What is an app worth? The Power of a Great Enterprise App
People often ask us "Why do companies build mobile apps?" and "What is an app worth for enterprise?" so we have taken some really big companies – GE, LeGrand and Siemens – and I think we can all agree they aren’t the “trendiest” companies or in the coolest of industries to try to illustrate some of the benefits that an Enterprise app can bring.
We aggregated lots of public data (nothing here is confidential) and applied various models to published data and rankings and come up with a pretty good measure of how their apps perform. Wouldn’t you love to know this information about your competitors?
Here’s how some of their better apps did
Look at that. Some of these have been around a while but still pulling in thousands of new downloads a month, monthly users of the apps in the 10s of thousands, one has a rating of over 4 out of 5 and that’s over 70,000+ apps. You can see that this was money well spent.
According to Magnus Jern, President Mobile Solutions DMI
"Enterprise apps are special. Enterprise apps have different objectives and success criteria. We’ve worked with customers that are prepared to invest over $150,000 in an app that will only be used by 10 people. The benefit per user in terms of ability to serve customers better and to increase productivity was so great that it still paid off in less than 6 months. Some big companies are deploying 100s of apps helping transform their organisation and business into the mobile world. And this is a trend that has only just begun."
I mention money because most enterprises spend between USD150,000 and USD1M on building their apps. For example 15 of the world leading banks spent close to $80M on 606 apps… Then they have the cost of promoting it.
Let's look at some of their public facing apps.
Driving traffic to their stores
Product catalogue and advice
Hardly the sexiest of apps but clearly successful and really meeting user demand.
But this level of data only touches the surface.
At this point you need to be digging into where are your users coming from? How long are they staying? What are they doing in the apps? This kind of information will help you decide whether you met the objectives you set. These types of in-app analyltics are all crucial to defining the next version.
And what about how you spread this knowledge around your organisation? Some of these organisations have dud apps too, aren’t there learnings that could be shared?
Get a grip on your apps!