Financial Stability of App

A Short Guide to Ensuring the Financial Stability of Your App

The app stores of various platforms have over a million apps to download. But not all of them

The app stores of various platforms have over a million apps to download. But not all of them are financially stable. As a matter of fact, only a few are actually run efficiently. Gartner’s research on this topic seems to have found the same results as well. Though this may sound disheartening to organizations ready to invest in apps, it emphasizes the importance of understanding the factors that influence the success of a mobile app as a business.

Many businesses across the globe have been investing in mobile apps for a couple of years now, while the staggering development costs are deterring many others. However, mobile apps are only feasible if there is one or more specific business and financial goal.

Building an enterprise mobile app has been a hot trend for years, owing to which we now have a wealth of information like time-tested practices to ensure the success and stability of mobile apps.

Here are a few insights.

Platforms

Platform is one of the most influential factors when it comes to the success or failure of a mobile app. Among the two most popular platforms – iOS and Android, the former leads the race in respect of greater presence of apps that earn good revenue. But Android has started picking up pace as well being the platform with the most number of users. While the gap is closing between iOS and Android, Windows and BlackBerry are just faded images of what they used to be.

For a stable mobile app, a cross-platform development approach centered on a great native, device-specific user experience is a better investment compared to a more expensive native mobile app development or a risky one-for-all cross-platform development.

Lack of efficient distribution and marketing strategies

A great majority of apps, regardless of the platforms they are launched for, lack proper distribution and marketing strategies. The apps ultimately fail to reach its target user base, and soon fades away when similar, better marketed apps take over.

Successful apps adopt App Store Optimization (ASO) practices and pre-launch marketing strategies with a goal to get the target audience interested in the app and build up expectations. This way, when the app is actually launched, it will immediately get a lot of downloads. A good PR campaign can then leverage this exposure to garner even more success for the app.

User retention

For the app to keep generating revenue, it should primarily be capable of three things – entice, engage, and retain users. Once the app garners a decent user base, it can be upgraded based on their feedback to provide more value to them, thus retaining the user base over longer periods.

Apps that are not frequently used are at risk of getting uninstalled. To know what the users think of the app, analytics is important. Such analyses also give the development team insights on user behavior which can be helpful when devising user engagement strategies. Continuous engagement is the key to retaining users.

Conclusion

The growth of the mobile app development industry is evidently unstoppable. But such a growth also increases competition. Without a strategic, methodical focus on user retention based on user preferences, an app will most likely bite the dust as soon as it hits the market. If you want an app that will succeed, you need a developer with expertise. And you are at the right stop here at AOT. Contact us to learn how we consistently build successful apps.

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