is $10,000 with 2,000 users: Then user acquisition = $5 per user Why this matters: Now you can compare the costs of your mobile efforts directly against the efforts of other channels. increased? • Has the annual quote attainment improved? • Are your executives able to TCO - Users meet more customers? $ Per User Enterprises who measure mobile have seen up to a 30% gain in sales efficiency. Lead Aquisition: +30% How many of your leads are the direct result of your mobile campaign? Supply Chain: Imagine this: Of 50 new leads, 10 came from mobile: Then the lead acquisition rate = 20% · Better at identifying weak points in the supply chain? • Time to market decreased? • Reduction in inventories, holding costs, Why this matters: Now you can compare the costs of your leads from mobile against and material waste? • Increased efficiencies by integrating with other systems? • Increase in on-time deliveries? • Improved sales due to higher product availability? the cost of leads from other channels. Total Leads - Mobile Leads Aquisition Rate Enterprises who measure mobile have seen up to a 30% reduction in parts inventory. 30% Mobile Influence: Are your mobile apps influencing customers? Imagine this: Of 50 new leads, 5 customers used your app: Field Service: Then the mobile influence rate = 10% Why this matters: Now you know if your apps are actually impacting buyer behavior. • Reduced service response time? • Less travel and paperwork? • Less need for internal resources and support? • First-time fix rate improved? Total Leads ÷ App Users Influence Rate Enterprises who measure mobile have seen up to a 25% gain in service technician productivity. 1 Retention Rate: 25% Is your mobile campaign encouraging return customers? Asset Management: Imagine this: Of 500 customers retained, 100 downloaded the app. Then your retention rate = 20% Why this matters: Now you can determine the costs of retaining one customer through mobile. • Reduced maintenance costs? · Equipment uptime improved? Improved first-time fix rate? • Resources and inventory consolidation? Retained Customers Enterprises who measure mobile have seen up to a 40% increase in asset uptime. 40% ÷ Customers who Downloaded Apps Retention Rate Step 4: One last calculation Weigh your KPI MEASUREMENTS AGAINST COSTS 08 WORKPLACE DEVELOPMENT 80 COSTS CONSUMER INTERACTION EFFICIENCY Now that you have given each app a measurable KPI, try asking: • What is the overall value of the app? • How does this value rank against other marketing initiatives? • Does the value of the app outweigh the development costs? Assume your app has a lifespan of 5 years. You can then calculate its NPV (net present value): One time app development costs + Annual maintenance costs x time (5) Business benefits x time (5) Opportunity cost of capital - Opportunity cost of capital NPV (Benefits) NPV (Costs) NPV (Benefits) ÷ NPV (Costs) = ROI for your app Congratulations! By calculating the value and efficiencies of each app, you have taken the guesswork out of measuring mobile ROI. kony* > Learn more at kony.com

Four Steps to Measuring Mobile ROI

shared by Kony on Mar 20
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Measure the success of your mobile initiative with these KPIs and best practices, including mobile influence, lead acquisition, customer retention, and more.

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Kony

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Technology
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