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With the infusion and escalated use of technology, the mobile app market has grown by leaps and bounds, especially in the last decade. Further estimated researches show that the size of the mobile app market will reach $407.31 billion by the year 2026. Thus, if you have some trending app ideas then this is the best time to invest in mobile app development.
Since the mobile app market is very dynamic, keeping up with the changing trends becomes very important. For doing this, in-depth market research before developing a mobile app is a very vital factor. The importance of mobile app market research can be realized from the fact that it gives the company valuable insights into their competitors. In addition, it gives you a clear idea about your own strengths and weaknesses as well.
The performance of mobile apps in the modern era depends significantly on the behind-the-scenes research work. Many studies have shown that mobile apps developed without adequate research die a premature death at the app store. Statically, around 72% of the upcoming mobile apps fail to make their mark on the market because of lousy research work.
This article will discuss why market research for your mobile application is needed and the difference it can bring into your overall business ROI.
“In the long run, curiosity-driven research just works better. Real breakthroughs come from people focusing on what they’re excited about.” – Geoffrey Hinton, Psychologist and Computer Scientist
The business of mobile app development is very dynamic and it purely depends on the changing needs and wants of the customers. Doing market research is very crucial to build your stunning mobile app. Therefore, the businesses need to remain on the top of their game as far as knowing the latest market trends are concerned.
Due to its ever-changing nature, developing a mobile app is a very tough nut to crack. And without adequate market research, the whole process can become directionless in no time. The businesses wouldn’t know who their targeted audience are, which market is best for their mobile application, and most importantly the set of features to be bifurcated as must haves’ and which features to be added later as additional ones’.
In addition, full-throttle market research also helps in keeping the app development project within budget. It also assists the marketing team in coming up with unique ideas and enhancing the mobile application’s popularity.
A detailed analysis of the market for your business app will give you valuable insights and stop you from making terrible mistakes. Moreover, as you will understand the customers’ pain points, you wouldn’t cram the mobile app with unnecessary features.
With an increase in the number of options available, the patience levels of the users are declining at a rapid rate. They will instantly discard the mobile app if it keeps them waiting to do important tasks.
The in-depth market research also helps you become the pioneer in your industry using mobile apps as the platform to help your business reach greater heights.
The benefits that the businesses gain from market research for getting a cutting-edge mobile app developed are immense. We have listed some of the top advantages below:
Market research for mobile apps allows faster data collection. This is one of the prominent answers to the question ‘why is app market research recommended as a must-do strategy?’ As the new-age customers use their smartphones more than any other device, it is easier to get faster responses through an app.
While doing in-depth research, the insights are not limited just to the text-based questions. You can gauge the customer’s behaviour from various touchpoints like their social media platform, photos, audio, video, etc. The market research gives you a more diverse data set for further analysis.
The needs and wants of the consumers are constantly changing. Thus, it becomes difficult for businesses to find their core audience to target or which sections of a market will be more interested in their mobile application. Market research helps in fostering the customer-brand relationship and eventually increasing the brand value.
Through stoic mobile app market research, you can increase the usability of your mobile app. Various market research shows that 80% of smartphone users check their phone within 15 minutes of waking up. Thus, the more you engage with your customers on the mobile app, the more chances you will grow your business.
It is inevitable for the business houses to have a clear idea about conducting their market research. Moreover, there is no explicit template that defines ways to conduct market research. In the quest to stand unique from its peers, each business conducts the research in its own way.
Broadly, the process of market research is categorized into two major categories:
In Primary Research, the company must define the actual need of the app in the market. After this, they must design an optimal business model to keep the app relevant in the market. Once the business model is finalized, optimizing the marketing strategy for the app becomes the next step. Marketing strategy holds much more significance in the modern market as customers are more inclined towards personalized services.
Secondary Research mainly focuses on the main strength of the mobile app. When you define the core strength of the mobile app, bifurcating your target audience becomes easy. In addition, the company can optimize its social media strategy and cater to each of their targeted customers individually.
In the modern-day business world, the shelf life of mobile apps is very volatile. Thus, start-ups have to make sure that they are doing everything right when it comes to understanding customers’ needs. Mobile app marketing helps businesses to stay put on their decision and make better decisions according to the situation.
There are multiple ways to conduct market research. We have listed some of the tops for your convenience.
Search engines and various research tools can come in handy here. It can help businesses find out more about the market demand. Businesses can analyze if there’s a real demand for mobile app with the features that they have selected. You can use tools like Google Trends and search relative terms to make your application popular.
It is an unwritten rule to have a stoic business model and that will be a vital part of your mobile app market research strategies. Every industry and its niche will be different and will have a different set of principles to follow. Hence, drafting a foolproof Business Model is important to get past in the very competitive genre of apps. The business model can also act as a guide during the process of app launch.
You can decide if you wish to go with the:
Everything will depend on the type of mobile app you wish to make and the kind of target audience you wish to cater.
Along with knowing what are the problems of your users, you need to define who your actual users are. Moreover, defining a target audience will also help you re-arrange your revenue model.
Once you understand what your target audience wants, you will only include those features that are best for the app. Because in today’s highly competitive scenario being complacent about anything is not an option.
Once you have figured out the business model and your target audience, don’t forget to keep an eye on what your peers are doing.
This will help you in two ways:
You will actually get to know what your target users are looking for
Where your competitors are leading or lagging?
Understanding the above-mentioned things, you can do the necessary changes in your business process.
Proper scrutiny of the App Store is essential as it helps decode the customers’ buying patterns. App Developers should always check the popularity charts to understand what works in the app world and develop their app accordingly.
Keep a close watch on the trends of both free apps and paid apps. Trends of free apps will give you an idea about what people are doing on their mobile apps. On the other hand, trends of paid apps will make you realize where it is worth spending the money.
You should not shy away from looking at your ideas from a critical angle. It will help you to know its actual potential. Moreover, it will further clear the air about the credibility of the idea at the app store. The importance of mobile app market research can be realized from the fact that it will help you solve problems related to the credibility of the idea.
The process of mobile app development and mobile app marketing would be directionless without adequate mobile app market research strategies. Thus businesses should develop a concrete strategy for market research as it will help make a strong base to build a mobile app for a specific audience. Moreover, through app market research strategies, the quality of the end-product enhances immensely.