In the 21st century, technology has become an integral part of any part of life. Whether it be looking up information or shopping at the grocery store, the chances are there is technology making it happen. The same is true for startups across the world, whether the business has a physical storefront or is entirely online. However, with over 100,000 startups being created every single day, having a digital footprint is essential.
Why Websites Are No Longer Enough
Since the 2000’s, major businesses have begun to spread their business through websites. Nowadays, even jobs that have no relation to the internet have websites and digital presence as a form of global advertisement and certificate of authenticity for their company. However, the consumers of today have begun to stray away from home computers and laptops, and much more towards smartphones. To keep up with these changes, it’s important for businesses to adapt their virtual medium of choice from website to mobile application.
The Importance of a Digital Presence for Startups
In order to compete with these major businesses, it is crucial for startups to have a digital presence of their own, ideally their own competing app. Most importantly, having an online presence helps project legitimacy onto your business. By containing all the important information about your business into one place, it makes your business more memorable and makes it easy for people to share what your business is all about. However, a good mobile app has another added benefit, increased brand loyalty. Your company’s app has the potential of making it more memorable and convenient to do business with your company.
What Makes a Great Mobile App?
So how can your company make sure your app is good enough to reap the benefits of an online presence? First and foremost, user experience is key. Often, an unpolished or unusable app can be frustrating enough to drive business away from that consumer. Therefore, it is crucial that mobile apps are easy to access and simple to use. Then, to make sure you are able to properly grow your consumer base, you have to make sure your application is accessible to everyone. This could mean multi-language support or accessibility features for those that are visually impaired.
The Financial Benefits of Mobile Apps
But once you are able to properly develop and maintain the app, the benefits go far beyond simple publicity. Nearly 75% of all organizations see a positive return on investment from their mobile apps. Moreover, industries like manufacturing, telecom, and retail all see an average ROI above the average. This has incredible prospective profitability, as there will be an estimated $186 billion spent in app purchases by 2027 and a potential 9900% ROI. Breaking this down smaller, this means that the average revenue per download will grow to $9.46, and the in-app spending will grow by 267%.
Monetizing Your Mobile App: Strategies That Work
So, how can you monetize your app? The first way you can earn revenue is by subscription bundling. The benefits of this method are two-fold, you earn customer service while getting more customer loyalty. This proves very valuable in order to earn revenue today and the high potential of future revenue. Next, you can allow for app-commerce integration, which can enable customers who may not normally use your app. Both of these methods are much more involved on the customer’s end.
On the other hand, you can monetize via in-app ads, which require little to no customer interaction. While this is a very easy way to earn revenue, this can become irritating and potentially discourage customers from using your app. You can also utilize app-data monetization by selling user data, however this too may discourage a subset of consumers who disagree with this practice.
Overcoming App Development Challenges
Unfortunately, reaping the rewards of the app is much easier than the creation of the app itself. Fortunately, there are trusted app development partners who can help your company. Tapptitude, for instance, makes it easy to build your business and scale it via mobile app. Apps like Tapptitude have worked with trusted brand names that are able to handle millions of active users and search requests. This means that they are able to not only handle your business, but know what it takes to scale your business to the next level.
Summing Up
In order to help your business grow its digital footprint, trusted app development partners are paramount to your company’s success. Mobile apps are no longer just a luxury; they are quickly becoming a necessity for businesses to compete and thrive in a digital-first world.
