The mobile applications have made success stories for the individuals who turned them into a monthly revenue stream. For every success story you hear, there are hundreds whose mobile applications went bust. Many questions like common trends between success and failure in mobile app development? overall business plan and lots of other questions are asked.
Here, in this article, we have explained a few ways to build the next million-dollar application.
1. Market Study is Key
The companies whose mobile application development has generated good revenue spend more than 80 percent of their time on the market study or market research. The application research not only creates a stage for an app but also provides ideas, helps to generate sales and marketing plans. It is good at your end to follow the top trending application, study their model of working, target app categories, and use them regularly. To become a frequent mobile application user, it is good to have deep market research. Through study, understand what the customers want, design direction, and strategic marketing insights.
2. Believe that Improvements Are Better Than Invention
To generate a good app, make sure that you believe in improvement rather than focusing on the invention. Emulating idea is not a foreign concept since all the apps start generating revenue if you focus more on improvement rather than inventions
3. Many Ways to Monetize a Mobile App
The monetization of the mobile application is finished with three basic flavours that are Premium, Freemium, and Ad Networks.
Premium Model – It is the forthright and obvious way to monetize your mobile application. The application downloads in the case of the premium are only 14 percent of the total app downloads on the apple store.
Freemium Model – The application is free to download and the content inside is available to purchase. It is the most attractive model since it lowers the barrier for cost-conscious smartphone users.
Ad Networks –The app and content are free to download but still, it generates lots of revenue through advertising. It provides low barrier entry, as the app is free to download. This app comes with the weakness of lower profit for using a cost per click basis. Optimization of the app is done in many ways as it depends on how you choose your advertising partners, where you display the ads for generating revenue.
4. No requirement to be a Programmer or a Millionaire to Develop an App
There are many of the people who have no idea about coding or have no knowledge about investment, but they still have applications that got successful in the market. There are lots of examples of the application that has a walk through the common pitfalls and strategies for working with an outside development team. So, if you are not a developer or have no knowledge of how to develop an application at first it is good to brush your project management skills for making a successful app.