For those with businesses centered around technology, this means creating a business plan that can cater to a new horizon of innovation. Where smartphones are concerned, the most efficient way to cater to this need is through mobile apps.
Developing a mobile app starts with a good idea that you think will interest your target demographic. But to truly see your app thrive, you need a mobile app business plan.
Today, you’ll learn why this is such an important piece of the puzzle and what steps you should take to start your mobile app business plan.
Why Is A Mobile App Business Plan Important?
The market for mobile applications is continuing to grow. More and more businesses and entrepreneurs are trying to get into the game before the market gets too saturated.
At this step, you should start drawing conclusions based on market analysis, which should be composed of details such as a sketch of your target customer segments, an overview of your industry, historical and current market projections, and an inquiry of your competitors.
All this should be backed up by quantitative and qualitative data.
Combining all the information you have gathered, illustrate a strategic means of reaching your goals from promotion to costs to labor to operational management and lifecycles.
Management & Organization
Explain the roles and responsibilities of the people in your company. Even advisors like accountants and attorneys should be listed. Stakeholders should be included too with a description of their percentage of ownership.
Use an organizational chart that categorizes different departments with the names of each employee and company associate.
Now it’s time to get down to business. You’ll need to come up with some projections of how much your app will make.
Also, make some statements about your financial history for the past few years.
3 Steps To Building a Marketing Plan for Your Mobile App
The creation process of a memorable mobile application is not limited only to software development.
No matter how awesome your app is you need to know how to introduce it to the market. This means making sure that it reaches the right audience and starts generating revenue within the first days.
Building a user-friendly optimized application is crucial for the project's success. But without knowing how to market it, it will take you much longer to reach your business goals.
A marketing plan shows that you know your product well and understand the needs of your audience and the market.
A good marketing plan addresses at least the following points:
1. Identify a Unique Selling Proposition
What makes your app different and/or better than the competition?
Knowing what differentiates your product will help create the proper positioning and brand messaging you need to market effectively.
2. Target a User Persona
Who are you targeting? What are their interests? This answer can contain one or more types of people, but you must outline them as detailed as you can.
Creating a user persona often puts together the following demographic information:
Psychographic data is also important. This allows you to understand the mindset of your target. Here are some examples:
Challenges (personally or professionally)
Think of developing a user persona as if you are creating a character for a story. Only you want your character to be as objective and realistic as possible.
In the beginning, you will define your user personas based on your own perception. It’s important to know that your perspective is subjective. Research is required to be true to the user persona you create for your product.
3. Use the Right Marketing Channels
Depending on your target, you should tailor the channels you use to reach out to them.
If your potential user base is on Instagram, then you should market on Instagram. Don’t waste your time on LinkedIn.
A common pitfall people make when marketing is to do everything. In theory, that sounds great. Except it’s a no stone unturned approach that will spread you thin.
Get to know your target audience and find where they congregate. Think like a fisherman.
The hot technique these days is growth hacking. Growth hacking is a means of rapidly trying out new methods to increase brand awareness. It’s great for businesses with very little funding that are looking for creative ways to market.
Here is a list of marketing channels for you to consider: