How To Sell An App Idea? : Step By Step Guide
Nowadays, there is an era of smartphones and smart devices where everyone is hooked to their devices browsing numerous apps. The profession of app development is a competitive field, so design your app with unique features. Hence if you want to achieve success as an app developer, you need to know How To Sell An App Idea. You should focus on coming up with strategic marketing tactics to reach your target audience and sell your product. In fact, strategic marketing helps to turn your app from simply an app to a major brand.
In the digital world, numerous apps have been developed in the market that caters practically all types of tasks and this leads to tough competition. So if you develop an app based on a pre-existing idea, make sure to reinvent the app with unique features. Your attractive feature gets recognition among potential investors and even gains the dedicated target audience.
Table of Contents
- How you sell an app idea to a company?
- Create a business concept
- Define your users
- Marketing strategy
- Growth roadmap
- Monetization strategy
- Find your potential investors and pitch them
- Wrapping it up
How you sell an app idea to a company?
Not only large app developing companies purchase your apps. To broaden the business portfolio many companies are ready to purchase apps. Don’t worry if your app doesn’t suit some business models. Some startups really want your app to establish their business portfolio.
Describe your app idea on the paper
Describe your app what features it will have, what value it will bring to the users. If you have ideas to design the app, write down its list includes app name, marketing, and monetization strategies, or anything else. The description of the app is very useful when you start creating a business concept.
Research and analyze the market and users information
The excellence of your app idea doesn’t matter, make sure to do the research and analyze the relevant data regarding the overall market, your competitors, and your prospective users.
For example, if you have built a fitness app with AI algorithms you need to collect the data that are related to the user’s physical training experience, body particular qualities, and goals.
To know your users you need to do some research:
Overall market: There are many fitness apps in the market for those who want to lose weight. When developing your app you need to compare and add some features.
Are there similar apps to yours?
Which app stores are they published in?
How many downloads do they have?
Which locations are they the most popular in?
Competitor’s apps: There are many fitness apps and not all of them are your direct competitors. Pick the app that is relevant to your app in terms of features, ideas, target audience, and markets, and do more research to make your project successful. Analyze its pros and cons and pay attention to their ratings and reviews.
- Are they different and similar to your app?
- How many reviews do they get, what’s their rating, and what do users say about them?
- How do they promote their products?
- Which monetization strategies do they use?
- How do they retain their users?
User base: probably visualize your users and know who are physically active and who care about their health and body. Also, know about the distinctive characteristics of your users. This helps to reach your app for potential buyers.
- Who are your users?
- Are they male/female/both?
- Are the children/adults/both?
- How old are they?
- What occupation do they have?
- How do they find out about new products?
Create a business concept
Make a detailed document about your app and display a comprehensible business plan. The concept should refine your app idea and should answer all the questions your investors might have.
Your concept should be clear about the users of your fitness app and how they will benefit from it and how your app is different from other fitness solutions.
Your app should project:
- Describe briefly about the app and its features
- What problem will it help users solve and how?
- Why is it unique?
Define your users
Analyze and design the app of your target audience in terms of age, gender, geography, occupation, etc.
Market and competitors overview:
- Why is the market attractive and its growth perspectives
- Who are your competitors?
- How you compete with your peer apps?
- How your app is better than competitors
- How you planned to grow your user base organically?
- Which promotional channels you use to launch your app
- Which paid acquisition channels will you use
- What countries did you focus on to promote your app?
- Expected number of downloads over time
- Know the anticipated number of active users — daily, weekly and monthly
- How to achieve the expected retention rate
Know how your app will make money?
Develop your app
Here talking about How To Sell An App Idea. Larger app developing companies invested heavily in working products. You can find a large number of other cases online when tech companies bought working projects. You need to work hard if you want to receive a huge amount of money for your app. Develop the brand style, protect your app legally, and create a clear marketing strategy.
Launch and grow your app
You should launch your app after thorough testing. Your presentation should clearly define the business concept information and about launching activities. So if you covered the topic, all you need is just implementing everything you planned.
You need to keep up the good work and grow your app, to attract investors. You can grow your app by introducing new features, increase the number of users, improve retention and engagement, interact with your users, etc.
Do the best to develop your app and keep a good reputation for your app by following the app store rules. Be responsive to the media and be nice to your users. You need to follow your country’s laws, pay taxes, and respect your employees to lead your business operations properly.
When you launch your app in front of potential investors, always
- Be natural
- Be short
- Do not include too many technical terms
- Explain even the most complicated processes clearly
- Be exhaustive
- For every statement always have the proof
- It’s better to have a working prototype app to show.
Find your potential investors and pitch them
You will need to look for the relevant investors if Google or Apple has not contacted you yet. Here are some guidelines that really help you:
Make a list of tech companies capable of buying your app projects:
If your goal is to sell the app then you need to look for tech companies that are capable of buying your projects. If you are looking for tech unicorns search online and research about recent acquisitions and investments. The buyers can live anywhere so don’t limit your app to your country or religion.
Pick the relevant companies to your business
When you are planning to sell your app, analyze the company’s profile and its latest acquisitions. It helps you to understand if your app fits their business model and development roadmap. Make an initial list of companies that are relevant to your app.
Find relevant contacts
Check the company website to know if they have relevant contacts for business developments or investments. You can also check the information in LinkedIn to find company representatives who have accounts there. Ideally, for your business acquisitions, you need to connect and contact a relevant person.
Contact and pitch the potential investor
Once you have the necessary contact, get ready to start pitching the companies. Connect with potential investors through channels like LinkedIn messages and emails, and then you can proceed with phone calls and personal meetings. You can meet the company’s representatives at your startup events.
Always should not disclose too much confidential information about your app. You should disclose your information under the mutually signed NDA. Your potential buyers will investigate your project. At any point you may need legal assistance, so make sure to get professional lawyers to support you.
Wrapping it up
Simply knowing the tech giants won’t reward you for mere ideas. If you offer your app idea to larger app developing companies, they are ready to purchase your solutions to strengthen their own products and compete with their rivals. Around the world, there are lots of companies to buy high-quality projects. To get millions in revenue, selling your app concepts should require hard work, creativity, adding excellent features, and marketing strategy.
Originally published at https://echoinnovateit.com on November 30, 2020.