Hi All,
Thanks for approving me!
I am the founder of this app – FaborSkip. I launched this app 1 month ago but have been working on this idea past 2 years.
Download app on Android here – https://play.google.com/store/apps/details?id=com.faborskip
and iOS here – https://itunes.apple.com/us/app/faborskip-shopping-style-inspiration/id980615074?ls=1&mt=8
I have already invested enough time & money in this app. Right now I am trying to understand if it is worth investing more in it or not. The way I am trying to do is calculate CLV & CAC. Someone told me that the CLV should be 3 times greater than CAC. But to calculate CLV, I need data like user retention %. I have installed Google Analytics in the app but somehow I am still struggling to get this data out. There is cohort analysis in GA but its just so useless (may be because its in beta version)
Can someone guide me on this? I know I don’t have enough data (launched this app 1 month back) but I still want to build some estimates based on data that I have. And what are the benchmarks for an app like this?
BRIEF About app:
We help people discover new outfits/looks made using curated products from different online stores. Our stylists make these outfits/looks and post on our app something like below –
When you click the buy link, it takes you to the respective e-commerce store.
The app is in beta version right now. There are more features to be added. And yes, bugs need to be fixed too. I also need to install better analytics like Mixpanel.
Questions that I have –
1) How do know whats my app user retention % ?
2) How do I calculate CLV in my case?
3) Is CAC = CPI?
4) What are the benchmarks?
Any help is appreciated!! Thanks 🙂
Twitter handle – @psychiBOY2