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5 Business Myths About the Mobile Industry

This post was originally published on Entrepreneur 5 mobile industry legends It takes a long time to get savvy entrepreneurs off balance, especially in the tech world. But even in the ever-changing landscape of our industry, the transformation caused by the mobile arena is still a lot to be concerned about. Mobile is not only a completely new platform, but also a different state of mind. A helpful (and important) step to adapting to this new reality is to eliminate misconceptions. To help you do that, here are five simple truths that no longer hold true.

1. A large customer group will bring a lot of money.

Business leaders today understand that having a large user base does not necessarily guarantee that your product will be profitable. Most mobile products are offered for free, which means mobile entrepreneurs have to put extra effort into creating a monetization plan – and learn from their mistakes. Super popular apps haven’t been able to turn their success into cash. On a more positive note, the smartphone revolution has created a few new profit channels. For example, with user data becoming the new currency, mobile businesses don’t need to charge users directly for using their products.

2. A good marketing strategy will get people’s attention.

In the mobile space, having tens of millions of users won’t necessarily make you money; however, only a small group of carefully selected loyal users can. It’s no surprise that the games industry—one of the most complex groups in the field—was the first to realize this and choose quality over quantity. And yet, it’s surprising to see that even today, some companies are still looking for ways to get as many app downloads as possible instead of specifically targeting loyal users. While it may seem odd to invest resources in a smaller group of customers rather than a broad range, in many cases that’s exactly what mobile marketing requires.

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3. Stay away from the red ocean.

How many messaging apps were available when WhatsApp decided to join the party? And how many dating apps did Tinder have to consider when it first entered the dating app battlefield? A highly competitive market is something every marketer should worry about but that doesn’t mean you should stay out of the game. The fickle nature of mobile users can really work in your favor and sometimes all you need is a creative UI and strong marketing skills to beat the competition. Look at it this way: Conducting thorough competitive research and market analysis is essential, and even if you come up with a completely new concept, you will still have to work extremely hard to succeed. labour. The bottom line is simple: Don’t let the competition scare you and just make sure to do much better than everyone else.

4. Entrepreneurs are the chosen few.

The unprecedented popularity of mobile apps has turned many entrepreneurs without a tech background into mobile business leaders. The fact that we all carry computers in our pockets, play games in our spare time and live ever more digital lifestyles has created new and exciting opportunities. New markets open up and encourage representatives from completely different fields to embrace the opportunity to create the next mobile success story. Sure, they need guidance, but in many cases they have something very interesting to say.

5. Building a solid product is the most important thing.

Yes, your mobile product needs to be great but so should your marketing plan. I can’t even begin to count the number of mobile entrepreneurs I meet who wholeheartedly believe their product is about to take the App Store by storm without having to push it. I often meet them when they realize that’s not how things work at all. You can’t launch a mobile app without a smart launch strategy followed by controversial optimization efforts. This simple truth will replace the misconception “if you build it, they will come,” and the sooner the better. The list above is something that every mobile entrepreneur — aspiring or experienced — should eventually learn. The only question is how painful the process will be. My advice to those of you who want to be successful in the mobile space is to let go of these outdated beliefs and make room for new policies, then great success.

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