New technologies will continue to drive the growth of the mobile app industry. Motivation for developers is the estimated $600 billion in revenue that mobile app development will generate by 2025. Unfortunately, over 90% of mobile apps fail within a year of release.
Not doing enough research on what makes a successful mobile app is one of the main reasons for failure. Research helps you understand your audience and their interests and what they value most.
Importance of mobile app market research
Mobile app performance largely depends on the behind-the-scenes research work. Several studies have shown that mobile apps developed without adequate research die prematurely on the app store. Knowing the importance of mobile app market research can make a positive difference in your overall business ROI with:
Better insights
When conducting in-depth research, insight is not limited to text-based questions. You can measure customer behavior from various touch points like their social media platforms, photos, audio, videos, etc. The market research gives you a more diverse data set to facilitate further analysis.
Faster data collection
Mobile app market research allows for faster data collection. It is the right answer to the question of why app market research is recommended as an essential strategy. Since new-age customers use their smartphones more than any other device, it’s easy to get faster responses through the app.
Better results
You can increase the usability of your mobile app through rigorous mobile app market research. Several market research shows that 80% of smartphone users check their phone within 10 minutes of waking up. So, the more you engage with your customers on the mobile app, the more likely your business is to grow.
Enhancing brand value
Customer needs and wants are constantly changing. Hence, it becomes difficult for businesses to target their core audience or which market segments would be more interested in their mobile applications. Market research helps in promoting the customer-brand relationship and ultimately enhancing the brand value.
An eye on social media
Social media is one of the most influential and powerful tools now. It not only keeps up with the trends but also creates new trends from time to time. The specialty of social media is that the platform lets you speak freely, allowing brands to interact with audiences in new, more current ways.
Knowing your competition
You might have launched something unique and innovative, but after some time, your competitors will do their homework and see how they can improve their apps. So, you also need to consistently check on your competition to see what aspects you can improve on.
Pitch strategy
Once you’ve gone through the above steps, you can apply everything to pitching your market research and look for reviews. If you want a real response you should ask these questions:
- Is the app strategy data-driven?
- Are customer pain points satisfied and taken care of?
- Is a clear USP executed throughout?
Aspects of mobile app market research
Primary plus secondary research is part of the process for mobile application development. Primary information is collected by the company or by a person hired by the company, and secondary information is collected by an external source.
Elements of primary research
- Help evaluate market demand for your smartphone app concept.
- Help the development of the company’s plan.
- Help the development of a successful marketing plan.
How to do primary research?
- Use digital forums, social networking sites, personal interactions, landing sites and Facebook ads.
- Research the revenue and advertising strategy, mark the firm and business plan and conduct a market study.
- Define your advertising strategy, choosing between organic and paid promotions, and explore hazards, before and after launch.
Elements of secondary research
- Help improve the core of the smartphone app.
- Help in building an effective social media plan.
How to do secondary research?
- Conduct a SWOT assessment to evaluate strengths, weaknesses, objectives and threats.
- Research your target audience, optimize your social media profiles, keep up with what’s popular, and employ both sponsored and organic strategies.
How to conduct market research for mobile apps?
Various research tools and search engines can help companies to find out about the market demand. Companies can learn about the actual demand for their mobile apps from the elements they choose. You can start research with:
A survey
A survey is one of the primary research methods. You give a series of questions to a predetermined group of people to get valuable information. Surveys are effective for examining potential users’ minds.
Surveys provide a platform to analyze the scope of success of upcoming products and change product strategy as per the feedback received. But questions should be concrete, encompassing, and engage the user.
Listening to social media
Social media rules today. More than half of the world’s population is using some form of social media. You can benefit from this trend.
Social media listening can help you monitor social media events that are relevant to your brand and are essential in conducting market research.
You will gain insight into how users interact with products like yours. For example, if you’re working on an app for healthy eating, check out Facebook fitness groups.
Collecting relevant data
Data gets outdated in the digital world. What was once considered essential a few years ago is now but a memory. When researching, your sources should be reliable, fresh and relevant.
If you’re looking for more general data, such as the average salary of your users or how the economy is in their countries, the official bureau of statistics is the best place.
You can collect relevant data with online tools like Statista and Google Trends.
Analyzing your competitors
Keep your competitors closer for better market research. When you research and analyze your competitors’ weaknesses and strengths, it helps you get a clear picture of industry trends, consumer behavior, and the things you should avoid.
Focus on the company and its products when doing competitor analysis. It is easier to determine who your competitors are if they are already working in your niche.
Gather and analyze information
Gather as much information as you can. Analyze your findings. Identify any gaps in their business model. Also, identify their strengths and weaknesses. Learn how you can be better than them when it comes to your app.
Find answers to questions like:
- What is their business model?
- What is their marketing strategy?
- Who are their users?
- What are the features of their app?
- What problems does their app solve for users?
- Are your competitors private or publicly owned?
- How much revenue and profit did the company make in the last year?
Do a SWOT analysis
A SWOT analysis of your competitors may prove useful. The difference between your app and your competitors’ product will become apparent.
Don’t focus only on direct competitors. Analyze different companies, big and small. You may not have a powerful infrastructure like the big players, but you can gain valuable insights from their business perspective.
Your indirect competitors may not have the same app, but their product solves similar problems. Find out how they work. For example, if you’re building a calorie tracking app, check out meal planner apps. Focus on their UX, interface and overall functionality.
Market Research Is a Critical Part of Your Business Strategy
Now you have an idea about the effective methods that help to successfully negotiate the tricky part of market research.
The mobile app development process and mobile app marketing would be directionless without adequate mobile app market research strategies. That’s why businesses must develop a solid market research strategy to build a successful mobile app.
The mobile app market is constantly evolving, so make sure that your business strategies are dynamic and can keep up with the constantly changing demands of the market. If you need any help, reach out to a leading firm for the best mobile app development solutions.
