Every day hundreds of new apps appear in the App Store and Google Play. Each one solves or fails to solve some user problems, each one is better or worse than the competing product. Hundreds of millions of dollars are spent each year developing new apps, and the owner of each hopes and secretly dreams that his or her product will be the one in demand in the marketplace.
In 2021, it's hard to be a pioneer in app development — many things are already built and working successfully. But people are still trying to solve the main mystery — what user problems have not yet been solved and require a new mobile app. The journey from idea to release can take months or even years. Someone can spend years polishing their idea without ever starting to implement it. And someone, on the contrary, spends a crazy budget on development and promotion, even without really estimating whether the product is needed on the market. Both of these ways are unlikely to be successful, so if you already have an idea for an app we recommend you to choose the golden mean: check the market demand for your idea. Your time and money are extremely valuable to you - you can't afford to waste them by investing them in producing a product or service that is not successful in the market. The more you test your product before you produce and sell it, the better your chances of getting the sales and profits you want. Just remember that every dollar you spend on market testing will save you many dollars in losses later in the marketing process. Checking your business idea is your key to success. Don't rush into development, we know it can be a daunting task when everything is boiling over and you can't wait to show the world what it hasn't seen yet. Unfortunately, statistically 80% of startups don't make it to 2 years, and 60% of all product businesses fail due to the product being unclaimed by society.
A viability study of the idea will help you in any case: either you will realize that the product will be in great demand, and you will start developing it without any delay. Or the idea will not be interesting to users and you will save years of time and hundreds of thousands of dollars. Either way — you will win.
At Exyte we understand how important an app idea is, so we invite you to go down this road together. Market research has two integral parts: analytics and marketing, which go hand in hand and help you look at the idea from different angles. Here's what our plan looks like to help assess the marketability of an idea:
Marketing Competitor Analysis
This will help us know from the inside whether users are in demand for our competitors' products as we think they are. And we'll also have insights into their achievements, failures, and best campaigns.
Functional analysis of competitors
We evaluate the functionality of competitors' products. This will help us find out if the killer features we plan to create are already available somewhere. Next, we need to check whether those features are really needed by users.The success of your future application depends on this.
The analyst will prepare a specification that describes all the uses of the landing page: how the user interacts with the landing page, what are the main and alternative flows, what errors the user may encounter, etc.
After we have determined the requirements and structure of the landing page we dive into the design phase. Stakeholders share their vision on the design, and the designer prepares a concept of the landing page. After a couple of feedback rounds design is all set and ready to be handed over to the dev team.
Development and launch
As part of the verification of the business idea we try to minimize the development to save the budget and reduce time. Therefore we prepare the frontend and backend exclusively for the landing page. This is very quick and convenient. We can put the product information users need on the site.
We include all the things we need to know about the future product at the first stage: functionality, platform, cost. The fewer questions in the questionnaire, the more people will fill it out to the end. To motivate users to take the survey, we can come up with something like early access to the product, free use after the release, etc.
When it comes to marketing, we always start with defining the target audience, customer profiles, and their pains. When everything is ready, we move on to advertising campaigns - identifying the right audiences and running split tests on them with our survey on the site. Of course, you will need a budget for this, but it will be incomparably less than the cost of developing a product no one cares about.
These few weeks will be crucial for your product. Be patient because if the idea is really marketable, this first step will be a step towards a great future. By the way, this method of checking the marketability of a product is not only suitable for new ideas but also for MVPs and even for existing products that haven't managed to take off and succeed yet.
With Exyte you can get the full range of marketing services, from hypothesis and idea testing to a turnkey marketing promotion strategy. To learn more, please sign up for a free consultation with our CEO.