At one point it seemed like everyone on the internet was making their own app and they were going to get rich from it. Things may have settled down a little bit now, but there are still a lot of businesses looking to make money in the online app market. Here are our Top 5 Tips for app businesses:
1. You need to ensure that there is actually going to be a market for your app before investing all of your time and capital into developing it. Feedback is critical when developing an app on a tight budget and making something that no-one is interested in or actively opposes is a surefire way of wasting all of your savings (as well as everyone else’s time!)
2. Plan things out, rather than doing it all on a whim. You need to work out the development costs of releasing the app to the market and then the cost of every subsequent update that you make to it.
3. Make sure that you have some sort of plan for monetising your app in the long-term. A one-off 79p sale is all well and good, but the most successful apps right now seem to be those that have no entry cost at all and generate revenue through micro-transactions.
4. The only way your app is going to stand out and get noticed is if you market it right. You don’t necessarily need a large budget, but by using social media and other free channels you should be able to create a buzz.
5. In order for your app to continue generating money for the long-term, you need to be prepared to support it by engaging with the community and providing updates at regular intervals. Neglected apps will stop bringing in any revenue after awhile.