Tag: mobile technology

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The Importance of ROI for Software

[vc_row type=”in_container” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom”][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1/1″ tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid”][vc_column_text]Calculating Return On Investment (ROI) provides insights into how well a product or service is doing. Was the investment made into building the product or service worth it? The same question applies to software deployment. When a business decides to buy into software development, it is not creating an expense but rather making an investment. 

Building any software, such as a mobile application, includes a financial investment. Software ROI is a metric that measures the benefits generated from a software development project or implementation against the costs incurred. It’s important to track because it can help make decisions on whether to continue, pause, or scrap a project and demonstrates the success or lack thereof to stakeholders. Businesses should be aware of many factors that affect software ROI, such as user training, support, user adoption, and more, to maximize returns.

However, as important as calculating ROI is, traditional ROI calculation methods and factors are not the most favorable for companies who want to track the performance of their software in creating brand awareness and keeping up with the market competition. This is more so because of the lack of flexibility offered by ROI calculations.

Hence, here’s what to know about the importance of ROI for Software, how effectively measuring it can provide a holistic view of a company’s technology investments, and how the traditional methods of ROI calculations lack, which makes its assessment of a software’s performance fairly limited.

What is Software ROI?

Return on Investment is simply a measure of the profitability of an investment. In other words, ROI indicates how well something is performing.

For custom software, calculating ROI includes factors such as calculating the return on the purchase and the initial cost of investment. Custom software development is done for various reasons: gaining a competitive edge in a specific industry, improving operations, increasing scalability and reach, etc. The aim is to generate revenue that balances the costs invested in the project of building the application.

ROI software does just that – it lets you know how profitable the project currently is or will be in the future. The average number of software applications used at enterprise companies is an impressive 288. Measuring the impact and usefulness of these implementations is crucial for making informed business decisions.  

However, as crucial as it has become for businesses to digitally transform their operations, the benefits of doing so are usually not immediate. The performance of the software is tracked through various methods for a while after deployment to truly gauge its impact on operations. The biggest and perhaps the most important advantage of digital transformation of any kind is increased customer satisfaction. In more ways than one, a business invests in the creation and deployment of software to increase its brand value. Factors like these are not considered when calculating ROI, which limits the effectiveness of ROI in determining the actual value of your software.

Benefits of Calculating ROI for Software

Calculating ROI is still vital to have some idea of the performance of the software. Generally, calculating ROI helps decide the future direction of a business. For software development particularly, calculating ROI is useful for these reasons:

  • It helps justify or explain the investment in the development project to stakeholders with tangible numbers and results.
  • It helps realize the direction and scope of the development projects, including what improvements can be made.
  • It helps realize when the project is more of a loss or a dead end for you and whether the project should be abandoned or paused for the time being.

While the pressure to create a digital footprint steadily increases, the economic conditions of both the local and global markets can be an important factor in deciding how much to invest in digital transformation and when. A report by Blissfully found that the average company wastes $135,000 yearly on software applications they don’t need or use. 

Calculating the ROI achieves significant oversight of the project, and its effects on the business’s profitability, thereby helping companies make the right investment.

How is ROI for Software Measured?

Calculating ROI for software includes two major parameters: the gain from the investment and its cost. However, this is not entirely accurate because technology integration in a business runs deep. It affects nearly every aspect of an organization, from efficiency to business relationships. For this reason, traditional methods and factors used for calculating software ROI are making way for calculations that allow for more nuance. For startups, the focus is less on profits and more on growth in terms of building a loyal customer base. Customer satisfaction is an important factor for consideration for growing companies.

Nevertheless, creating an ROI calculation report is necessary. For the best estimation, creating two ROI calculation reports helps to understand the business’ ROI range: one ROI calculation report for the lowest amount of ROI that could be generated and one report for the highest possible ROI that can be reasonably expected.

Software ROI Can Be Improved

There are numerous ways to increase a low or struggling ROI, especially with the correct implementation of software. The following are some ways to do this:

  • Develop a training program for the end-users to teach them how to make the most out of a new software tool.
  • Create an onboarding plan for a smooth digital adoption.
  • Plan for on-demand user support as the users learn to navigate the new system and how it impacts their day-to-day tasks.

Most importantly, change how you look at the spending – it’s an investment, not an expense. There’s increasing pressure to keep up with the fast-paced nature of our digital world, and digitizing your company’s process is a smart decision. Therefore, it’s wise to invest more time and resources in improving software ROI rather than giving up on it entirely. 

The Common Negligence of ROI Software

Creating parameters for technology spending has been an ambiguous and somewhat neglected area until very recently. As increasingly more companies undergo digital transformation, understanding the impact of technology on a company’s business model – the good and the bad – will become urgent. The scope of the application economy is being realized, and its impact on individual companies and businesses can be determined through software ROI.

Technology has always been a risky investment – it’s important to remember that and not get caught up in the hype of the newest digitalization trend. Do your research, calculate the risks, and decide whether certain software development or implementation is right for your business. After all, it’s your responsibility to safeguard your company’s future.

If you’re interested in building exceptional experiences, then connect live with our chat feature. We help you build exceptional experiences through custom application software that guarantees maximum returns on your investment.[/vc_column_text][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom”][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1/1″ tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid”][vc_column_text]

 

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Working With a Developer Is Better Than DIY

[vc_row type=”in_container” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom”][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1/1″ tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid”][vc_column_text]Big businesses understand the power of application software. According to McKinsey research, an impressive 70 percent of top economic performers, that’s almost three out of four companies, have harnessed their own proprietary software applications in order to stand apart from their peers and stay ahead. In today’s modern business climate, it is critical for organizations to not only understand but embrace this strategic approach. Failure to do so could spell disaster.

 

However, when it comes to creating a successful app, the road to application development can be a minefield of different challenges. One key aspect of this is selecting the right method for developing your application – Do-It-Yourself (DIY) or hiring an experienced developer. On paper, DIY may appear more cost-effective, but working with an experienced professional is often the better option for businesses in terms of the resources invested and outcomes expected. There is no wonder why mobile app developer jobs are on the rise.

Whether you’re looking to jumpstart innovation or create efficiencies internally, we’ll discuss how partnering with a developer can help bring success and results to all facets of application development.

Why Opt for a Developer over a DIY Approach

Businesses often get drawn to new technologies, and one popular way of capitalizing on this is by creating their own custom application with a DIY platform (such as Jotform Apps, Zoho Creator, Appy Pie, Bubble, etc.). While these solutions may seem convenient and cost-effective at first glance, they can be inflexible for making modifications or adding features that go beyond the out-of-the-box templates. This can leave you stuck in terms of advanced customization capabilities.

Instead of struggling through complicated instructions and debugging on your own, hiring an app developer is often much quicker and far less costly in the long run. Here is how developers can maximize returns while offering reduced operational costs.

Advanced Expertise 

App developers possess the knowledge and experience to craft top-notch apps that adhere to all industry regulations. With their specialized skill set, they are an invaluable resource for creating functional applications designed with users in mind.

When building an application, there are countless details that need attention, from aesthetic design elements like typography and colors to backend code like Ruby and PHP. Having an expert on hand ensures that no detail gets overlooked. Developers also have years of experience dealing with different technologies and platforms. They know which tools are best suited for specific tasks, such as setting up analytics or creating custom forms, and they can suggest solutions that may never have crossed your mind.  

Better User Experience and Design

When you hire a developer, you can rest assured that your end product will look and feel professional. Developers understand how users interact with apps, so they are able to create user-centered designs that are intuitive and visually appealing. DIYers often don’t have this kind of expertise, leading to clumsy designs with confusing navigation or poor graphics. 

In addition,  cross-platform mobile app developers understand the importance of responsiveness across different platforms, meaning they will create apps that work well on all devices, including tablets and phones, without compromising on design or functionality. This is essential for ensuring a good user experience across all platforms.  

Personalized Development

A good developer will work with you closely to understand your needs and vision for the app, ensuring that it meets your expectations. A professional developer has the experience and expertise to develop custom applications that meet your specific needs.

Working with a developer means you will have access to custom-built apps rather than relying on templates that have been optimized in-house. Templates used in the DIY approach are designed for general use, so they offer less flexibility than personalized apps do when it comes to specific needs for your business. A custom-built app takes into account your unique goals and requirements, which means that users will experience smoother performance and increased efficiency throughout every step of their journey within the app itself.  

Furthermore, having a customized app allows you to make changes quickly and easily if needed while also giving you complete control over user data privacy settings, something that isn’t possible when using templates or existing software solutions. The efficiency of application development can further be augmented by implementing an agile technique as opposed to the ‘waterfall’ alternative usually deployed in the DIY approach. 

Time Savings

Time is one of the most valuable resources available to you, so why waste it trying to do something you may not even be familiar with? 

By hiring a developer, you can take advantage of the dedicated resources at their disposal that are unavailable to non-developers. There’s no need to try wrapping your heads around setting up a database or troubleshooting an issue, as developers can solve it much faster. This can save you valuable time and energy, which can be redirected to pressing business matters.

Security and Performance 

Application security is of utmost importance for ensuring the optimal protection and performance of your app. Developers understand the importance of keeping up-to-date with the latest security protocols and best practices in order to safeguard your app from cyberattacks like malware injection or data breaches. These professionals implement security measures such as user authentication and security testing whenever feasible while fully understanding their capabilities and limitations. Additionally, by leveraging the power of secure coding, developers can create applications that are less likely to be targeted by malicious attackers. 

With DIY apps, these tasks can be difficult for non-developers who don’t have the same level of expertise related to coding languages or security measures. . Your non-technical, in-house team may not always be familiar with the most reliable protocols and practices. This can leave your business vulnerable to cyber threats which may compromise your data or cause irreparable damage to your business.

Making the Right Choice

Developing an app can be a complex process, but working with a professional developer will ensure that everything goes smoothly. A developer will also help you stay organized and on track throughout the development process while avoiding costly mistakes and headaches down the road. In the end, you’ll have an app that not only looks great but functions flawlessly as well. 

All in all, working with an experienced developer is often the better choice than attempting a DIY approach when creating an app for your business. Not only does this save time and money, but it also allows for more flexibility and customization than using pre-made templates or existing software solutions would provide. Plus, developers have insight into best practices that ensures smooth performance across all levels of user interaction with your app, making working with one definitely worth considering.

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Mobile retargeting could boost engagement 100x

[vc_row type=”in_container” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom”][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” width=”1/1″ tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid”][vc_column_text]Retargeting a consumer that’s previously interacted with a brand via mobile is more than 10x more likely to result in an order or positive engagement, finds research from Upstream.

If mobile app retargeting happens on the same day as the consumer initially engaged with the brand, that improvement is almost 100x greater.

So… What is mobile app retargeting?

Mobile retargeting, or mobile app retargeting, means showing relevant content and promotions to people who have previously engaged with your website or app. These ads drive users to a specific page of the application and if Implemented as a part of your marketing strategy, can help in maximizing the returns from potential and current customers while also increasing your brand awareness.

How Mobile Retargeting Works?

Mobile retargeting is based on app deep linking technology. Deep links are the links that directly lead a user to a page on an app on their phone when they click on it.

For mobile retargeting to work, the deep link should lead the user to a relevant section of the app, and not always the home screen. An example of a deep link would be someone’s Instagram profile link on Facebook. When you tap on the profile link, Instagram automatically opens on your phone, and instead of the home page, it takes you to the profile of the person you click. That is a deep link. Learn more about the deep link technology here.

Some best practices for mobile app retargeting

  1. Define your goal

Start by clearly defining the goals of what you want to do with your advertisements. Some popular goals are

  • Increase brand awareness
  • Improve app engagement
  • Increase conversions and ROI (make a sale/download)

Your audience and the type of advertisements you do vary depending on your goal of creating an ad.

  1. Don’t annoy customers with your retargeting

According to a study by emarketer, 77.4% of US customers report that seeing too many ads from the same retailer annoys them.

While retargeting, you should use both frequency and recency capping:

Frequency capping means limiting the number of times a banner or message is shown to a user in a specific period of time and Recency capping is the amount of time between specific ads shown to a user.

Frequency capping controls the number of times an ad is shown during a period of time, while recency capping controls setting a minimum time between two instances of an ad on a user’s screen. For best results, you should use frequency and recency capping together.

  1. Personalize your messaging

Personalization means creating something to meet someone’s individual requirements. It is the key to every type of advertisement, including mobile retargeting. As personalization involves tailoring your ads for a single person, it provides you with the highest level of relevancy.

In conclusion, there are various mobile app retargeting strategies and options available. Whichever you use, always remember what you want to do with the campaign, select and segment your audience in a proper way, personalize the ads, and don’t irritate people with too many of them. To design your custom mobile app and improve your brand retargeting, Contact us today! [/vc_column_text][/vc_column][/vc_row]