Nowadays, building a useful app that comes as a solution to any of the modern problems we’re facing can be the key to success for many young entrepreneurs. However, even if you have that “million-dollar” idea, how can you present it to investors and other stakeholders so that they get your vision?
Well, just like you did when building the mobile app, you’ll have to start with the drawing board. You’ll need the business plan to be credible, compelling, and engaging, so it’s a good idea to turn to writing to achieve all that. If mobile app development is your only area of expertise, perhaps you could leave the business plan in the hands of someone that has lots of experience in this field.
However, if you want to do it all on your own, here are some straightforward tips to come up with the perfect business plan for your mobile application.
Start With Mobile App Market Research
Every business plan, which aims to be successful and convince potential investors your app has what it takes in the real world, needs to start with a thorough and insightful market research section. Not only that it will help you present the app in a better light, but it will also let investors know that you have a deep understanding of the current app market and where your idea fits. Also, this is the part where you’re most likely to convince other people to come aboard your project. So, you’ll need to make sure to include some of these elements in your market research section of the business plan:
- Keyword research and its results – show to your audience that you found plenty of specific keywords related to your activity and how this positively influences your project.
- Include a SWOT table – short for Strengths, Weaknesses, Opportunities, and Threats; this analysis is the cornerstone of a business plan. Make sure to keep things short and concise.
- Include stats and surveys with recent data – of course, you will focus on mobile app trends and try to convince investors of what an innovative mobile app you’re bringing to the industry. But make use of other data to show them just where your idea fits in the market.
Since they’re in high demand, we’ll take the example of a gaming app idea to go through these steps. By providing high-quality games like Valheim, these apps ensure entertainment with its deliberate and charming PS2 graphics. So, the keyword research and its results must include how many hits does “Valheim” or other gaming-related keywords return.
Also, look at the bounce rate for those who access the first results as it may be a clear indication that they didn’t find what they were looking for. This automatically translates into a high demand for your gaming app offering the Valheim game. Next, the SWOT table should draw data from the keyword research mentioned above.
Finally, add some info about the number of companies in the markets that you’re going to target with your product, how game server marketplace app grew in recent years, and that you’re already on the right track.
Make Use of Unique Selling Points to Solve a Problem
There’s nothing wrong with taking a peek at what other successful apps do. Especially since it’s not exactly the easiest task to mark the USP in just one sentence. However, if you go to an app store and check out a popular title, you’ll notice that they immediately answer the “why” questions with specific details. Looking at AccuWeather as an example, they do a great job at giving your every reason why you should get the app:
- The phrase “superior accuracy you can trust” already implies that you’ll get an accurate app with credibility
- Then, “faster and easier to use” means it’s ahead of its competitors
- Lastly, elements such as “2-hour details” and “detailed conditions” give you further info on the advanced features the product offers
Define Your Target Audience
When building a business plan for mobile app technology, just like with any other business, it’s vital to describe your audience. Even the best mobile app idea needs to come with the perfect potential user’s profile. This part should include details like their goals, demographics, needs, location, and attitudes towards your app.
This part will also require some writing proficiency, so make sure you formulate it right and don’t hesitate to ask for help if needed. Ideally, you should go for four personas in this section of the business plan as it should cover most situations without repetition.
Include Marketing Strategies
Even a successful venture needed a good marketing strategy to rise to the level of popularity it enjoys today. Over time, people got convinced of the quality of anything developed by Novoline, so the brand needs no further presentation. If you want that to be the case for your product as well, you need to present a few solid marketing strategies in your plan.
Just listing your application in an app store isn’t going to be enough. The competition is fierce, and with so many alternatives, it will be hard for users to choose your product. Instead, include a strategy for Google Search Ads, Social Media, video presentations, and even written content to promote your application.
There’s no telling what the mobile app future will look like. However, for the time being, this domain is still one that can turn young entrepreneurs into millionaires with the right idea and a well-developed business strategy. Hoping that the recommendations presented above will help you put together the best plan to support your app.
About the Author
Thomas Glare is a freelance copywriter that majored in Marketing at the University of Yorkshire. After doing several jobs in the marketing niche, he quickly realised that content is his real passion and started covering financial, marketing, and technology subjects for various online publications. He is also a part of an Android app development team.