Entrepreneurship in the mobile app development industry is loaded with numerous highs and lows. There are already many available smartphone apps, so yours will have some stiff competition. If you want to succeed with your mobile app, you’ll need a growth strategy regardless of how original your idea is.
It has been shown through scientific analysis that over 90% of mobile app development company is unsuccessful. Some businesses fail because their product isn’t a good fit for the market, while others fail because they don’t have a plan for long-term success.
As a business owner, how do you interpret this?
It emphasizes the value of a well-thought-out expansion plan for your mobile app’s success.
What is meant by the term “Growth Strategy?”
Keep in mind that hoping for growth without a plan is a recipe for disaster. Furthermore, luck is not something you can count on when running a business. You’ll need a plan of attack.A growth strategy is any set of actions designed to increase a company’s present market share. For some companies, this involves branching out into new product lines and geographic markets. Still, others may focus first on getting their product exactly right before expanding their customer base.A growth strategy, contrary to widespread opinion, need not prioritize short-term profits over long-term growth.
As a mobile app development growth strategy, you can choose one of the following four options.
- You can increase your share of the market by developing and releasing brand-new items and services aimed at that market. The new items on the market need to solve an unmet need or improve upon an existing method of problem-solving.
- Strategy for expanding one’s share of a market by attracting a larger customer base or promoting greater product adoption among existing customers.
- In order to break into an established market and attract a larger share of the existing customer base, you might employ a market penetration approach. Once you have established a foothold in the market, you can bundle products, cut prices, and increase advertising.
- You can increase your share of the market with a diversification strategy by offering more items or expanding into new markets.
In order for mobile apps to swiftly grow and flourish, businesses need to know when and how to apply effective growth methods.
Developing a Plan for Mobile App Expansion
Using apps on our mobile devices is crucial to our daily routines.
By 2020, Google Play Store released 2.95 million apps, while Apple App Store published roughly 4.37 million. Around 7 billion people around the world will use mobile devices by 2021.With so many options, it can be challenging to convince users to try a new app or to switch from an existing one. Getting people to visit the app store and download your app requires you to provide them with a strong incentive to do so.This emphasizes the significance of learning about app usage patterns. More users can be attracted and kept interested in this knowledge.
Discover the characteristics of a winning mobile app strategy here.
1. Learn as much as you can about your target audience first.
Your mobile app will fail to take off in the marketplace if you are ignorant of your target demographic. Don’t be shocked if some of your customer demographics respond differently to your marketing than others. When you have a deep comprehension of your customer base, you can tailor your marketing and customer service strategies to maximize their success. I’ll give you a few tips for zeroing in on your ideal customers.
Study the competition:
Competitor analysis is crucial for numerous reasons, including the following:
- You will learn which demographics of customers require your immediate attention.
- Analysing competing apps that offer comparable functionality can shed light on the types of users that are most attractive to other developers.
- You will also have the opportunity to detect unmet needs in the industry, such as underserved demographics of customers.
Find out who your perfect client is:
Record any and all information you have gathered about your user, including their gender, occupation, family status, income, social network connections, app preferences, and so on.
- Find out what influences their opinions and shopping habits.
- Find out what it is about the items they now use that they dislike.
To better reach and service your consumer base, you must first gain a thorough understanding of who they are.
2. Appear in user searches.
Many people rely on their mobile apps to keep them on track and help them achieve their goals. Let’s take a look at some widespread examples: on the time-saving front, “delivery” and “pick up” apps have become increasingly popular. The use of health and mindfulness applications is also on the rise. People also look for investment-related apps.
Since there is already so much competition, effective app promotion is crucial.
Your app’s usefulness is irrelevant unless users know it exists and give it a shot. What you can do is:
- There needs to be search engine and app store optimization for your mobile app.
- Create blog posts.
- For feedback on your app, you must submit it to app review sites.
3. Focus on CLV, or Customer Lifetime Value
It’s not enough to only focus on getting new customers; you also need to work on keeping and expanding your current client base to maximize customer lifetime value (Customer Lifetime Value).
Why?
Due to the fact that it encourages persistent interest and keeps customers coming back.
A customer’s lifetime value (CLV) is a statistic used to estimate the long-term financial gain from a single customer. If customer lifetime value (CLV) was higher, the business would earn more money from each customer.
In order to raise the CLV, do the following:
- Streamline the way new employees are introduced.
- Give them material that will keep them interested.
- Improve your customer service offerings.
- Connect with people.
- Get feedback from your customers that you can actually use.
4. Implement Intelligent Machine Learning and AI Techniques
Users’ data can be streamlined, insights can be analyzed, and users can be engaged in a variety of meaningful ways with the use of AI and ML technology.
It’s possible to leverage these technologies to promote your app more effectively.
Let’s analyze the methods that popular companies are employing to increase the reach of their mobile apps.
While you can’t just replicate another company’s formula for success with your own mobile app (product), you can gain insight into what works by studying how others have achieved it.
Twitter– The team did some Twitter growth hacks.
Twitter users found the homepage confusing. After simplifying this page to focus on signups and logins, the user conversion rate increased significantly.
Twitter also successfully encouraged users to follow more people during onboarding. After signup, Twitter suggested ten accounts.
Netflix– It posed the idea, “Why not simplify the Netflix mobile experience for users?”
- It prioritized accessibility on mobile devices.
- The Netflix app could be pre-loaded on a mobile device.
What caused this to occur?
Netflix and Verizon have formed a partnership to pre-load content, saving subscribers the trouble of downloading. It also improved the app for subscribers by providing sneak peeks at upcoming shows and trailers for movies. It’s a method for expanding the user base that helps you go through one of the most common starting points for apps: a lack of interest.
Createwith the Help of Allcode – Best mobile app development company
An ideal method for expanding a mobile app’s user base does not exist. You need to think about whom you’re trying to reach as well as the market, product, and services that it provides.
Applying the tactics outlined here will greatly increase your user base size, user engagement, and user retention. Don’t be afraid to branch out and try something different.
Get in contact with us if you want to construct the most impressive and unique software for your business and the correct growth plan around it.
