The IT industry is one of the fastest growing at the moment. Even though millions of applications are published in app stores, there are still areas that are left unattended. A little analysis and brainstorming will help you visualize places that can be profitable for you. This article will tell you how to monetize an app idea and make a product that users want.
How to Come Up With a Good App Idea?
Your strategy for finding money-making app ideas should be clearly structured and consist of several main steps:
- Detect a problem. To create a working product, you first need to find an issue that it will solve. Moreover, the more people with such a problem, the more popular your item will be.
- Identify a non-standard approach. Looking outside the box is the key to coming up with successful app ideas. Make problem-solving cheaper, faster, or more efficient than your competitors.
- Explore other platforms. Your market intelligence should include not only monitoring app stores but also other resources for great insights. AngelList, Kickstarter, Reddit, and even Product Hunt will help you figure out how to invent an app and make money.
- Decide on the type of product. Check out which services are similar to your idea. The top-grossing and recommended product lists from Asolytics are a great clue as to which applications are in demand within your target audience.
- Conduct a survey. Ask your colleagues, friends, and relatives which tools they lack to solve everyday problems. Brainstorming app ideas in your environment will give you additional insights into what your customers might need.
Now you know how to think of app ideas. This detailed market, competitor, and target audience research will help uncover some good ideas. Weeding out the least profitable or irrelevant in the current environment, find the one that will help you create the most popular Android app or iOS service.
I Have a Great App Idea—Now What?
Have you found a brilliant idea that will change how users think about mobile applications? Great, then it’s time to start implementing it. Here you have two ways to develop: You can build the product on your own or sell your innovation to other services. The second option might be more realistic or easier. Who buys app ideas? There are a huge number of companies that collect ideas for startups and platforms for the sale of digital property.
It might be tempting for aspiring developers to sell their ideas to tech giants like Google or Meta. However, such corporations are not ready to buy raw stuff; they are looking for finished products that seem promising. Therefore, you should look for investors in your project on marketplaces. Of course, you also need to know how to present an app idea for it to attract the attention of buyers. So you need to think about things like how to monetize the app, the budget required to implement it, marketing and ASO strategy, and more.
Where to Pitch an App Idea?
Finding those who want to invest in my app idea can be pretty tedious. The finished (published) product is much easier to sell. However, if you don’t have one, it’s better to get at least a working prototype. Then you can start looking for investors on the following resources:
- crowdfunding platforms;
- social networks (e.g., LinkedIn);
- business angels;
- startup services and conferences;
- private companies.
Just as you need to know your competitors and potential customers, you should have a picture of your typical investor. It influences how you present your idea. You need to understand what they typically invest in, what they are interested in, and how your product can benefit them. You can use the app store rank tracking tools and your previous market analysis to prepare your presentation.