Develop An Application That Can Generate You $100 Million In Succes

In this era of technology, when smartphones have become the necessity of everyone, there is undoubtedly a great future for mobile applications. People want to keep an app for almost every task they are going to do.Either it’s a simple reminder application or a complete corporate team management system. From communication and interaction to computing and learning, every trend is getting a shift towards a more advanced and convenient method. Such a great need in the market inevitably creates a lot of business opportunities. Mobile app development is one of the most promising industries in the IT sector.

If we look at the statistics of mobile application downloads, that’s an astonishing 204 billion apps’ downloads in 2019. Popular market places and app stores are filled with millions of mobile applications, and the industry is getting wider every passing day, creating more opportunities for some people and more competition for others. 

The question here is that, can you start an application that can generate you $100 Million in success? The answer is, it’s surely possible. We can strengthen this statement with examples and case studies. In recent years, many applications are sold quite at a higher price according to their potential. For instance, we can consider the example of Instagram, which was acquired by Facebook for $1 billion. Apart from this prominent example, there are hundreds of other companies that are getting acquired by their rivals. Investors are pouring in the giant sums of money in apps that can prove their potential.

All the facts, as mentioned earlier, prove the money-making potential this industry can offer. However, one needs to understand that it’s not a one day process that will make you rich or bring in millions of dollars in investment. It takes an app that people can actually connect with, they can use it for their ease, and it solves their problems. Let’s have a look at some of the factors that we need to dig in order to achieve a successful app development, launching, and marketing process. 

Start With A Great Idea:

Your application can reach the heights of the skies if you’re working on a great idea that helps the masses. Mostly, this idea comes from your environment or personal problems. When you look around profoundly, you can understand the number of solutions that are needed and your potential to fill the gap. You can also go for surveys and polls to test the validity of your idea, and the magnitude of the problem. Ask yourself and your team how your mobile application can help in that case.

Understand The Audience And Competition:

Understanding the competition is one of the most crucial things nowadays. With tons of mobile applications published every day in the app stores, you need to make sure that your app can stand out from the competition. Even if your idea is excellent and you believe in its potential, still an analysis is helpful because sometimes you need to understand that reinventing the wheel will never help you when the market is already saturated with better options.

Tools like AppSimilar can help in this; after researching, you can see detailed statistics of your competitor’s applications and how well they are performing. Filters are available to refine the search. These filters are based on the category, country, store, and release date.

Once you add an application to your collection, you can get access to detailed demographics data, reviews, keywords metrics, and ranking charts along with the region’s summary. With all this data in hand, one can evidently get an estimation of the competition and the direction of trends.

Developing UI and UX:

The user interface and user experience of an app need to be the best among competitors. An app should be easy to understand and navigate. There is a lot of technical stuff that needs to be addressed for a great application. An app should be user friendly and should not contain bugs. If an app fails to provide a better user experience, its retention rate decreases. People can download and install such an application, but they can’t retain and recommend it to their friends. They may leave a negative review as well.

Take inspiration from your competitors or industry’s leading applications and go a step closer  from them in terms of providing value. 

Work On ASO:

App store optimization or ASO is one of the very essential tools for an app’s success. There are millions of applications listed in the market places, and it’s a challenging task to rank your app. Understanding the search queries and user’s intent is one of the most crucial things that you need to focus on in order to rank the application. Adding proper keywords in your title and description is very important. The question here is, how can we find the right keywords?

ASO feature of AppSimilar can help in that. You can type in your query, and the tool will fetch data of related keywords with the volume, no of competing apps, difficulty in the ranking, opportunity, and the last updated date.

Marketing Your Application:

The journey doesn’t stop after the development stage; you have to put in the same effort in marketing. No matter how good your app can be, you will not get the success it deserves without proper marketing. Investors only invest their money when they see an app possess the potential to bring them high ROI. So, you need to spend a lot of time in developing a marketing strategy that can help you in getting more conversions. You can use ADCostly to get an estimation of the cost for your marketing.

The tool currently supports Facebook and its related channels such as Instagram, audience network, and messenger. For more precise cost analysis, you can use the available filters in the tool. With this tool, you can get an idea of estimated cost per click, click-through rate, cost per mille, detailed category insights, audience details, and the detail of already existing successful campaigns in your niche.

Take your time in building the strategy, read a lot of case studies, success stories, analyze competitor’s campaigns, and set your budget according to the magnitude of conversions needed. 

A great idea can get you success and can raise huge investment, but only if you follow a proven strategy or build yours after in-depth analysis.

We hope that this article has helped you in understanding the factors responsible for the success of an application. If you have any queries, please don’t hesitate to ask in the comments section.