Many apps are available on the Play Store as well as on the App Store. So, how are you going to make your app stand out to get noticed by people? Simply developing an app can never be sufficient for making it successful. Along with app development, an ideal mobile app business plan & marketing strategy is essential. We might call the business strategy a road map; traveling without it is impossible.
The three keystones of a great app are – Ideation, Planning & Implementation. Among these three, we will talk about the significance and how to craft a business strategy for an app. Let’s begin with the significance of a business strategy.
Why Design a Mobile Application Business Plan at all?
Initially, when you research how to develop an app from conceptualization, the business plan of the mobile will help you to be more accurate and create a robust app that excels in every term. Also, you will find a large number of apps existing in the market. From which, hundreds of similar apps are available. So, to specifically attract consumers to your application is a herculean task.
It can be said that two reasons are there for the application start-up business strategy. The first one is to get funding and another to get founders.
Define a Simple well-structured Strategy
Being an owner of a start-up, you will have to encounter one or the other issue daily. But, if you are having a business strategy, you will face lesser hurdles.
Now, as you know the significance of a mobile app business plan, let us move towards developing it.
The entire app development business plan can be divided into 7 parts:
Stage 1 : Executive Summary
This step is the introduction part of your business strategy. Try and make your business’ summary easily understandable and remarkable.
Ensure that your outline is not a thorough one. Attempt to show the executive summary exactly like the teaser of a movie. Also, produce a Unique Value Proposition to stay distinct and get noticed by the people. Some queries whose answers must be required for executive layout are as follows:
- Which issues are to be solved by you?
- How will your mobile application solve the issues?
- What difference will be made by your application?
- What is the aim of your app?
Stage 2 : Business Illustration
Maximum investors look for the method of description about your mobile app strategy and goals. In short, in this stage, your application start-up business strategy will tell the investors about the services and offerings, the chief aspects of your application, the corporate value, etc. Some famous firms such as YCombinator, IdeaBoost, TechStars, etc. will select the start-ups depending on founders and the team.
Points to be covered in this stage are,
Outline of Your Company: At the time of producing the summary of the company, some information to be included are-
- Definition of the layout of your company.
- The establishment and location of your business.
- Size of the team.
- Mission and Vision of your business.
Take it from concept to conclusion: Similar to a story, keep narrating the story of your firm with all preliminary ideas, improvements, problems, and so on.
Introducing Team: Specify the position, name, and even the tinniest preferences of your teammates. This will make the investors feel like they are already acquainted with the squad and make your application business strategy livelier.
Section 3 : Market Inspection
Collecting data about the condition of the current market should be the most important strategy for the understanding of your application idea. To acquire the right market examination, you must know how huge the industry you are going in is. Work according to the given three chief aspects:
- Serviceable Available Market – It is the market availability that can be reached by you with your sales/marketing plan.
- Total Market Available – It is all about the market that exists.
- Serviceable Obtainable Market (SOM) – Volume of the market that can be reached by you in the initial few months.
For developing any mobile application business strategy, you might refer to some reputable research organizations like Forrester and Nielsen.
Stage 4 : Marketing Plan
The business strategy is never restricted to mobile application development, marketing has importance. With a gradual procedure, you would be in a position to understand more about the marketing plan of your application start-up business strategy.
Evaluate on Target Competitors and Audience
When you begin the development of the application, it is important that you must have the required data for your targeted competitors and customers of the particular application category. Know the customers, go through their issues see how you can work out on them. Also, the knowledge you collect with the examination of your competitors would aid you in enlightening the characteristics that remain specific.
Customer Acquisition Strategy
To achieve great results of building the right customer acquisition plan, here are some channels that you might try in your business strategy for mobile application:
- Organic Marketing
- Event and Email Marketing
- App Store Optimization
- Content Marketing
- Video Marketing
- Organic Installs
- Social Media
Section 5 : Monetary aspects (Prior and Post Application Launch)
Do you know the causes why start-ups fail?
Here are a few reasons that depict why the budget is the major aspect of your mobile application business strategy:
- The budget planning will provide you with information on the funding you are spending to lead your application up.
- The associate of your application needs to know all the requirements.
Stage 6 : Financial Strategy
Let the investors know about Return on Investment (ROI) by looking at the revenue framework for your app. A few ways of monetization of product includes:
- Fix a price for Application Installation: If you add some exceptional features, your application will instantly catch users’ attention and they will pay for it.
- Subscription Plans: Similar to Netflix, users can be charged by you at some time interval.
- In-App Purchases: Just attempt to give some tempting offers to the consumers. This will encourage improved user engagement.
- In-App Ads: Although your application will be free, you will be paid by an advertiser for showcasing their advertisements in your application.
Section 7 : Retention Stage
Many people think that after they are done with the above steps, they can sit back. But this should not be done, you have to keep the users attached to your application by proving the latest features. So, include a retention strategy to add new clients to your list.
It has been noticed that push notifications have helped in increasing user engagement to 88% higher. The fact is higher the user engagement higher will be the ranking on the play store or app store.
The most critical aspect to take note of is overdo marketing. The above-listed are some of the pointers you should always remember while crafting your mobile application marketing strategy.
You can customize it as per your specific business requirements. Better to hire a mobile app development service provider and make the best of their expertise and your planning.