Transforming Market Standards Through Effective App Ideas
There are resourceful and powerful competitors in the mobile app market. Yet, so many applications are emerging with new ideas to attain a sustainable position in the competitive market. The global revenues in the mobile market are rapidly growing each year. Especially since the advent of smartphones, the urge has become quite demanding. It is expected that the global revenue in 2023 will be around 935.2 billion dollars.
Many mobile app development companies are thriving to create feature-rich, unique, and flexible mobile applications that will serve as a weapon to survive in the competitive marketplace. This is the place where app ideation plays a vital role. Without a proper objective for app development and perfect app idea validation, there is no way to develop a competitive advantage over other businesses.
To make sure your application and its idea are completely validated and make your business profitable, it is important to follow certain steps and strategies to assure the same. Let us get a sharp-witted view of it.
Key Steps to Validate An App Idea
Before beginning the app development process, it is essential to go through an app idea validation phase. Skipping this would cause unimaginable anomalies and losses. To know if your app users will find your application worthwhile to use because they downloaded it, you should test and validate our ideation. Here are some of the issues you might face if the ideation part is not handled properly.
- Lack of potential users
- Decreased app engagement
- Unsatisfactory feature prospects
- Failing to please customer expectations
- Failing to address the pain points
To avoid all these problems, every mobile app development company should validate the app idea before diving into development.
Here are the five crucial steps to be followed to validate your mobile application idea.
#1 Market Research
The primary goal of your app idea must be understanding your target audience and including features that satisfy their goals and motivate them to use our application. To do so, it is necessary to research your target audiences on the basis of their expectations, app usage reasons, profession, challenges not to be faced, and a lot more. By getting wise about all these characteristics, you will nail down what actually makes our app preferable for your users. How will you arrive at these details?
- Through social media channels
- Engaging polls
- Paid campaigns
- Surveys
Another effective way to study your target audiences is by taking part in networking events conducted by businesses and startups. This way, you can know about the merits and demerits of your idea, what has to be changed, and what has to be enhanced.
#2 MVP Development
Building a Minimum Viable Product by integrating the basic functionalities will help you get to know what people think of our application. This is an easy way to test your market worth and if our app idea is grabbing attention. An MVP can be built with minimum resources, which aid you in determining how feasible your business application idea is. Here is what all an MVP development of your app will help you with.
- Verifying market demand
- Testing business ideas and concepts
- Checking usability
- Developing monetization strategy
This helps you in evolving your product’s ROI by leveraging the smallest possibilities of assumptions and feedback received from the app users via MVPs.
#3 App Store Analyzation
The app store charts serve useful in identifying the modern market trends since they reveal the apps that people are most willing to pay for. It also gives information on the top downloaded applications. Apps that are popular among the masses, apps earning the most, keyword engagement and others can also be looked into via these charts.
What does this do with validating your application? Search for the prominent application using these charts. Dig deep to know what keywords they have incorporated. Type the keywords in the app store search and see the resulting applications. Learn what are keywords, strategies, and features made use of in those apps. This will help you analyze if our app idea can outdo all these well-performing applications. To get more insights about the well-doing mobile applications, you can check out the featured section in the app store.
#4 Target Market Size
First, make a list of keywords relevant to your application idea. Add these keywords to a keyword planner tool to get to know the monthly search rate of these keywords locally and worldwide. The more searched your keywords are, the more the demands are for the same among the customers.
Also, to get an exact target market size, you can split them into two parts: Competitor Analysis and Target Audiences Analysis.
Competitor Analysis
The list of things you have to research about your competitors are as follows,
- Market share
- Industry trends incorporated
- Revenue models
- Opportunities and app threats
- User reviews
- Positioned features
Target Audiences Analysis
This helps you know about your potential users’ preferences.
- Demographics
- User profiling
- User behavior
- Preferences in device
- Preferred features
- Most adopted mobile app trends by the users
#5 Product-Market Fit
This is the most crucial step in validating our app idea. Launching an application should lead to gaining many potential users. To ensure this happens post-launch, it is important to analyze if our application will be preferred over the other applications in the app store by the users. You can list down the features that are welcomed by the other app users, and the key competitors who have succeeded by integrating those features. Also, you can categorize the applications and their success based on the following monetization models.
- Paid downloads
- Advertisements
- Affiliations
- eCommerce
Now that you have listed down the features and lucrative models that are well-received by the customers, you can now compare them with the ones you have set for your application. You can modify your ideation accordingly and send it to your customers and receive feedback for the same in order to ensure if the worked-out ideas are good enough or require further updates.
Closing Thought
To make our business a successful venture, the app idea validation process must be taken seriously. All possible types of issues must be observed and assessed so that your app serves as a solution to those problems. The bottom line is that it all depends upon how unique and offering your mobile application is. Find the right mobile app development company, validate your app ideas by following the aforementioned steps, and start your mobile app development soon!
Author Bio:
Karthik Sakthivel is the CTO of Pyramidion Solutions, a leading mobile app development company in Chennai. He holds expertise in dealing with the mobile app development of many businesses and suggests the best practices for businesses to achieve their goals in a short span of time.