The current app market is hyper-active with new mobile apps hitting the market every day. The challenge in this fiercely competitive market is to make your mobile app stand out. In fact, your strategy for standing out is crucial to a successful app business plan.
While every app is a product of great imagination, a successful mobile app is one that takes a practical business approach in the app-building process.Here are some key steps to ensure that you have a successful mobile app in your portfolio:
Step 1: Invest in Market Research
Your app’s success could very well depend on your market research results. Your market research must be detailed, discovering fact-based answers for questions such as:
- What existing consumer problem does your mobile app solve?
- Is there already an app similar to your app?
- If such an app already exists, how successful are the competitors? If it is not successful, what are the reasons for the failure?
- What are the marketing strategies that your competitors are employing to increase the reach and sales of the app?
- What is the market opportunity that the competitor has failed to recognize? How do you propose to utilize this opportunity to make your mobile app more successful?
- If such an app does not exist, how interested customers would be in your app? Do they need it? How willing are they to purchase the app once it is launched?
One tactic for answering these questions is to talk to your family, friends, colleagues, and mentors to find out if there is a demand for your app. You could also consider conducting a survey on social media to see if people would be willing to spend money for an app such as yours. If they already have such an app, ask them about drawbacks that diminish their user experience.
Step 2: Know What Makes your App Unique
This unique factor will be responsible for your app sales. Is it the new smart interface? Exclusive offers for app users? A rich gaming experience?
A clarity about your app’s unique value proposition can mean the success of your app marketing plan. Specify it with clarity.
Step 3: Be Backed by a Solid Business Plan
If you are looking to bring investors on board to fund your app, start preparing a business plan. A good business plan gives potential investors a clear picture of where your app-building project is headed.
A business plan also helps you anticipate different challenging situations that you might encounter during the app-building process. You can think ahead and have solutions in place. Specify them in the business plan.
A well-developed business plan does half the work for you in making stakeholders believe in your app. It increases your chances of securing a fund.
A winning business plan focuses on the following key details:
- Purpose of the business plan – For example, you are seeking funds for building your new app.
- A description of the proposed app
- The target market for your app
- Existing competitive advantage and market analysis reports that support your claim
- Financial requirements
- A detailed description of your business, including its operational structure
- The business model you would be using for your app to generate revenue
- Financial projections for the proposed app
Step 4: Hire your App Development Team Carefully
Look for at least 10 years of experience in a candidate. Find out the number of successful projects behind them. Check referrals. Discover how they approach the app planning process. Know if they are able to relate to your vision.
Step 5: Focus on Core Features First
When your app-building process starts, develop the core features first. This way, you start small and are at much lesser risk. You can update your app gradually by adding new features regularly. The gradual addition will make your app fresh and exciting for audiences. You will be creating better user experiences for them, which can gradually lead to brand loyalty.
Make your app and your vision come true with these key actionable steps. Are you up for building your next successful app?