Mobile App Knowledge
Is creating mobile apps profitable?
Mobile app development can be profitable, but you need to be willing to invest significant time and effort. Even then, many factors will determine whether your mobile app becomes a financial success or not. Here we explore some of the factors.
1. Marketing
You can’t make money on an app that no one downloads. Therefore, you must be well aware of your potential market. Be ready to ask questions about your target audience, such as what their interests are and what makes them download an app.
Consider things like whether there are similar apps out there, how much of the market they dominate, and how better your app is.
Once you know who you’re trying to reach and how your app is positioned in the market, you’ll need to think about how you plan to make potential customers aware of your app. Will you place ads in other apps? Online? If so, what websites do these potential customers visit most often? If you’re not sure, how will you find out? Will you have a website? If so, how will you attract potential customers to it?
Before you start developing your app, you must think about your marketing and market strategy, which is key to generating app income.
2. Business considerations
Your business model will make a difference in whether you make money and if so, how much. You’ll need to make decisions about things like whether you’ll have paying customers for your app, rely on ad revenue, or be hybrid (customers can download for free and pay to remove ads )?
Your business model is just one aspect of the business you will need to create to support the development and sale of your app and serve customers who need help with it. If you are unhappy with this part of the process, there are companies that can do it for you but they will charge you for this service, taking a large portion of any revenue you may generate .
3. Development
Building an app from scratch requires a thorough understanding of specific devices and operating systems (OS) as well as programming languages, user experience best practices, and user interface design . The situation becomes more complicated if you choose to develop for multiple OSes (like iOS and Android), although this approach can also expose you to more potential customers.
The ability of the developer (you or the one you hire) to understand these factors and create a high-quality product will play a large role in determining whether the app can make a profit. Again, there are companies that can help you with this part of the process but the more tasks you do, the less revenue you have to keep.
4. Support
Once the app is available for download, you’ll need to make sure someone is available to respond to online reviews and answer user questions. This component of the process is another area that requires an investment of time, money, or both. The amount of energy you put into this effort will cost you, but it will also ensure additional sales as people leave better reviews. Often it is impossible to know whether this risk will pay off.
5. Bottom line
While there is no standard app development cost, you could end up paying more than $25,000 to design, develop, and deploy a good quality app. The cost will be higher if you hire someone to do the development for you, and even more if you decide to deploy across multiple platforms.
All of this effort and spending is still worth it if you expect a good return on investment (ROI), which you’ll want to do your best to estimate before going too far down the app creation path. At the end of the day, you need to carefully consider the areas mentioned here and then decide how lucky you feel.
Best regards!