We all are familiar with Airbnb, aren’t we? Well, it was not always a $30 billion company. It all started when two guys who recent...
"An Idea not coupled with Action, will never get any bigger than the brain cell it occupied.”
“My idea is perfect!” said Jonathan, while sipping his morning tea. “Cashflows won’t be a problem, because it will work!”, he added. Jonathan Ross, a 45-year old financial analyst, got in touch with us to get an Android app developed.
He wished the app to be launched as soon as it was possible, but we held him up. Why? Well, we did it to make sure that revenues don’t crumble up due to poor execution. We had to go a mile to identify the right audience and monetization strategy, but in the end, all that matters is, it worked!
Here is the strategy we followed to develop the app and get Jonathan into business:
1. Convert Idea into Actionable Strategy
Once you plan to get your idea developed into an app, the first step is to write it down on paper. Create a feature list to help expand your idea and develop actionable strategies. This list will be quite helpful at a later stage when you discuss the idea with your investors, designers and developers.
Make a note to have them sign an NDA before you share your idea and feature list, making your idea immune to plagiarism. Also, make sure that your proposition is clear, as it plays a major role in the success of your app.
2. Indulge in market research
Once you have the feature list ready, indulge in market research to identify the competitors, trends, and market requirements. At this stage, your priority should be identifying if there are any similar apps in the market. If there are any, try to exploit their shortcomings. Focus on those features which your competitor missed in their version.
It is quite crucial to write down the pros and cons of your idea. When you research in your app’s industry, you can have an idea about your cons, and hence, the solutions your propose, will be crystal-clear.
3. Identify the Target Audience
During the market research, you would have figured out the potential customers for your business. However, it is quite crucial to identify the ones who would actually use your app and elevate your revenues. Once you have an idea of the audience demographics, i.e., their behaviour, income group, profession, age group, region, etc., you can infer th requirement and their preferences.
Having an idea of your target audience helps you re-engineer your app and features according to the end-customer. Ultimately, it all boils down to those customers as they decide the app’s fate. However, this insight-based strategy can help you build an app which resonates with the end-customer in the long run.
4. Select the Monetization Strategy
Unless you are driven by sheer will and have your app development costs covered, you can always monetize your idea in several ways. Be it a subscription-based model, or in-app purchase, in-app ads, user data, sponsorship, etc. Either way, you would have to look into what works best for your audience, app and market.
Currently, paid apps are losing their sheen, while in-app ads are making apps suffer due to user experience. Anyways, your app is a gateway to user data and it can be used indirectly to make money. Also, you can find sponsorship from an app development Company. Ultimately, it is wise to select 1 or 2 models and A/B test which one would offer a better ROI (Return on Investment).
5. Get your App Developed
If you are an enterprise business, you would have in-house talent to build your app. But as of now, getting an app developed is not just restricted to industry conglomerates. With development of cloud-based solutions, it has been easier than ever to create apps without any necessary coding skills.
As good as it feels to develop your own app, but if you plan to stay long in the business and take over the featured apps in your category, it is beneficial to opt for an app development agency. Expertise and technical skills are one thing that a mobile app agency offers, but developing an app, that stays up and running is yet another.
6. Market-Launch-Market your App
No matter how good your app is, but people won’t install it until they find it. Marketing fills the gap for you by putting up your app in front of the right audience. Now since you have reached all the way down here, we trust you can do self-marketing for your app.
You can start by putting up your business page on social networks like Facebook, s and Instagram. This approach would help promote word-of-mouth marketing. A press release, announcing the launch of your app through a story would also act beneficial in creating hype around your brand.
7. Analyze Response and Buckle up for the next phase
Now that your app is launched, and is up and running, there may be a few bugs, but ultimately, your plan worked!
Well, now is not the time to celebrate! It’s the time where you analyze the market response, user data and demand.
If the response is good, you can move on to the next phase of the app. If it is mild, you need to alter your strategies a little bit and rework on user experience. Now if it turns out to be poor, its time to follow up with this listicle again. At the end of the day, you won’t quit, until you get your app online and in business, and you know it. Well, We Agree with you.