A Comprehensive Guide to Build a Successful Business Plan for Your Mobile Appby Ava Smith Marketer
“A goal without a plan is just a dream” – Dave Ramsey. Either you are a big enterprise or a startup, to become successful you need to know the importance of having a business plan for mobile app development. In today’s marketplace, where each day several apps are launched, a viable business plan can help you acquire maximum visibility.
It empowers your app idea and helps you exhibit the full potential of your app which ultimately leads to a successful business app.
A vital business plan depends on numerous factors including:
- Problems faced by customers
- Is your app: a solution provider
- Type of app you want to develop
- App’s USP
- Market analysis
- Monetization Strategy etc.
However, before we initiate, you need to know why your business needs a mobile app?
There are over millions of apps in the app store and every app category has nearly hundreds of identical apps. So, why should a customer download your app?
Chad Mureta, a millionaire app entrepreneur said, “It’s about how customers use technology to connect with the world. Think like the customer helps to build a top-quality app which brings significant ROI.”
All you need to figure out is how your app is providing solutions to current market’s current problems. But addressing the ‘challenges’ is just the first step, now is the time to validate your app idea.
-Use Google/Facebook ads to Evaluate Response:
One of the effective ways to assess customer response is showcasing PPC ads on Google and Facebook. Allocate a minimum budget to both the channels and play around with the creatives. It helps you to check the number of responses on the designated landing page.
-Get a Fair Idea of Prospects with Google Trends:
Google Trends is a smart tool for ongoing keywords with respect to your app idea. Ideally, if your app is targeting a problem it helps you finding the right keywords and see whether it’s on trend or not. However, if your app idea doesn’t have any traction yet, it won’t help.
-Track Results through Surveys and Questionnaires:
If done right, surveys and questionnaires can offer you unmatched insights of customer behavior. If you have an audience, you can run ads, polls and ask questions about usage pattern via email, twitter, Facebook groups and Twitter.
Following the above-mentioned steps can give you the feel for the competition in the marketplace.
Let’s get started with the marketing plan.
Create a Strong Marketing Plan
-Define your USP:
Your unique selling proposition helps you position in the market against your competitors. It can be anything depending on the type of app category, for instance, how you provide a personalized experience to customers, how well is your customer support, or how readily you are available to your customer queries.
-Understand User Persona:
When validating your app idea, you already have uncovered a wealth of information about your target audience. For an effective business plan, you need to collate all the information like age, geography, context of app usage, professional/personal interests, favorite apps, and tech savviness. A better understanding of customers, helps you resonate your marketing messages.
-Make Use of Marketing Channels:
Depending on user preferences, there is a wide range of marketing channels that you can use for sending personalized marketing messages or push notifications. Some of the channels are social media platforms, organic installs, retargeting campaigns, e-mail marketing, advertising banners and much more.
When you have a powerful app strategy, it’s time to lay out a Financial Plan. As your app is not launched in the market, so you won’t be able to access the right financial numbers however, you can make an informed guess about key metrics.
-Customer Acquisition Cost:
One of the critical metrics of business is customer acquisition. In the context of mobile apps, you will look at the cost per app install (CPI). Keep in mind, there will be a certain percentage of users who will install the app but will uninstall without engaging with it. Using some tools, you can check CPI and cost of purchaser thus helps you in getting an idea how much you need to spend to get high-value users.
-Burn Rate and Cash Flow:
How much you want to spend on your mobile app per month? From salaries to hosting fees, all is inclusive in your burn rate. You will wish to keep as minimum as possible, and that’s true!
After burn-rate, cash flow is another point of consideration in terms of the financial plan. You can build a monetization strategy to predict the cash flow of your app.
You can make money from your app by utilizing diverse options like:
- In-app advertising
- Using freemium model
- Incentivized advertising
Before using these models, you need to do a bit research on how much users are paying for a similar service.
When it comes to delivering high-tech Enterprise Mobility Solutions, any reliable App Consulting Company will guide you these fundamentals to achieve the best business results. With the right approach and smart strategies, your business plan can bring a positive impact on the mobile app development process.
Created on Apr 20th 2018 02:16. Viewed 183 times.
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