CEO & Board Member at Bryj Technologies, Inc.
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Business leaders today are increasingly focused on achieving the greatest return on investment (ROI) to fuel company growth. Challenged with tight budgets and an uncertain economic environment, priority has been placed on doing “more with less” and deploying business strategies that amplify reach and engagement at scale without sacrificing cost.
According to Deloitte, when it comes to budget allocation, companies are primarily focused on optimizing existing business capabilities (48%). About one-third (31%) of tech budgets go toward augmenting existing capabilities with new capabilities, with consistency seen across industries and company sizes.
It is no longer sufficient for businesses to invest in technology and execute on strategy. Companies must directly translate technology decisions into business value and maximize investment returns with experience-driven digital transformation. My company creates mobile experiences, and through this experience, I think mobile apps are the solution, enabling businesses to deliver an unmatched user experience (UX).
As organizations aim to digitally reinvent themselves and enter the last mile of digital transformation, here are some critical considerations on how to maximize ROI and achieve sustainable growth and success with mobile apps in 2024 and beyond.
Take advantage of the high ROI mobile apps offer.
Mobile devices have undergone a remarkable transformation in recent years, evolving from a digital tool for communication, work and entertainment to an extension of ourselves. As of Q2 2023, about 95.8% of global users accessed the internet via mobile phones. In comparison, 63% of users accessed the access via laptop or desktop.
As our world becomes increasingly digital, mobile apps have become a powerful force for business profitability, and more companies have realized this potential. Many organizations expect to increase spending on mobile apps, and IDC predicts there to be 750 million apps worldwide by 2025.
With mobile-first strategies, I’ve found businesses can improve operational agility, drive revenue generation and brand exposure, and boost user engagement and retention—all while reducing expenses. For instance, a 2023 survey from my company revealed that consumers are more loyal to brands that offer mobile apps, with in-app rewards highlighted as a key factor influencing this preference. With in-app features like rewards programs, businesses can build a loyal, long-term customer base, resulting in increased lifetime customer revenue and decreased acquisition costs.
Building a successful mobile-first strategy starts with laying the right foundation. Leaders must have a well-defined strategy in place that prioritizes addressing the needs of mobile users from the very beginning.
The most compelling digital user experiences start with a deep understanding of the customer. Therefore, companies must identify their target audience, define user expectations and deliver a mobile app that addresses their specific needs. By building mobile-first strategies with customer demands and the user experience at the core, businesses will set themselves up for lasting success.
Leverage AI for app security, privacy and continuous improvement.
New technologies and trends surface constantly in mobile app development. To reap all the benefits that mobile apps can provide, brands must have the right technology and technical agility to meet new expectations for convenience, speed and security. AI is a critical component to achieving these objectives.
With AI, businesses can supercharge mobile app performance, discoverability and customer engagement efforts at scale. Companies can leverage AI to analyze user behavior and preferences, allowing them to anticipate user needs and deliver more tailored interactions. Additionally, conversational interfaces like chatbots and voice assistants can be trained with AI to provide users with more personalized responses and round-the-clock assistance that matches a human tone.
Further, AI allows for 24/7 app maintenance and monitoring, which in today’s increasingly risky cybersecurity and privacy world is of utmost importance to businesses and their customers. In fact, industry research shows: “Approximately 62% of global consumers demand both the best features and security in their mobile experiences, equally. On top of that, approximately 24% say protection against on-device security, fraud and malware threats and attacks is more important than features.” By continuously collecting and assessing app analytics and automating tasks such as fraud detection, AI enhances security, effectively safeguarding against evolving threats.
AI holds the promise of creating smarter, more intuitive and personalized apps. However, integrating AI into app development is not without its challenges. AI-powered apps rely on quality data for accurate functionality and meaningful output, making data management essential.
Businesses must establish clear data governance policies, continuously monitor the performance of AI and retrain models based on new data and changing user behaviors. Further, businesses are also challenged with navigating complex ethical responsibilities, such as ensuring responsible AI use, maintaining privacy and security, and complying with AI regulations. To avoid potential pitfalls, leaders must have strong ethical frameworks for AI app development and regularly audit AI models.
Start with great user experiences to achieve great business outcomes.
To achieve great business outcomes, companies must do more than develop and maintain a native mobile app for their key audiences. Brands must create a great UX that delivers on customers’ evolving expectations for the mobile app experience. After all, the “set it and forget it” philosophy is not exactly a winning motto in business.
Mobile app users today demand hyper-personalization tailored to their individual needs—whether it be through product promotions, tailored ads or real-time offers—and they will stay loyal to businesses that fulfill this expectation. My company’s survey data revealed 83% of consumers are more likely to purchase from mobile apps that offer personalized recommendations, especially Gen Z and millennials (91%).
When it comes to mobile app design, aim to create simple-to-use interfaces that reduce cognitive load and friction for users and incentivize them to take action. Prioritize a streamlined mobile checkout, user-friendly app navigation and accessibility features like scalable font sizes. A well-designed user interface is not just about aesthetics. It helps build a strong brand identity, increase user engagement and drive greater app adoption.
Customers today increasingly expect personalized, secure and seamless digital experiences. Companies that stay ahead of the curve and deliver on these heightened user expectations with their mobile-first strategies can drive ROI and sustained company growth in the year ahead.
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