Master Mobile App Market Research: The Secret Ingredient to Mobile App Success
Studies indicate that a large majority of new mobile applications—72% to be precise—fail due to improper market research.
However, doesn't that make sense? How can you expect to develop an app that succeeds and dominates the market if you aren't going to research your target market's requirements and preferences?
Developing native apps systematically and producing useful software can be a challenging and uncertain task. While one cannot guarantee success, you can hire a mobile app developer who has experience conducting meaningful market and app research based on your business app concept before making it a reality.
This is an opportune time to invest in mobile app development since the mobile app industry is predicted to increase by 19.3% CAGR by 2023. Whether you are a newcomer to the app industry or a seasoned executive, the objectives remain the same:
- To develop a reliable app that fulfills market demands.
- To attract and retain a growing user base through the app.
Now, why mobile app market research is important and how to conduct it to achieve these goals?
Performing mobile app research and development allows for a deeper comprehension of your target audience. It provides information about who your customers are, their requirements, and their preferences. You might assume that your app will cater to a specific group of users, however, market and app research will aid in confirming or refuting that assumption.
4 Main Purposes Why Mobile App Market Research is Important
Market research for app development can uncover the preferences and inclinations of consumers. Before you hire a mobile app developer, consulting with experts about potential target audiences can help in pinpointing any flaws in your ideas. It will also help you understand why mobile app market research is important and how to conduct it to adapt to the newest trends that consumers are drawn to.
To do your market research well, you must come up with a mobile app market research report.
You must address certain queries, such as:
- Will the app be profitable?
- Will it improve productivity within the business?
- Does it align with the wants and needs of the customer?
- Will it meet the requirements of both current and future markets?
Answering these queries will bring you much closer to success in native app development, demonstrating your dedication to the process, which will ultimately lead to long-term benefits.
There are several but mainly 4 purposes of mobile app development research that contribute to this process.
What are the four primary purposes of market research in native app development?
Market and app research provides a plethora of advantages for organizations creating mobile apps, some of the dominant ones include
- The ability to make refined decisions
- Obtain investments and financing
- Discover new revenue sources
- Prevent potential failures
Allowing Better Business Decisions
When it comes to making critical decisions on why mobile app market research is important and how to conduct it, organizations need to have a comprehensive understanding of the market, competition, and industry.
Once you hire a mobile app developer expert who can conduct market research as a powerful tool for providing the necessary information and insight, there will be more opportunities to make well-informed choices.
Failing to conduct market research for mobile app research and development may lead to basing decisions on outdated or inaccurate data, resulting in negative outcomes for the business.
Additionally, market research can help identify new business opportunities and potential revenue streams, as well as pivot strategies for continued growth and success.
Helps In Securing Funding
Securing funding from investors is a critical step when embarking on a new business venture or launching a product. Prior to presenting your concept, it is imperative that you demonstrate to potential investors that you have performed in-depth app research and, only then, have gone ahead with development.
Market research provides a wealth of information about the industry, rival companies, and, most importantly, whether your idea addresses an existing market gap. By conducting research, you can strengthen your pitch and increase the likelihood of obtaining the necessary funding from investors.
Reduces Failure Risks
Getting a complete mobile app market research report helps reduce failure risks. Market research is often associated with being proactive, such as assisting with entering new markets or the development of new products. However, it also plays a vital role in reducing risk.
Market research for app development can assist companies in making informed decisions on what to avoid when developing a mobile app. It also shows you how to reduce potential losses in revenue and damage to the company's reputation.
Though often overlooked, this aspect of market research is crucial for organizations to reach their goals successfully.
Identifying New Prospects
If a business decides to hire a mobile app developer expert who can do mobile app development research that goes beyond just understanding users’ behavior and trends, it can help identify new and profitable development opportunities for organizations.
By conducting a thorough analysis and gaining a thorough mobile app market research report of the data they have collected, companies can uncover new opportunities for generating revenue—identifying untapped market segments, developing new products or services, or adding paid features to an existing app.
Additionally, such data analysis can help companies optimize their pricing strategy, target their marketing efforts more effectively, and streamline their operations to improve efficiency and reduce costs.
- Mobile app development research can reveal opportunities for development strategy adjustments to overcome obstacles and drive growth.
- These adjustments can be minor or significant and may involve re-evaluating current products, services, or target markets, or even a complete rethinking of the app.
- Market research for app development plays a vital role in identifying these opportunities, and in many cases, it can be the key to unlocking new and sustainable growth for the organization.
One key area where it can be particularly helpful is in identifying the right timing for new initiatives or ventures. For example, by conducting app research on consumer trends and preferences as well as the competitive landscape, a company may be able to determine the most favorable moment to launch a new app or enter a new market.
Best Strategies for Mobile App Market Research
Now that you know about the benefits of market research for app development, let's delve into strategies for ensuring its success.
The biggest telltale sign between a mediocre plan and a successful one is the level of strategic thinking applied. And that’s where experts focus their attention.
So, to enhance the outcome of your mobile app market research and answer the questions of why mobile app market research is important and how to conduct it well, consider implementing tactics that optimize the research process.
Identifying Target Audience
To kickstart your mobile app research and development process, it is crucial to pinpoint your target audience. By identifying their demographic characteristics, such as age, gender, location, occupation, or other criteria, you'll be able to create a better understanding of your ideal user, which will ultimately help you tailor your app to their specific requirements and communicate with them effectively.
Furthermore, knowing your audience lets you hit the bull's eye on communication and content, making sure you're speaking their language and feeding them what they crave. It also helps you focus on the features they value most, ensuring your market research for app development delivers an outcome that truly resonates with them.
Gathering & Structuring Information
Data is the secret ingredient that can take your app from mediocre to amazing! By gathering information from various sources, such as surveys, analytics, and user feedback, you can get a taste of what your users are thinking and feeling.
This data can be accumulated in the form of a mobile app market research report and is like a treasure chest of insight. It can help you understand market trends, user behavior, and preferences. Imagine being able to know exactly what your users want before they even know it themselves!
Analyzing this data is like going on a thrilling treasure hunt, you'll uncover hidden gems of information for improvement, and make data-driven decisions that will skyrocket your app's performance.
And here's the cherry on top: By keeping an eye on real-time statistics, you can ensure that your app is always in step with the ever-changing market and user demands. Like a DJ who always plays the hottest tracks, you'll be able to keep your app on the cutting edge and stay ahead of the competition to watch your app reach new heights of success.
Observing Current Trends Through Social Media
Social media is an incredibly powerful tool that can give businesses a wealth of insights into consumer behavior and preferences.
By monitoring social media, companies can stay on top of the latest trends and see exactly how their target audience is interacting with their app. It's like being a detective, but instead of solving crimes, you're solving the mystery of your audience's behavior.
Now, this is nowhere near spying on people, instead, it’s going deeper into the available information for the purpose of understanding them.
With the help of mobile app development research, you can comprehend user behavior, feedback, and preferences on social media, which can greatly help companies create an interactive user experience, contributing to the overall goal of user satisfaction.
Performing SWOT Analysis
Internal analysis, such as a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis, can provide an overview of your app's performance and isolate areas that need improvement.
This analysis works as a mobile app market research report that can help you understand the app's strengths, weaknesses, opportunities, and threats and create an action plan to improve its performance.
Be Aware of your Rivals
Knowing your competition and understanding their strategies is crucial in mobile app research and development. It will help you identify areas where your app can be improved and stay ahead of the curve in terms of features and functionality.
By researching your rivals, you will be able to identify the market gaps that your app can fill and differentiate itself from the competition.
Pitching Ideas and Collecting Feedback
You've put in the hard work, and now it's time to showcase your strategy and gather some valuable feedback.
One way to do this is by conducting user testing, where you can observe real users interacting with your app. You can gather feedback on the overall user experience, navigation, and usability, as well as on specific features or functionalities.
Another option is to send out surveys to gather data on user satisfaction or even host a focus group where you can have in-depth conversations with a small group of users.
During focus groups, ask open-ended questions and conduct activities or exercises to collect qualitative data. While surveys can give you advantageous insights into user preferences, pain points, and areas for improvement.
All of these different types of feedback will give you a perception of whether or not your app is meeting the needs of your target audience, if your Unique Selling Point (USP) stands out, and if your strategy is backed by the right mobile app development research and data. So now that you know why mobile app market research is important and how to conduct it, go ahead and use this app-solutely essential ingredient for mobile app success!
Don't let insufficient mobile app research and development prevent you from creating a breakthrough app that can change the game in the industry. At SJ Innovation, we have a proven track record of helping startups and enterprise businesses reach their full potential through our one-of-a-kind and competent native app development services. Hire a mobile app developer and get started with the process today!