Three reasons why you need a better data strategy (over and above the basics for apps)
Every app thinks about a business strategy. Every app thinks about a social strategy. Barely any app thinks about their data strategy.
Data is a huge part of everyday life for the majority of people around the world. In the past couple of years more of the population has become more clued up on the use of data ever since the Facebook 'scandal'.
Data is like the blood that runs through the veins of a business. It can define life by ensuring the app is getting what it needs. In this metaphor, we are replacing blood cells for your consumers.
1. Users mean everything and this is where a brilliant data strategy makes or breaks an app . After all, the capture and use of data within businesses is for the purposes of increasing the quality of the user experience first, and retargeting to improve conversions and increased retention second.
If you think that statement is wrong then here's a helpful hint: improving your app journey and UI/UX is far more effective than improving your retargeting. Why? If retargeting isn't working then, after spending potentially thousands on ads, you have to go back to improve your app. If you identify problems in your app and improve them, you don't have to waste time, money and effort on your advertising therefore improving much more in one go and not fixating on nitty, gritty and wasteful tasks.
A well-founded data strategy will enable you to make better product decisions that are tailored to your users activity and behaviour. If they don't like a certain feature, they will tell you. If they can't work a particular part of your app, you will be able to see it early enough to deploy a fix that doesn't cause a significant drop off and depletion of retention.
2. Cost efficiency is a much bigger task than you might make it out to be. When we talk about digital marketing campaigns where money is actively spent to acquire new users, it is incredibly easy to acquire users who will not bring you any value at all. Data can tell you which cohort of people offer substantial value which then, in turn, informs your digital strategy with incredible detail.
Cost efficiency, if we could put it into a formula would look something like this:
Execution / (messaging + imagery) X UI/UX = optimal performance
This, of course, is not an accurate depiction of how you find optimal performance but it helps us understand the various different aspects of the process that play a significant factor in the success of digital marketing.
To be cost efficient all parts of the formula need to optimised and not just once but repeatedly and continuously.
A data strategy for the longer term analysis brings all of these parts of the formula into one view that constantly feeds into itself and all aspects. With poor imagery and messaging but a kick-ass user experience any kind of ad will not perform to its full potential and will be more expensive than it needs to be. It's the same vice versa.
3. Uniting the entire company is the stuff dreams are made of. This is not just on individual teams to work better to improve themselves and the app performance. This is all aspects from stakeholders to developers to marketers and potential investors (if you have them or will have them eventually).
Having one, centralised platform that unites all KPIs of the business through the exact same data set means everyone is singing beautifully from the same hymn sheet. Dev isn't building without the input of marketing, and marketing isn't executing things your investors don't know about or want to happen. Unity is key to success.
Your data strategy should not be siloed into different teams but rather tailored to EVERYONE and then viewed slightly differently per team. Make business KPIs (or OKRs) that are measurable performance objectives for everyone to work towards.
For example, if you have a need to increase user retention by 10% month-on-month, each team knows what it needs to do to accomplish that task working together to achieve the same goal.
It makes for a much smoother operation!
Envision Digital brings this data-richness to your app taking away so much hassle, headaches, and uncertainty. We provide targeted app and advertising growth with a data-centric approach providing high quality users and performance.
We work with apps of all sizes from pre-launch to ongoing growth strategising user retention and loyalty through data.
There are very few agencies that provide the power of campaign activation, technical knowledge, data use, and a truly holistic approach as we do.
We are a proud partner of Mixpanel. We operate all of our data strategies and implementations for clients through this one platform that brings a whole new world of data and performance.
For a consultative call please fill out the form on our website.