Conducting Market Research For Your Mobile App Ideas
Have a mobile app idea that’s just been sitting on your sketchpad for days, months, or even years?Do the prospects of launching your own app seem scary and uncertain? Guess what. With a global mobile app market that keeps on growing and the insatiable thirst of an ever-evolving consumer culture that’s always looking for novel, innovative, and cheap products/services to solve their daily debacles, there has never been a better time to invest in a mobile app. However, potential success in the mobile app industry comes with a caveat: in-depth market research. It’s only reasonable that you study your audience before you try to sell to them. In fact, the weight of your product lies on this essential component of developing an app.
A staggering 72% of new mobile apps fail to perform well solely due to inadequate market research. So, it’s not uncommon for pioneers of genius ideas to get swept under the carpet, only for a better-performing app to steal the show. Here we talk about the most critical part of the mobile app development process, researching the market and your competition. Market research will not only help you explicate the value of your product, but will also serve as an important information source for the design and marketing phases of your app. As we guide you through the steps of conducting market research, we also probe you with questions along the way, questions that every app developer should ask themselves while navigating this essential stage of their business.
Let’s start by defining market research. What exactly is it? At its core, conducting market research is gaining a true understanding of consumer behavior. What are people excited or concerned about? How can you make their lives more efficient? Is there real potential in the particular market that your product/service belongs to? Is your app aiming to successfully solve a specific problem for a specific audience? Eliminate ideas that don’t produce satisfactory answers to these questions.You can always use Google Trends to figure out the relative popularity of various searches on Google’s search engine. Remember, an untapped market does not necessarily imply that your app will be a trend-setter. It’s important to be mindful about the change you’re trying to initiate in the lives of your customers. Scrutinize and criticize your ideas, until you find the one worth investing in.
There are two aspects of market research, as highlighted by app development companies in Kuwait:
- Primary Research – Primary research will help you determine the need for your app in the market, frame your business model, and create a customized marketing strategy. There are various ways to conduct primary research. Nothing beats physically visiting the market yourself. Explore online forums and social media platforms and ask questions. Create landing pages to gauge user engagement and get a feel of your target audience. Design surveys and focus groups to collect and interpret a diverse range of opinions and experiences. Once you have gathered your data, analyze it, and use it to formulate a business plan. You can then go on to create an outline of the various marketing models you wish to use – whether they be organic or paid – pre- and post-launch.
- Secondary Research – What are the market trends and growth rates? How often do they vary? Which specific trends are beneficial to your app and purpose? These questions can be answered through thorough secondary research. A SWOT (Strength, Weaknesses, Opportunities, and Threats) analysis, in particular, will help strengthen your app’s core and increase the sustainability of your product in the market. You should also optimize your social media accounts in order to research your target audience.
Now that you’re acquainted with the basic aspects of market research, let’s lay down a definite strategy for conducting this research effectively.
- Defining your target audience – As mentioned before, you should ideally narrow down the general public as much as possible and focus on reaching out to those who would be especially interested in your product. Of course, when you finally do launch your app, a more extensive consumer base will end up being interested in your product than you had planned for. But it’s important to target a specific group in this initial phase. Start by studying your target audience’s demographics, psychographics, lifestyle, and behavior. Segmentize the target audience and create buyer personas to truly understand their needs and expectations.As a bonus, defining your target audience will also give you a clearer picture of your potential revenue model.
- Analyzing your competitors – Who are your competitors? What have they been up to? Have they been successful so far? How many downloads are their apps receiving? What’s their pricing scheme? How do they currently rank in the market? Don’t let the answers to these questions dishearten you. Even if your competitors are faring quite well, you might have a niche that might give you an upper hand.
- Conducting a SWOT analysis – List your app’s USP, advantages, and goals to define its strengths. Then, identify challenges faced in revenue generation and lack of improvement in app features to fix its weaknesses. Also, look closely for the weaknesses of your competitors. This is where your opportunity lies. Opportunities can also be found in analyzing user behavior patterns and evolving with new technological trends of the day and age. Finally, make a list of any issues with funding or industry standards that might be a red flag for your app, and steer clear of them.
- Building a business model – Create a map of your sales, revenues, and profits. This is where you start devising an effective marketing and monetization strategy unique to your app. Will your app benefit the most from a freemium model or an ad-centric model? Or should you lean more towards in-app purchases? Check out our blogs that detail the various popular monetization models and help you pinpoint the one that will work best for your app.
Investing in an app without sufficient market research is like a leap in the dark. Let us, at Design Master, use our expertise in this field to help you develop, design, market, and launch your app in way that truly serves its intended purpose and also maximizes your profits. We’ve been involved in successful android and iOS application development in Kuwait by employing some of the best app developers in Kuwait, that effectively collaborate with clients to thoroughly research their ideas and bring them to life. We also bear the reputation of being one of the top SEO agency Kuwait and search engine marketing companies in Kuwait, who will expand the outreach of your app through proven marketing and monetization strategies.
Give a look at our portfolio here: https://www.design-master.com/#Portfolio