If you’ve done any research on the app industry, you’d know that there is a lot of money flowing through it. The sheer number of potential users makes any app a valuable asset, but the key is to know how to turn that potential into profit. Here’s a few tips for maximizing your app idea’s profitability.
Your app idea is the most important asset for ensuring profitability. Make sure to research potential markets and new technologies so you’ll be ready to capitalize on any opportunities. Apps and mobile technology apply to much more than just smartphones, and there is a lot of money to be made on emerging devices.
Save on development by streamlining the app experience. Don’t include irrelevant features. Focus on the core stuff that enables users. Obviously it’ll be a tricky decision to determine what is necessary and what is superfluous, but it is important for two reasons:
1. Y ou won’t have to pay for those features, making it easier to recoup your development investment and start collecting pure profit.
2. A limited feature set that is easy to navigate and use is much better than a robust feature set
that is not easy to understand. Above all else make sure you aren’t overwhelming users.
And remember, you can always update the app with new features later.
Market the app. First build a website for your app, this will be a core resource for spreading information about your app. Beyond that, there are tons of free marketing tactics available online. Use social media to build a user community and spread awareness.
If you want your website to rank organically on searches, make sure you investigate and implement SEO tactics. Also consider setting up a recurring blog so that everyone can see that it is an active website.
Submit the app to review sites and write guest blogs for relevant communities to get more exposure.
If you market leading up to launch, you’ll be able to pick up some early downloads and get your app on trending lists, which is another good source of exposure.
Monetization: Of course, all the downloads in the world aren’t going to produce anything if you haven’t implemented a monetization strategy. Charge a download fee if you think you can convince users to buy. If maximizing user count is most important (for instance,if you are monetizing through in-app ads) then you’ll want to make it free to entice downloads.
For more complex systems, try adding in-app purchases, or charge a subscription fee each year for access to the service. Not all of these tactics will work for your app idea, so choose carefully, and enlist the help of experts to get their insights.
Those mentioned are just some typical monetization strategies, but there are many more specialized possibilities out there, some of which haven’t even been thought of yet! If your app idea comes packaged with a unique and compelling monetization strategy, you’re on the right track for success.
For a step-by-step guide to getting the most out of your app, check out SDI’s ebook Turning Ideas into Profitable Apps: An Introduction to SDI’s Formula for Success.