One of the fastest ways to become a business owner and get success these days is to develop and launch a mobile app. The price of your entry can be as little as $15,000 but the market is competitive and still growing rapidly. Thankfully, the returns are even higher.
In 2020, worldwide revenue of the mobile app market reached over $318 billion, an increase of more than $60 billion as compared to 2019. The biggest segments were mobile game apps that raised $200 billion and social media apps that generated over $31 billion in revenue.
According to reports, the total revenue across all segments will grow in the coming years and will reach around $613 billion by the year 2025.
At Apptunix, having built more than two hundred mobile apps over the past five years, we have seen some wild success stories and business ideas.
Thus, we recommend mobile apps as a good starting point for aspiring entrepreneurs because they do not need a huge investment and you will get to test your idea without wasting several investors’ fortunes and a lot of time.
But, seeing that a lot of apps also go unnoticed, we also suggest you embark on the mobile app development journey very carefully.
Because we all hear about the leaders here, for example, PUBG Game App, which still drives more than a million dollars per day, and apps like Zoom and Uber, which witnessed crazy popularity during the pandemic and made billions. But, we don’t even hear about other millions of apps that are available on app stores for free. They don’t get enough attention.
The point that we are trying to make here is that entering the app industry is easy and can prove to be beneficial for your business, but you have to do the hard work to make your app stand out among many others available in the market.
So, in this blog, we will list some ways for mobile app startups to beat the odds and shine in the mobile application ecosystem. So, let’s get started.
It is very much possible to develop an app that wins hearts. All you need is some amazing strategies and determination to make it a success. Here are some tips that can help:
1.Research the App Market
Once you have a business idea in mind, you must test the market for it. By investing in market research, you can understand your app audience better. It lets you have a better idea of what your target audience wants and will they accept your product or not.
Here are some questions that you need to answer in your market research process:
An app idea that is not backed by market research is at the highest risk of failure even if it is very unique. Now here is how you can conduct market research for your mobile app idea:
Invest in Market Assessment: You must gather real-time statistical data about your target market. You can rely on sources like Gartner, Statista, and Google Trends to find out the potential of your idea in the market.
Know Your Target Audience: Find out who your target people are and segment them into different groups. You may consider conducting interviews and surveys for the same.
Get in Touch with Peers: Once you have an understanding of your market, get in touch with people who are trying to solve the problem at present. They can be your competitors. Attend industry events and meetups to know more about their challenges.
Once you are done with your market research and have some data to back your idea, it’s time to move forward in your mobile app development journey.
2.Validate Your App Idea
Alright! So, now you are done with doing all the market research and you know a lot about the end-users of your app. It is now time to take a step back and ask yourself a few questions before you invest your hard-earned money in mobile app development:
This is basically a question related to market demand. You have a great app idea, known about the market, but how much do you think customers would be willing to pay for it?
Unless there is a considerable demand for your product, you will not be able to cover your development and operational cost. To find out the demand, you may:
Invest in keyword research: Find out how much is the search volume for your target keywords.
Look for similar apps: You can search platforms like G2, Crunchbase, and app stores for insights.
Interview customers: Ask your end-users will they use a product like you are planning to build? If yes, how much would they be willing to pay?
Next, you need to identify whether the product you are planning to build is technically feasible or not. You can invest in building a proof of concept (POC) for the same.
If your idea is unique and does not exist in the market yet, you must invest in finding if it is feasible. POC is about showing the functionality of your app to a technical team and verifying if it is feasible for development.
Here is your ultimate guide to validating a mobile app idea.
3.Find a Reliable Team of Mobile App Developers
To build a successful app, you need to find the right development partner. Especially, if you are a non-technical founder, understanding the app tech stack, challenges associated, and other technical aspects can be troublesome.
So, always look for a Mobile App Development Company that takes care of your project – from idea to launch. You can select between:
We at Apptunix help clients from all over the world develop robust mobile app solutions while working for them remotely. Check out here how we manage Remote Agile Mobile App Development Teams while ensuring full collaboration and timely delivery.
4.Define a Clear Business Model for Your App
Every great app has a unique and scalable business model. Now that you are done with market research and idea validation, and you also have a great team of developers to help you in the process, it is time to put everything on paper.
The phrase “App Business Model” refers to your company’s plan for running operations and making a profit. It lists services or products that a business wants to sell and how it will sell the same. You can use “Business Model Canvas” to define your app’s business model.
This document will give your team, partners, and investors an overview of your business strategy and mobile app’s purpose. Here is how it looks:
The business model of an app shows how it is different from other apps in the market and what value it provides. Basically, the business model canvas lists nine factors that define a business model:
Now you have a deep understanding of making a business model canvas for your app. You are nearer to the effective execution of your idea and ready for every one of the difficulties and unexpected costs. Isn’t it magic?
No! It is just a simple way to do business in the app development world. We have worked with hundreds of mobile app startups and have witnessed the efficiency of creating an effective business model at the beginning stage. We also listed the Business Models of Some Popular Mobile Apps here for your perusal.
5.Be Clear About Your Revenue Goals
The sole goal behind every mobile app is to earn money. However, how your app makes money can be different from other apps in the industry.
But, before you commence the development of your app, you must be clear about your app monetization strategy so that you can inculcate the same in development. Obviously, you can modify it later or even change it completely but you must approach mobile industry with a dual mindset – delivering a great product and crafting a business on top of it.
6.Do Not Overload the App with Features
Now that you know what value your app will provide and how it will work, it is time to decide your app’s features with the help of your app development partners.
You might have visualized a millions of things about how your app will function and what may boost its functionality. But, it is time to stop and rethink.
App features like a lot of payment options, social integration, AI, AR/VR may seem indispensable to you but you need to forget them for now. Features that do not contribute to your app’s main idea will only hinder the development of your app at this stage.
One of the methods to find out an MVP’s core features is to leverage a prioritization matrix:
Remember, how Uber was launched. Its MVP just had its core feature and nothing else. The app just connected users with cab drivers and provided a way to make payments via credit cards.
More features that were just add-ons but not important in the MVP of the app, for example, fare splitting, location tracking, cost estimation, and others were added in the subsequent version of the app.
So, the key here is to highlight your app’s USP and save all the other glitters for later. Why?
Because each feature, integration, and personalization will just add cost to your development process and as a mobile app startup you are not in a position for that. In addition, it will make it tedious for your consumers to understand the real value your app provides.
So, when you are at an early stage, always remember one thing – Less in More.
7.Pay Attention to the App Performance
There are several good applications in the market. But, is it enough?
No! If you want your app to be successful, you need to make it great. According to reports, two-thirds of mobile users clear up space in their phones once a month.
That means they remove apps they don’t like or use much. So, even if your app makes it to the users’ device there is no guarantee that it will stay there for more than a month.
Thus, it is essential to pay attention to the app’s performance.
Also, as per a study by Google, if an app takes more than three seconds to load, there are higher chances of users abandoning that app. With the help of your mobile app developers, you can improve performance by:
8.Ensure Data Security
Security is a major concern for app users as cyber attacks are increasing with every passing day. There will always be people with malicious intent who will try to steal the customer information from your business for their own benefits. But, it is your responsibility to not let that happen.
It is always better to be safe than sorry. Thus, take proper precautions and security measures to ensure data privacy for your users. It will not just save you from legal battles but will also increase your consumers’ confidence in your business.
In addition, the consequences of not paying attention to the security are very bad. Once a data breach occurs, it can harm your business reputation for years and some people may never develop the trust in your offerings. So, make sure you not just use the right security measures but also show your customers that you care for their data safety.
9.Market Your App Strategically
Gone are the days when people used to think “If you build it they will come.”
There are millions of mobile apps in the app store and it is hard to get traction without spreading the word. So, invest in strategic marketing to promote the USP of your application.
With effective marketing strategies, you can turn your local mobile app startup into a global brand. However, your marketing plan should be crisp, innovative, and focused on your target audience. Here are some sure shot methods to market your app:
10.Keep Upgrading Based on Users’ Feedback
If you need to be certain that the updates you push with your application are desired by your consumers, just make your decisions based on data. To do this, you need to know how customers use your products.
Examine that data and respond to it as soon as possible. Define clear KPIs that will define the progress of your application.
Measure the app progress as much as you can but prioritize the metrics you want to improve. Leverage KPIs to track and measure customer experience or even conduct surveys around the same to know what your audience thinks. It will help you upgrade your app and it will become consumers’ favorite with every new upgrade.
11.Leverage Mobile App Retention Strategies
According to reports, 25% of customers leave an app only after using it once. So, make sure you do everything in your power to not let that happen with your dream app.
Collect data about your consumers’ preferences and update your app constantly to retain users. Your app’s user retention rate will be very low if your app is not engaging enough.
To keep users hooked with your mobile app, you need to leverage features like:
Developing a mobile app startup and scaling it to new heights is possible. But, only if you have the right plan in place to do everything strategically. This blog provides you with 10+ amazing strategies to build and grow your mobile app startup and now the sky’s the limit for you.
Reach out to us if you need help in any of your app development or marketing stages.
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