You cannot reach your ultimate goal if you haven’t planned right for it. Building a full-fledged mobile application needs a lot of time and effort to bring various stages like designing, marketing, and after-sales support into play. This post will help you to create a well-defined and insightful business plan for your successful mobile app.
According to BuildFire, the Apple App Store has 2.2 million apps while Google Play Store has 2.8 million apps available for download. This translates to these app stores are rapidly dominating the landscape on a global level and businesses need to have a unique app idea to stand out in the bustling marketplace.
You need to invest an adequate portion of your budget into marketing tactics so that users will likely to search and download your application. But everything starts with a well-organized business plan. So here’s a rundown on creating a well-thought mobile app development business plan that can help to turn your vision into life.
Table of Contents
Executive Summary
The summary part of the app business plan includes a basic introduction to the project. Always remember, it should be clear, concise, and involves all the important details like what is the purpose of building an app, what came into your mind, and how it resolves the issue of end-users.
Problem Identification
This section mentions the difficulty with an inadequate solution. To bring superior results for your project, you need to determine and comprehend both the demand and supply chain in the marketplace. It may include pointers like what causes problems for your audience, how does it adversely affect their everyday lives, and how effectively you can work to solve their problems.
Narrow down the Possible Solutions
This section will throw more light on your app idea on the basis of the problems highlighted above. Don’t entirely emphasize apps’ features and functionalities, instead, try to include aspects like what users could do with your app that they couldn’t before and how it will work in the favor of your target audience.
Prepare Your Company’s Information
Since you cannot forecast future events, more often, it’s better to take out a clear perspective mentioning your company’s information such as type of entity, location, duration, operations, objective, vision, and so on. Like a book, convey the story of your organization with all the experiences that you’ve encountered since inception.
Conduct a Market Research
Before you jump into a development phase, it is wise to validate your app idea and understand the market. Here are a few smart ways to find out whether people will love your app or not:
Use Facebook/Google Ads
One of the most convenient market research strategies is validating PPC ads on Facebook and Google. You can start with a small budget, let’s say about $100, use your creative mind to attract the audience, deliver traffic to a landing page, and record the overall response.
Look into Google Trends
Primarily, you should focus on solving the problem and conducting research on the growing market, and Google Trends could be the best way to attain a crystal clear knowledge of your prospects. Start with evaluating keywords related to your app idea and get a fair idea of your competition.
Check out Featured Apps on the App Store
Conduct a survey on app store data, especially the top-listed apps similar to your category to understand what really works for them. Read the reviews and feedback to figure out what people like or dislike in those specific apps. This survey cannot be done overnight. You should consider analyzing their results over a period of time to come to a worthwhile conclusion.
Finally, Develop the Mobile App
Now that you have determined the threats and certain opportunities in the market, it’s time to concentrate on the iOS or Android app development process. This will cover features you need to incorporate, MVP, app functionalities, and more.
The Type of App You Want to Build
Be clear about what kind of mobile app you’re planning to develop and for which purpose. Whether you want to create an Uber-like app, gaming app, file manager, shopping app, or anything else, you need to specify whether it will be a hybrid, native, or web app. The choice of platform and features will let you make an estimation of the final cost.
MVP App Development
At this stage, you need to work on the core functionalities of your app to solve a specific problem and meet the needs of end-users. A Minimum Viable Product (MVP) is a version with sufficient features to attract early adopters or customers and help to examine the project idea early in the development cycle.
Marketing Tactics
Marketing is the only solution to reach and grow your audience base. After all the validation, you need to spread the word about your app across multiple platforms to increase your apps’ downloads and credibility.
Build an App with a Powerful Action Plan
No business establishes without hurdles and complications, but a journey of success should always start with a well-crafted business plan. Before launching your app and spread the word about it in the market, it is better to revisit various assumptions and analysis to bring new ideas to the table.
