Startups are not easy to deal with. It will sweat you out from head to toe. There is no defined formula for successful startup. Companies who work with dedication and have future inclination are able to launch successful mobile app and earn revenue out of it. Every company has their own secret sauce for success.
There are about 8 million apps in the Google Play store. There is a huge competition in the market. Also, you must have heard One of the biggest was Tencent, eBay, and Microsoft pouring US$1.4 billion into Flipkart. But there were also some startups, especially smaller ones, that had to shut shop as they failed to secure additional funding.
As a developer of the application you need to understand the scenario, it is important to develop the application which is Unique and able to stand-out in the market. It is difficult to predict from the starch that this application will generate the revenue. But, the app business opportunity owns the larger market.
App Business Opportunity is Massive
Mobile is the next big thing in this current world. As mobile popularity is coming to the market, business is trying to capture mobile app market.
There are successful ventures in the mobile app industry, who owns the multimillion dollar industry. Big Players like GameLoft, Colopl, Kabam, Sega are one of the popular names in the mobile app industry. They have witnessed the growth like no one else. The global app economy is larger and keep growing day by day.
Ketchapp, company has made it to the top 5 on the app store almost every week. In less than two years, they have garner 70 million plus downloads for their hit game “2048.”
Many people think mobile app gold rush is over but, that is not the truth. Pat Mackaronis, CEO of the briskly growing audio-based social media app Brabble. It has raised over eight million dollars to go up against Snapchat, Facebook, and Instagram.
Here’s the 5 Secret to Make a Million Dollar App
There are agencies and successful companies can give you the huge surge of app users ” overnight”. And so, many ways to get the app in multimillion dollar industry, but here are the few ways for your app to attain million-dollar industry.
- Research, Research and Research
Studies suggest companies should spend more than 80% of the time on market research. After all, we live in the world where technologies and market keep changing. You need to take steps with the trends and keep your developers and idea is ahead of the time.
You need to keep an eye on top trending apps from the market collects the data, determine whether the company can gain the valuable customer or not. With the research you can understand the market and able to recognize new areas for expansion and increase your customer base. Also, with the research you are able to predict the right future stage of your business.
- Is Your Idea Really Worth Money?
DrawSomething is app has over 50 million downloads and around 24 million daily active users. DrawSomething has ability to display your drawings through Facebook, this app quickly skyrocketed to the top of the charts. As your idea is able to grab the attention of the current customer, you are closer to capture huge market with your idea.
An application which just fulfil your need to the business will never work for huge market. Geographic or language specific applications are less likely to fulfil a universal human requirement. That separates the million-dollar apps from the thousand-dollar apps. Your business idea must be written in the form of business plan with well market research to show who the exact buyers are, and how the idea will generate money.
- Invest in The Best Developers
Developers are responsible for making great products. You never know how much a crisp perspective on your world beating idea can push along the process. They are known as strategic partners of the Companies; their performance will have resulted in the customer performance. Developers have an understanding of the software’s requirements. They need to analyse users’ requirement and with that recommend new software programs or upgrades to existing programs. The right investment in the developer will give you higher result.
- Reciprocal Work Flow
The app making process needs high level of accuracy, it will be reflected in to the quality of the app. Not only the development but the testing process of your app is also critical. Without repeated testing, it won’t matter that your conceptual product meets the need of your target market – the end result is likely to be poorly executed and directed.
The difference between good application and bad application is its user experience. To get the effective ROI you need to concentrate on effective iterative design and the integrity of the process. Your workflow will be improved with that. This can be through keeping an eye on metric data collated through the design and redesign of your process, even before you have come up with the idea for your million-dollar app.
- Perfectionist Streak
Intense competition is forcing organizations to become more effective in working area. Every perfectionist knows how to be an industry leader and let your product run in the market. Apple is the best example of perfection in the world of technology, iPhone always ensures that people will demand for the brand.
The apple work to perfection and detailed future strategies, they keep their prices high so, customer can feel luxury appeal. The prefect product does not exist. But, your product need to be ready with good planning, back from perfection in the development process and detailed marketing.
- Bonus: Performance Marketing is Key
Advertisers and marketing companies are paid only when a specific action, such as a sale, lead or click, is completed. That’s what we call it a Performance marketing.
Performance marketing is a way to create not only one marketing campaign, but potentially dozens or hundreds of marketing campaigns, at once. Possibilities for that the best part is you only pay for results (app installs) on a cost per install basis.
There are lots of ideas will available in the market for performance marketing. But, you need to choose the strategies which will work for your product. You can give contracts to the agencies that offer the services for performance marketing or you can develop by your own.
Even Google and Facebook are getting in on the performance marketing model to offer it as a service to app publishers.
Considering the mobile app business startup, a successful venture, you need to have the right amount of budget for marketing. Business in mobile app industries needs to ensure that the viral mechanism will meet into the core functionality of the app. Lastly, your offering must be satisfied the customer need and fulfil the market demand. Startups can earn money and attract the huge customer by creating the great product and offer for the small to the biggest market.