How to Transform Your Idea for an App into a Successful Business?

When we plan app development, the first thing that comes to our mind is, will I be able to create this app? Will it be easy on my pocket? How to convert it into a profitable business?

Building an app is not an overnight task and no matter how much expertise you have in that field, you will need a complete plan to turn your app idea into a success. While app development has emerged as a lucrative business idea for the startups, to transform your idea into a success, you need to have a clear idea about your budget, resources needed, how to monetize or market it and many more.

And in this blog we will guide you through all you need to know about turning your idea for an app into a market-leading business. So, let's get started!

"I have an app idea where do I start?" Here's the Answer

Several of us will have this question, but only a few of us can get the answers for them. Firstly, getting an idea for an app in itself is a great thing. Secondly, when you get an idea, immediately start working on it. Create a plan and execute it step by step.

Different entrepreneurs have different methods to bring their idea for an app into reality. But most of their plans include the following steps -

1. Formulate your ideas and build a foolproof plan

Without a plan, your app is just like a house being made without any architect laying out its design. You may have had a word about your idea with your friends, but bringing it into reality is an altogether different thing.

For example, you may want to develop a skills training app for working people, you will majorly target the job aspirants and corporate workers as they will be the most interested ones in this case. But, what if one of your competitors is already providing them with these services? Hence, it's of great importance to have a foolproof plan laid out before going further. Starting from deciding your budget and resources to the timeline to develop - you need to plan everything in this step.

2. Analyze the market and competitors

Before launching the app, have an analysis of the market. Otherwise, it will look similar to a soldier going into the war without his weapons. Make sure there is a need for your app in the market. Current market trends, the demand-supply patterns for the similar apps, the growth and driving factors of the similar apps market, and global and regional market share - you need to analyze all to follow the right path and set your targets right.

Also, look for competitors. If they aren’t there, you’re the shark in the ocean, else you have to look at the market demand and whether there are certain lagging things from the competitors. If there are certain loopholes, fix them with your app and you are good to go. Do a thorough analysis of your competitors' approach, their revenue graph, strategies and market position to strive for the best.

Next, look at the buyers of similar apps in the market. They are your target audience. One of your ultimate targets will be to make them take the paid subscriptions of your app. Take a look at what problems they are facing with the competitors' apps and then cater to their needs. For example, in the case of a skill training app, working professionals and students would be the targeted group here. Also, you can segment the target audience based on their specific sets of requirements, persona, spending capacity and other key factors.

3. Make a Dummy App

Done with the market and user analysis, now let's move further to the development part. Here, the first thing that one must start with is having a dummy app. Most entrepreneurs adopt this strategy when they first develop a preliminary, trial version of the app. It saves time as well as money and also gives an idea about how successful the actual one will be.

This way you may also get user feedback about the product, which will let you make further improvements and take you a step further toward the final launch in the future.

4. Decide the monetization model

Without a monetization model in hand, never land in the market. This will not only make your app’s condition worse but also make you financially weaker. Therefore, one must have a monetization strategy ready. Firstly, start with a basic plan which includes -

• Revenue generation
• Customer Experience
• Plan to stay contingent
• Roadblocks to the app’s success
• Key resources

And then decide the pricing/ subscription models for your customers, such as -

a. Subscription-based

You can provide users with monthly, quarterly, or yearly subscriptions to your apps, ad-free versions of it, etc. These models work the best for music and video streaming apps.

b. In-app purchases

You may also provide users with in-app purchases of certain things like providing a pro-version of your app, which has more features.

c. In-app ads

You can run ads on your app, which is a great way to boost your revenue.

d. Sponsorships

You can try sponsorships and influencer marketing which will provide your app with a social media-based boost.

Try creating a hybrid model from these, and make your model unique as your idea for an app.

5. Have a proposal plan ready

You must have a proposal plan to show to the investors, to get funding for your app development.  Proposal plans bids to the vendors the outlines of your mobile app.  A proposal must include -

• Company information
• App description
• Budget
• Project completion estimate
• Project scope
• Future Plans

The better the proposal, the more the investors will be interested in your idea for an app.

6. Craft a marketing plan

No matter how great an app you are creating or getting created if it's not being promoted, it won’t work at all.  A business plan without a marketing perspective included is extremely fatal. Your marketing plan must include these pointers to make your product a success -

a. App Store Optimization

Optimizing the app title with relevant keywords will make it a good fit. While submitting your app to app stores, fill in all the categories your app falls in. This will make your app rank better in search results.

b. Influencer Marketing

You can also hire influencers for influencer marketing of your product, and with the loyal audience they have, it can bring a massive boom to your app.

c. Build a Website or Landing Page

Building a website or a landing page for your app is a great boost to your marketing strategy. It provides you with a decent way to promote your app. This will make your app a social media success. When formulating the budget, allocate a good amount for marketing.

7. Move on to funding

Nothing is ever done for free. Developing an app is not an easy task and requires a massive team of developers and designers to bring your idea for an app into reality. For these, you need funds, which can be procured by -

• Approaching venture capitalists

These are the so-called angel investors who are always looking for a great app idea. Roping them in will also provide you with expertise and a decent level of experience.

• Participating in app-contests

By participating in app-contests, you may get an edge over other apps, which may help you acquire funds as well as publicity.

• Crowdfunding

If nothing goes in your favor, opt for this option. Also, it will help you with publicity and offer loyal supporters, who no matter what, will support your idea. Certain organizations may also rope you in and help you take your business to great heights.

8. Create an MVP

Once done with all the above points, you are just one step behind a perfect launch for your app. Directly launching an app has never been a success so far.

So first, start with an MVP (Minimum Viable Product) for your idea for an app. An MVP will provide you with the user review and in simple words, an idea of how warm the water is.

It's a demo version of the final product, so put in the same effort as you would do in terms of creating the final product and include only the prime features which matter the most. After this, we can also try a soft launch of the app in certain regions which gives you an idea of what improvements must be made to make it a worldwide success.

See More:  Key points consideration while testing a mobile app

Tips and Strategies for Launching Your App

For a new developer, bringing your app into the marketplace is also a tedious task. To get your app on the marketplace, firstly you will need a Google and an Apple developer account.   The charge for the apple developer account is $99 per year, while for google it is $25 (one-time fee).

Secondly, before launching the original app, launch a beta version of it. This will provide you with a customer experience with the app. Also, this will provide you with an analysis of the app, how the product is working and what changes need to be brought in.

Thirdly, even after launching the beta version, try a soft launch of the app. This way, you can get an idea of how your app works in a specific region. Like, you release it in North America and this way you can get an idea of how the app will work in the U.S, Canada, and other countries. This will also provide you with an idea of how your monetization model and user acquisition campaigns work.

Now that you have launched your app, you will require to give it some work like launching new features in every update, resolving bugs, and relevant stuff. Also, you need to plan for scaling which means growing your user base further.

See more: How to Write a Mobile App Business Plan

I hope this article has provided you with a valuable answer to your question - I have an app idea where do I start.

If you are looking for a complete software app development solution, then opt from Third Rock Techkno’s dedicated app development services. Check out our portfolio and drop us a line to get started today.