The mobile applications are one of the most widespread mediums for business and a lucrative field for entrepreneurs. With over 400 apps being launched in the market daily it is extremely important to ensure that your idea can actually be a foundation for a successful project. In this article, we take a deeper look at how you can verify your potential app idea and what you need to pay special attention to.
Basically, what you need to do is to make sure that the application is able to generate revenue and the cost of its development and maintenance doesn’t outweigh the possible benefits. It requires meticulous research and planning – launching an application is neither cheap nor fast.
The 3 main components of a profitable project are the following:
- The ability to create an engaged and loyal user base;
- The possibility to obtain funds from the audience or an interested third party;
- A predictable expenditure plan.
If you have all of it in place, you can be sure that your app will deliver the expected results.
How to verify your app idea 101: make sure people are interested
To start with, you need to be sure that people actually want your app – not only you and your friends. The application does not produce money by itself; you need people to use your product to make profit.
Check the Google stats
With Google Keyword Planner and Google Trends at hand, you can easily find out what the people are looking for nowadays. Check what users are most interested in! The stats for the world’s biggest search engine will show you a comprehensive picture of what the segment looks like and what people want.
Deploy a landing page
This is the next step in app idea validation that requires some effort but can be done in a short period of time without committing a lot of resources to the project. You can find out how many people are actually interested in the idea and study their behavior.
After you’ve launched it, you need to drive traffic to it. Here are a few tools you can use to tell people about your product:
- Facebook advertisement campaign;
- PPC ads such as Google Adwords;
- Social platforms, e.g. Reddit;
- High tech blogs, for instance, HackerNews.
The landing page can actually be used later on after the launch to promote the product. Don’t forget to gather the emails from visitors and offer them to subscribe to the newsletter! It will help you keep in touch with your prospective users.
Launch an MVP
MVP stands for a minimum viable product – a version of the application that has only the core functions. It is stripped of the additional features and delivers only the essential value of the project. However, this is not bad by any means – it lets you focus on the essentials, validate your mobile app idea and demonstrate the innovative part of your project to the public.
How to verify your app idea with a business plan
The application requires a complex infrastructure and qualified staff to work on it. A successful project requires input from a range of specialists in different areas. Here are some questions that you need to answer for yourself.
Can it be successfully monetized?
You need the app to turn a profit in order to maintain and develop it. There are a lot of ways to monetize the user base but each of them has its own specific features. Some of them are a better fit for your target audience, the others – not so well. You need to ensure that your product actually delivers solid value for the price and people are motivated to invest their money.
Is it scalable?
In order for the project to grow successfully, you need to validate your app idea and make sure it can serve more users. This means that you need to build a robust architecture that can be freely extended without the need to change the processes drastically. What will it take for the application to transition from a hundred users to a thousand? Ten thousand? A million? You need to have a clear understanding of what it will take to provide the growing audience access to your application.
Make sure you can actually beat the competitors
There are some fields that are dominated by giants such as Instagram or Facebook. It doesn’t mean that their reign will last forever, yet beating them requires tremendous resources. If you are launching your first app, it’s probably better to refrain from these ambitious plans. However, polished user experience may help you win your market share.
How much does it cost?
Another important part of how you validate app ideas is understanding how much money you need to invest. In order to get an understanding of this part, consider contacting the developers for an estimate on how much the application may cost. This will let you compare the planned expenses and income.
Summary of how to verify your app idea Validating your app idea is a complex process that requires extensive research. Yet it’s absolutely necessary to ensure that you commit your resources to a project that will let you turn a profit. Make sure you have a robust plan that will help you build a successful application and monetize the user base before you commit!