Did you know? The app market is one of the fastest growing markets today in-universe. In India, 1BN of apps are installed by Indian user from Google Play store each year. The story doesn’t end here the numbers are only increasing exponentially as the app installed grown by 150% every year. Here is complete coverage.
So this sector is greatly booming, and entrepreneurs are interested in investing. But the challenge is How can someone invest in this market for certain profit?
Due to high competition in this sector, the sooner you execute your ideas, the better you may reach to results. These are the steps more prominent and good practices in this sector, and it also encourages the UX design methodology.
- It helps to write a proposal without wasting more time during the creation of product and services.
- It raises the interest and contact with clients to validate the business idea.
- The biggest benefit is, it helps to find out if an app idea is worth investing in and financial return will be as expected
Here are some few steps which may help you to drive the profitable app business
Market Research: Usually, a common feeling when any idea arrived in your mind, and we think to become rich from this app idea, but we tend to forget something that’s a “Research.” Its good to go for detail research on your idea, and gathering all information then you will able to monitor the data whether are you on the right track? Or the risk you’re taking and the best strategy for the sector.
Most of the ideas already there in the market, that’s why some investor might not showing interest in your ideation. However, each competitor in the different proposition is part of any venture. Example OLA and UBER both are in same cab booking services, but their business model is varied and segmented. After all, it’s important that your idea has complete business aspects with all edges that something not explored by the competitors.
Collective Feedback on your app ideas: It’s time to get collective feedback just after you going through practical research phase. This step is useful for determining your project idea, but it’s also crucial to get people’s feedback opinions about it. Watch this video of “Elon Musk – Starting a Business.”
Make sure you get the real feedback whether good or bad. Appreciate the criticism and take the constructive way. If you could feel that someone will disclose or confiscate your ideas, so go for non-disclosure agreement before you start the collective feedback step.
MVP (Minimum Viable Product): The idea is to quickly develop a minimum viable product (MVP) to prevent expenses and fastest to develop for certain market or a defined group. This step definitely to help you to take corrective measure regarding analyzing data, user acceptance or harvesting clients, and it also helps you to shape up of your idea so you can make more competitive.
According to Eric Ries, a famous author of “The Lean Startup.” , the Minimum version of a product that allows a team to gather as much learning as possible.
If the MVP proved your idea then find out app development companies that could develop your product. For more help with this process, you can contact LinkedUX
Brand your identity: It’s time to build your brand identity; create an essence that you want to bring your idea to the market. Make your social media identity, visual design, or take help from PR who could help you with public’s approval so you must act quickly and build your brand identity.
Build your sales plan: You must focus to structure your requirements about who’s your customers? How can I get my first clients or end users? And plan your optimistic budget.
Without clients or users, your business is nothing so must create the business plan that grooms your marketing tactics and strategy. After all it to show to your investors, partner and other people who might be interested in pouring money J
Hope these are steps will work for you for validating and make success in app world.
Any questions? Comments and lets us know.
Product Manager | UX Enthusiast | FamilyMan