f24 MO2023 Hand In Project Planning Document, Marketing Planning Document

Note: for this work: You can work individually or team up with other people.

By the Week 2, September 12 class: Let me know who is doing what / Individual or team-delivered project. -> I will tell you how to communicate this with me.

Competetive Analysis:

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https://coda.io/@peter-sigurdson/competitiveanalysis

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Marketing Plan Document

Lesson: Cohorts and User Engagement Cycle in Mobile App Marketing

Objective: To understand the concept of cohorts, their progression through the user engagement cycle, and how this knowledge informs user acquisition and retention strategies.

I. Introduction to Cohorts

A. Definition: A cohort is a group of users who share a common characteristic or experience within a defined time-span. B. Examples:

Users who installed the app in January

Users who made their first purchase last week

II. The User Engagement Cycle

A. Awareness: User discovers the app B. Acquisition: User downloads and installs the app C. Activation: User completes key actions (e.g., creates an account, completes onboarding) D. Retention: User returns to the app regularly E. Revenue: User makes purchases or contributes to app revenue F. Referral: User recommends the app to others

III. Moving Cohorts Through the Engagement Cycle

A. Track cohorts through each stage B. Analyze how different cohorts behave at each stage C. Identify drop-off points and opportunities for improvement

IV. User Acquisition Strategies (Connecting to section g)

A. Targeted advertising

Use cohort data to create lookalike audiences

Tailor ad content to specific cohorts

B. App Store Optimization (ASO)

Optimize keywords based on successful cohorts

Update screenshots and descriptions to appeal to high-value cohorts

C. Influencer partnerships

Identify influencers who resonate with your best-performing cohorts

Create custom referral codes for tracking

D. Content marketing

Develop content that addresses the needs of specific cohorts

Use cohort data to inform content distribution strategies

E. Referral programs

Incentivize current users to refer others, creating new cohorts

Analyze which cohorts are most likely to refer new users

V. Retention Strategies (Connecting to section h)

A. Personalized onboarding

Tailor the onboarding experience based on cohort characteristics

Guide users to key activation events quickly

B. Targeted push notifications

Send relevant notifications based on cohort behavior

Re-engage dormant cohorts with personalized messages

C. In-app messaging

Provide tips and features relevant to each cohort's stage in the engagement cycle

Celebrate milestones specific to cohort progress

D. Loyalty programs

Design tiered rewards that appeal to different cohorts

Use cohort data to set achievable and motivating goals

E. Feature releases

Prioritize features based on the needs of valuable cohorts

Beta test new features with engaged cohorts

VI. Measuring Success

A. Cohort analysis

Compare retention rates across cohorts

Identify which acquisition channels produce the best long-term cohorts

B. Lifetime Value (LTV) calculation

Calculate LTV for different cohorts

Use LTV data to inform acquisition spending

C. Engagement metrics

Track daily/weekly/monthly active users by cohort

Monitor progression through the engagement cycle

Exercise:

Define 3-5 key cohorts for your mobile app based on your target audience.

For each cohort, outline:

A specific user acquisition strategy

A targeted retention tactic

Key metrics you'll use to measure success

Create a visual representation of how you expect these cohorts to move through the user engagement cycle.

Integrate this cohort strategy into your LaTeX document, enhancing sections g (User Acquisition Plan) and h (Retention Strategy).

Conclusion: Understanding and effectively managing cohorts through the user engagement cycle is crucial for both acquiring new users and retaining existing ones. By tailoring your strategies to specific cohorts, you can improve the efficiency of your marketing efforts and increase the overall success of your mobile app.

Lesson: Key Performance Indicators (KPIs) in Mobile App Planning Lifecycle

Objective: To understand the importance of KPIs in mobile app development and marketing,

learn how to select appropriate KPIs,

apply them throughout the app planning lifecycle.

I. Introduction to KPIs in Mobile App Development

A. Definition: KPIs are quantifiable measures used to evaluate the success of an organization, employee, project or product in meeting objectives. B. Importance: KPIs help track progress, inform decision-making, and measure overall app success.

II. Common KPIs for Mobile Apps

A. User Acquisition KPIs 1. Install Rate 2. Cost Per Install (CPI) 3. User Growth Rate

B. User Engagement KPIs 1. Daily Active Users (DAU) 2. Monthly Active Users (MAU) 3. Session Length 4. Session Frequency

C. User Retention KPIs 1. Retention Rate (Day 1, Day 7, Day 30) 2. Churn Rate

D. App Performance KPIs 1. App Load Time 2. Crash Rate 3. App Store Rating

E. Monetization KPIs 1. Average Revenue Per User (ARPU) 2. Lifetime Value (LTV) 3. Conversion Rate

III. Selecting Appropriate KPIs for Your App

A. Align KPIs with app goals and business objectives B. Choose KPIs that are specific, measurable, achievable, relevant, and time-bound (SMART) C. Limit the number of KPIs to focus on the most critical metrics

IV. Applying KPIs Throughout the App Planning Lifecycle

A. Ideation and Conceptualization Phase - Use Case: Market Research KPI: Total Addressable Market (TAM) Target: Identify a TAM of at least 1 million potential users - Use Case: Competitor Analysis KPI: Feature Parity Percentage Target: Achieve 80% feature parity with top 3 competitors

B. Design and Development Phase - Use Case: User Experience Design KPI: User Testing Task Completion Rate Target: Achieve 90% task completion rate in user testing

- Use Case: App Performance Optimization KPI: App Load Time Target: Achieve app load time under 2 seconds

C. Pre-Launch Marketing Phase - Use Case: Pre-launch Campaign KPI: Email List Signups Target: Acquire 10,000 email signups before launch

- Use Case: Beta Testing KPI: Beta Tester Retention Rate Target: Maintain 70% retention rate among beta testers after 2 weeks

D. Launch Phase - Use Case: App Store Optimization KPI: App Store Conversion Rate Target: Achieve 30% conversion rate from app page views to installs

- Use Case: Launch Day Metrics KPI: Day 1 Installs Target: Reach 50,000 installs on launch day

E. Post-Launch Growth Phase - Use Case: User Acquisition KPI: Cost Per Install (CPI) Target: Maintain CPI below $2 across all channels

- Use Case: User Engagement KPI: Daily Active Users (DAU) Target: Reach 100,000 DAU within 3 months of launch

F. Retention and Monetization Phase - Use Case: User Retention KPI: 30-Day Retention Rate Target: Achieve 40% 30-day retention rate

- Use Case: In-App Purchases KPI: Conversion Rate to Paying Users Target: Convert 5% of active users to paying users within 6 months

V. Setting Initial Targets for KPIs

A. Research industry benchmarks for similar apps B. Consider your app's unique features and value proposition C. Set realistic yet ambitious targets D. Plan for regular review and adjustment of targets

VI. Tracking and Analyzing KPIs

A. Implement analytics tools (e.g., Google Analytics, Mixpanel, Flurry) B. Create dashboards for easy monitoring C. Establish regular reporting schedules D. Use A/B testing to improve KPI performance

Exercise:

1. For your mobile app project, select 5-7 key KPIs that align with your app's goals and objectives.

2. For each selected KPI: - Provide a clear definition - Explain why it's important for your app - Set an initial target - Describe how you plan to measure and track it

3. Create a simple dashboard layout showing how you would visualize these KPIs.

4. Write a brief paragraph explaining how you would use these KPIs to inform decision-making during the app development and marketing process.

5. Integrate this KPI strategy into your LaTeX document, enhancing section i (Key Performance Indicators).

Conclusion: Effective use of KPIs throughout the mobile app planning lifecycle is crucial for measuring progress, identifying areas for improvement, and ultimately achieving success. By carefully selecting, tracking, and analyzing relevant KPIs, you can make data-driven decisions that enhance your app's performance and user satisfaction.

Monetization and pricing strategies for mobile apps:

Title: Monetization and Pricing Strategies for Mobile Applications

Introduction: Welcome, students. Today we're going to discuss one of the most crucial aspects of mobile app development: monetization and pricing strategies. Understanding how to generate revenue from your app is essential for its long-term success and sustainability.

I. The Importance of Monetization

A. Sustaining development and updates B. Covering operational costs C. Generating profit for growth and expansion

II. Common Monetization Models

A. Paid Apps 1. One-time purchase 2. Pros: Immediate revenue, perceived higher value 3. Cons: Higher barrier to entry, limited user base

B. Freemium 1. Basic features free, premium features paid 2. Pros: Large user base, upsell opportunities 3. Cons: Need to balance free/paid features

C. In-App Purchases (IAP) 1. Virtual goods, additional content, or features 2. Pros: Flexible, can cater to different user segments 3. Cons: Requires continuous development of purchasable items

D. Subscription 1. Recurring payment for access to content or services 2. Pros: Predictable revenue stream, higher customer lifetime value 3. Cons: Need to provide ongoing value to retain subscribers

E. Advertising 1. Display ads, native ads, rewarded video ads 2. Pros: Can monetize large user bases 3. Cons: Can negatively impact user experience if not implemented well

F. Sponsorships and Partnerships 1. Collaborations with brands or other apps 2. Pros: Can add value to users while generating revenue 3. Cons: Requires building relationships, may limit app's independence

III. Factors to Consider When Choosing a Monetization Strategy

A. Target audience characteristics and preferences B. App category and competitive landscape C. Development and maintenance costs D. User acquisition and retention strategies E. Long-term business goals

IV. Pricing Strategies

A. Penetration Pricing 1. Initially low price to gain market share 2. Gradually increase price over time

B. Premium Pricing 1. Higher price point to convey quality or exclusivity 2. Works well for niche or highly specialized apps

C. Dynamic Pricing 1. Adjust prices based on demand, user behavior, or other factors 2. Can optimize revenue but may confuse users

D. Tiered Pricing 1. Different price points for different feature sets 2. Allows catering to various user segments

E. Psychological Pricing 1. Using price points that appeal psychologically (e.g., $0.99, $9.99) 2. Can increase perceived value or encourage impulse purchases

V. Best Practices for Monetization

A. Prioritize user experience over short-term gains B. Be transparent about pricing and what users get for their money C. Continuously test and optimize your monetization strategy D. Consider a mixed model approach for diversified revenue streams E. Ensure your monetization strategy aligns with your app's value proposition

VI. Case Studies

A. Successful freemium model: Spotify B. Effective use of in-app purchases: Pokémon GO C. Subscription success: Netflix mobile app

VII. Measuring Monetization Success

A. Key metrics to track: 1. Average Revenue Per User (ARPU) 2. Customer Lifetime Value (CLV) 3. Conversion rates 4. Churn rates (for subscription models)

B. Use analytics tools to gather and analyze data C. Regularly review and adjust your strategy based on performance

Conclusion: Choosing the right monetization and pricing strategy is crucial for the success of your mobile app. It requires careful consideration of your app's unique value proposition, target audience, and long-term business goals. Remember, the most successful monetization strategies are those that balance generating revenue with providing value to users.

Assignment: For your capstone project, develop a detailed monetization plan that includes: 1. Your chosen monetization model(s) and rationale 2. Pricing strategy and justification 3. How you plan to implement and optimize your monetization strategy 4. Key metrics you'll use to measure success 5. Potential challenges and how you plan to address them

Include this plan in your LaTeX document as part of your overall marketing strategy.

Are there any questions about monetization and pricing strategies?