Is the real money hiding in free or paid mobile app development? What industry is most lucrative to pursuit? How to recognize the golden goose among so many indistinguishable startups, hunting for investors left and right? These are the questions you should ask yourself before you start looking through your wallet for cash. We analyzed the mobile app market, and here is what we think should be enough to get a bit clearer view of the playfield.
Investing in Mobile Apps: 7 Things You Should Know as an Entrepreneur
1. Keep an eye out for gaming apps
For years now, the gaming industry has been the driving force behind the growth of the entire computer sector. When it comes to mobile apps, according to numerous parameters, the gaming industry is the most lucrative and the most versatile investment opportunity. In 2018, gaming apps held almost a quarter of the entire mobile app market share, and the trend is still rising.
If you’re just starting with the investment game, this industry is offering a plethora of options, however, your choice should depend on numerous other aspects.
2. Research the market situation
The return on your investments depends on the market demand for the product you’re promoting. Analyze the market to see if there is an actual need for that particular app, or if there is a need and there are other apps already getting downloads, ask if your app can offer unique benefits that outmatch the competitors.
Keep in mind that the market fluctuates and always analyze, at least, the last three years to notice if there are any patterns you could turn to your gain. Check for news in the entertainment industry, it’s often connected to mobile apps due to the amount of traffic mobile devices are servicing.
3. Organized budget
If you have an idea for an app and you want to give your money to someone who can build it for you, it’s smart to have an organized budget. Look for several bidders and see which option seems most cost-effective. Make sure you have a clear understanding of the rate of investments and the development milestones that follow each payment.
This way you can plan your other investments and keep track of the development process. It’s not unusual to experience occasional backups during the process, so expect to make a few budget adjustments, just to keep a stable workflow.
4. Marketing strategy
The key element of your marketing strategy should be reaching your target audience. The means, by which you'll get to the right people, depending on their online behavior. Long-term marketing strategies allow you to build a recognizable brand much faster, which builds trust with the consumers. The market is not eager to hurl towards newcomers or inconsistent brands, give people the time to get more familiar with you, but keep control through marketing.
It’s not a bad idea to appear in a few product reviews articles, according to most recent statistics this type of content marketing is one of the most effective methods to increase inbound traffic.
5. Don’t mess with safety
Google Play has a clear Unwanted Software Policy which serves as a guideline for app developers, however, the administration usually acts only after an app has been reported by a user. However, this does not mean the app developer is exempted from legal liability in any way. Make sure your app is not harvesting any data without user consent, or in any way harmful and against Google’s USP.
Also, keep in mind that your app server could be under attack, so make sure you dedicate a significant portion of your investment budget to safety and Quality Assurance.
6. Free or paid apps?
If your app is designed to bring people money in some way, you can set a reasonable price and provide premium service, free of any ads or interruptions. However, you better have an amazing customer service, because paying customers are demanding.
Free apps could bring you some money through ads and in-app purchases if there are any. Although the consumers are a bit less demanding, their reviews could serve as a useful customer experience platform. Reading what people say about your app is one of the best ways to craft your improvement strategy.
7. Small size
From the user point of view, the fewer data to download the better for my mobile data plan. Make sure your app is light and capable of performing across any platform. You can use Android App Bundle, the latest Google Play upload format that allows you to upload the entire code and resources but serves only those that the consumer needs to download.
Conclusion:
Nowadays, when the world is under lockdown or isolation due to the COVID-19 pandemic, the mobile app market is more vivid than ever. This is the time when people use mobile apps for everything from ordering food to sending in their work. We hope these few pieces of advice will help you with your future endeavors.
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