Tapping Undiscovered Markets – How To Use This Strategy That Led Many App Startups Towards Success

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Tapping Undiscovered Markets – How To Use This Strategy That Led Many App Startups Towards Success
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app startups

Pokemon Go rocketed to top of the charts and generated $1 billion in revenues in 2016.

BlaBlaCar is valued at $1.5 billion after its latest funding round.

Snap went public and has a market capitalization of $33 billion.

Uber is currently valued at $66 billion.

Airbnb recently closed $1 billion round at $31 billion valuation.

Headlines like these are enough to make anyone’s mouth water.

If you also want to join the ranks of app startups, having a top-notch mobile app idea is essential.

Now, here’s the strange thing about app ideas. They cannot be forced, just like Art.

Many people believe that starting an app startup is a mysterious process. They want to launch their own app and become successful, but they just can’t come up with any good mobile app idea to begin with.

Looking at the Airbnb and BlaBlaCar’s success story, it’s a fact that mobile app business is one of the best businesses these days.

Another recent good example is Snapay.

It is an app startup out of Paris that wants to solve the problem of distribution of access to cash of unbanked people.

The company researched and found out that there are two billion unbanked people in the world today. And unfortunately, the banking industry isn’t interested in these people. So these people are forced to use cash.

In Snapay, merchants register and specify where to send the incoming funds. Once it is confirmed, buyers enter the amount and Snapay create a QR code to present to the customer.

The startup has also laid out its monetization strategy. Snapay has planned to take a small fee on the merchant processing side, otherwise the app is free for buyers/customers.

However, even if people do come up with an app idea, they always wonder if their idea will work or not.

Now here’s the thing. For anyone who wants to start their own mobile app business, they’re required to do the following things:

Look at What’s Bugging You

App ideas for startups often begin with a problem that needs to be solved. And they generally don’t come when you’re sitting on sofa sipping coffee and enjoying life. App ideas tend to reveal themselves while you’re hard at work on something else.

For example, one guy named David Cohen was having trouble finding news on the music he loved. So, he started a company named earFeeder that solved problem of getting news on music at one place. The earFeeder service checks the music you’ve stored, then feeds its users news from the internet about the artists, along with the upcoming concerts and ticket deals.

Attack Practical Problems

Make a note whenever you encounter a service or a customer experience that frustrates you, or wish you had a product that met your needs and can’t find anywhere.

After that, ask yourself: Is this a problem I could solve?

How much time and money would it take to test my idea?

If you find answers to these questions, you’re a one step near to building your app startup.

Think Big

There are many factors that entrepreneurs consider for their mobile app startups. There are opportunities to make money by building business that marginally improve on existing services or products, but the real thrill comes in when the decision is made to go after a unique idea that seems little crazy.

Moreover, the best kind of entrepreneur pursue a mobile app idea that simplify or improves the lives of many people. This kind of entrepreneurs often ask “What If” when wondering about how the world works and how it could be dramatically improved.

Today, the app startups needs to pivot quickly. Many of the most successful companies exist in a form that is entirely different from how they were first envisioned.

Similarly, many times it is the case where you might need to change your approach or strategy, and pivot according to your audience needs in order to stay in the business.

Discover Untapped Markets

If you read the Airbnb story, you would know that the Airbnb revolutionized the travel industry by creating a community where people can rent out their property to the people who’re traveling.

Their idea was unique which led them to success they have today.

Similarly, BlaBlaCar created a community where it pairs people traveling between cities and drivers with empty seats in their cars.

Point is, as soon as you find a problem that needs to be fixed, fix it. And fix it quickly and consistently.
Research and Validate

Once you’ve your mobile app idea, it’s time to put in the research to validate it.

Remember, this is a critical step and should never be skipped, as it assures that the money and time invested into building your app will be well-invested.

Moreover, with about 50,000 new apps added to the App Store every month and cost of developing a mobile app range from $2000 to $500,000, validating whether your mobile app idea is a worthy one is indeed a crucial step.

For this, find out whether is there already an app that solves the problem you’re trying. If there is any app similar to your app idea, find out whether they raise any funding?

Raising funding validates that investors think the app idea is a good one.

In addition, you can also available ASO tools to find the search popularity of keywords that is related to your app idea.

Analyze Your App Idea’s Market Fit

Once you’ve validated your idea, the next step is to analyze your app idea’s market fit.

How the features and monetization model you have in mind resonate with your potential app users?

In addition, also try to understand whether the users will choose your app over other apps (If any) that provide the similar value?

Remember, by analyzing how your app idea will stack up to your competition, you can validate whether your potential users value your idea or not.

Last Step: Building and Marketing

If you’ve made it to this step, then congratulations, you’re ready to go further.

Now, after gathering all research and data, it’s time to create your mobile app.

For this, it’s always recommended that you partner with a top mobile app development company, rather than hiring a freelance developer.

While hiring freelance mobile app developers might save a lot of money, but when it’s the matter about your app startup, hiring an app development company having good reputation and experience is better choice.

Remember that your app will speak for your brand or company and a buggy app makes the entire company look sloppy and thoughtless. So, hiring a mobile app agency can benefit you to strategize for your mobile app, and make recommendations for the improvement in your idea.

Moreover, it’s true that having a top-notch idea is most important for app startups, but the essential step for any mobile app business is to build a mobile app that solves a problem and simplifies the users’ lives.

This page was last edited on June 27th, 2018, at 4:09.
 
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