This post was originally published on Entrepreneur.
In the past, parents hoped their children would one day become successful doctors or lawyers, but today, the pattern of success is much different. People dream of creating a viral app, selling it for millions of dollars, and achieving the American dream quickly and seemingly easily. Not too fast.
Applications industry, one of the fastest growing industries in the world, is much different from “traditional” industries in many ways and its daily changes constantly change the rules of the game. Since the app business is a unique business, being an “appreneur” – an entrepreneur focused on creating an app – naturally requires unique traits and abilities.
Here are a few examples of what it takes to be a successful mobile entrepreneur:
The term innovation takes on a whole new meaning for entrepreneurs. If you think the tech industry is growing fast, wait until you get into the mobile space. Today, it’s not just about coming up with an original idea, it’s about making sure that when you’re done developing your product, it’s still relevant to the industry. The application arena changes daily, and innovation is not only part of the initial process, but a daily struggle.
This is especially true because the mobile ecosystem is uniquely built. Many mobile apps rely on other platforms to survive, and a major change made by a strong player can lead to a mobile avalanche. That is why traders must stay flexible and stay on tiptoe.
Most good apps focus on doing a single task perfectly. But think about it for a second, isn’t that much different from what brands have been trying to sell for decades? Brands that were once focused on selling consumers an entire lifestyle often included a variety of products and goods. These products are often expensive and make up the majority of a company’s revenue.
The application industry is completely different. It’s all about keeping it simple and offering a product that’s incredibly sophisticated, stylish, and serves a unique purpose. For example, unlike goods, apps are a cheap commodity that makes people more open to installing them.
Define a monetization strategy
There is no business model more complex than that other than a mobile app. Many famous mobile applications that are successful with millions of users around the world have not yet figured it out.
Despite being a hot commodity, users just hate paying for apps. This creates a tough challenge for startups who want to give people what they want — a great product for free. Reviewers should always ensure that their monetization model, whether it’s download fees, in-app advertising, or a freemium model, doesn’t drive potential users away.
Flexibility is key
We are all familiar with the Coca-Cola myth, about a company that started out making a new cough syrup and ended up with a popular beverage. Well, the app industry is full of crazy stories about products that started out as one thing and ended up changing their course. In fact, the applications arerequest to tweak, add new features, and remove less desirable features, to ensure users a product that fits and works perfectly.
The ever-changing nature of the application sector requires agile-minded entrepreneurs. They need to embrace change and adapt their products accordingly. Applications that do not comply with the ever-evolving technology industry will fall behind.
It’s all about marketing
Yes, a spectacular idea is a must, and yes, perfect execution is important, but what will really make your app soar is how well you market it.
Mobile marketing is a completely new industry, completely different from traditional marketing, in that it allows businesses to carefully select their target audience. Mobile technology allows marketers to “hit” potential users with powerful messages that are specifically related to their interests and thus resonate more loudly than TV or billboard advertising. advertisement.
Another aspect to be taken into account is search marketing and app store optimization. If your app doesn’t appear in the rankings, it will simply go unnoticed, no matter how interesting or functional it is.
While no brand can afford to ignore these options, merchants in particular must familiarize themselves with them as part of their business and marketing strategy and allocate the right resources to promote them. their products effectively.