Market research is the one thing you must invest in before you invest time, money, and effort into developing the actual product.
App market research yields you both qualitative and quantitative information. Once you have the data at your fingertips you can use it to interpret and formulate long-term strategic plans for your mobile application.
Here is everything that is comprised in a thorough market analysis.
An Effective Demand for Your Solution
You are on your way to making a revolutionary app but are people really going to download it and even pay for it? You need to find this out in order to head a sustainable and profitable business.
But the analysis goes a bit beyond this. A market may show an effective demand but you must also understand that it could be saturated. There could already be a lot of options in the market looking to grab their own share. Players who have been around longer than your upcoming startup would have the advantage of cost and an established brand on their side. It will be hard to crush this on a startup’s budget.
In order to succeed in such a market you must use the five Ps of marketing to your advantage.
Before you set out to build a business you have to first understand industry dynamics. As someone who is setting up a startup on a current opportunity, you must keep an eye at all times on your industry trends.
To do all this you have to read research reports, conduct surveys, take part in industry-specific seminars and workshops. Also make sure you are using various online tools to your advantage. You must then amass important information about your marketing trends.
Segmentation of Market Share
It is imperative that startup owners have knowledge about their ideal customers. The things you must factor in order to conclude your demographic is age, gender, interests, and location.
This makes it a whole lot easier for you to carry out your market research. You may have assumed what your target audience was, you will be surprised what it actually looks like. After you have this valuable insight, you can start preparing your your segmentation strategy. Some cost effective tools for this include drip marketing, and social media marketing.
Having competition in the market is a good thing. It shows there is an opportunity up for grabs. But as startup owner you must also realise that the field is filled with inevitables challenges that you must be prepared to solve even though you havana experience in resolving them.
This particular research will also show you what is working for your competition and what they tried that failed miserably. This tells you what you can experiment with and whatis sure to fail, or you could learn what they did wrong and how you can do it better.
A competitor analysis is absolutely imperative as it also contributes in how you develop your mobile application. With insights from this research you can devise your differentiation strategy, which is where you find a unique selling point and use it as a competitive edge over others in the market. It is in a nutshell what sets you apart and makes you better from your competitors.
Moreover, it will also help you set up key performance indicators for your own startup.
With an up to date app market research you are in a better position to fine tune your strategy for growth and everyday operations that will lead to sustainable growth.