Evaluating the Financial Viability of Mobile App Development

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Because many people favor mobile phones over other devices, business owners feel the urge to build mobile apps. A mobile app might become a success or an utter failure, so careful contemplation should happen before you start development. This article covers all the points related to deciding if developing a mobile app is worth it.

Benefits of Developing a Mobile App

Before we start with the tips to help you make a decision, let’s explore why you would want to build an app in the first place.

Bigger Customer Base

Bigger Customer Base

When it comes to shopping, 76% of consumers would rather use their phones than go to a store, and most smartphone owners would prefer using an app than a website.

The predicted growth rate for mobile app payments is from 41.8% in 2019 to 52.2% in 2023. These are just a few examples of the benefits that customers can enjoy from a tailored mobile app.

The days of making customers wait while a website loads are long gone. They want to be able to get in touch with your company at the push of a button. A tailored app can efficiently provide users with instantaneous access to the data and services they seek. Apps are a powerful method of interaction.

Better Brand Awareness

If you make a decent mobile app, it will give your brand a good name.

Businesses of all sizes are jumping on the mobile app bandwagon because they realize it’s more than just having a mobile-friendly website to have a successful mobile strategy.

A branded mobile app could increase brand recognition, customer loyalty, and customer satisfaction. The effects are truly remarkable.

24/7 Access

24 7 Access

Thanks to mobile apps, customers can get their hands on your goods and services whenever they want. Apps are more practical than websites because they provide tailored content and communication. Some apps can be used even if there is no network connection.

Customers can get their questions answered at any hour of the day or night without speaking to a human customer service representative. They don’t have to wade through pages to get the information they need. As a result, people know they can trust your company and come back for more.

Better Marketing

Mobile apps reinforce better customer engagement. A dedicated mobile app improves your marketing and advertising communications. The app can control targeted communications, contacts, teams, and engagement tools like contests and campaigns. They can be customized to feature your company’s colors, logo, and slogan.

Customers are more likely to remember your brand if they are exposed to and interact with your marketing materials, campaigns, and app.

What to Consider Before Developing an App

As we said, developing an app isn’t an easy feat. These are some questions to ask yourself before deciding if developing an app is worth it. 

1.) Is the App Idea Worth It?

With so many similar apps already available, it’s smart to make sure your app idea is truly unique before jumping into the booming app market.

Learn everything you can about your industry, your target customers, the issue you’re trying to solve, and your rivals. There’s no need to waste time in the development phase before you know if you’re onto something promising.

2.) Does the Market Need Your App?

You can expect to hear a wide range of opinions on what makes an app successful, but one consistent theme is the importance of identifying a clear need. It stands to reason; after all, if you’re creating another Facebook-like app, you’re essentially making a carbon copy of the original.

Establish what makes you unique from the competition and if you can add more to the market or if there’s room for one more player in the field.

Before spending money on the development, you should conduct extensive research. Find out what else is out there and how your idea compares.

3.) Is the App Going to Help Your Business?

In most cases, if the app is well-made and your marketing effort is successful, it will. We can’t think of an industry or type of business that wouldn’t benefit from a mobile app. Simply put, having an attractive mobile app increases the likelihood that users will sign up for your services.

An app can help you connect with the largest number of people using mobile devices. When developed properly, a mobile app can greatly increase your brand’s visibility and the number of customers who use your service. Develop a mobile app after studying the market, examining the competition, and identifying your target audience.

Who Is Your Target Audience?

Target Audience (3)

Understanding your clientele is crucial. Learn as much as possible about them, including their habits, likes, dislikes, demographics, and more. Experts agree that introducing your business via an app is the most effective way to reach people aged 18 to 35.

If things go smoothly, you can boost your return on investment by making it easier for customers to use your app to make purchases or other transactions.

How Much Time, Money, and Materials Can You Commit?

Mobile apps are a worthy investment, but they aren’t cheap to make, and they take long months to be ready for public release. You would need to hire a team of developers and designers, whether as an in-house team, freelancers, or outsourced agency. To streamline this process, it’s advisable to find an outsource agencies on websites such as Sortlist or Clutch, that can cater to your specific project requirements and budget, providing you with the expertise needed for a successful app development journey.

The cost could range anywhere from $10,000 to $100,000, depending on the app’s complexity, among other factors. After it’s released, you need to account for the maintenance and upgrade costs.

Even if you have the money and patience, you have to bear in mind that the app might fail. After all the sweat and tears you put into it, it would be frustrating to lose the money you can’t earn back.

Thankfully, new technologies are solving cost-related problems. The no-code movement enables inexpensive app building in a short time. The app owner doesn’t have to be a software developer. Anyone with basic IT skills can build a no-code app. At least that’s the case with the nandbox native no-code app builder. Try it now!