Psychographics — Characteristics of a customer based on interests, activities and opinions. Is it to lose weight or just to keep up a basic level of fitness? First of all: A problem is only a problem if someone is experiencing pain because of it.
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That last point is an important one. There will likely be several specific problems your app solves, but limit it to the 3 most important for each customer segment for now. So now that we know who our ideal customer is and the problem they have that we can fill, we need to tailor the solution. This is the product you can deliver with the highest return on investment versus risk — no bells and whistles at this stage.
You need to get inside their heads to understand:. There should be no more than features in this section. Any more and you risk confusing the user with version 1. Recommended reading: If you cannot summarize exactly what sets you apart in one or two sentences, you are not unique enough within your marketplace. The USP is difficult to nail down, and they often change as a business matures and expands to different services and customer segments.
Customer acquisition in other words, actually getting people to start using your app was the most reported challenge for startups in App Marketing Guide: Many apps are released for free when they first launch, focusing on user growth first and revenue later. That being said, Pinterest was spending this time collecting valuable user data to optimise their revenue model. Moral of the story: There are hundreds of monetisation models out there, and many apps choose a combination of a few for best effects.
Instead, here are some of the most popular and effective monetisation methods apps are using in This monetisation model aims to accumulate a large user base and gather data on the users interacting with your app. Freemium describes products that are free to use, but contain locked features customers can pay for if they want. This app monetisation strategy involves selling virtual or physical goods through your app. The best part is you retain all the profits. A subscription provides a guarantee of repeat transactions.
The subscription price is usually smaller than the one-time price to incentivise the user into a longer term commitment. Service-focused apps will benefit most from this strategy. Many of these app examples use a combination of multiple monetisation methods, which is also a great way to earn more revenue.
Have a look at this financial planning template for app startups. Just start thinking about ball park figures for your costs, how frequent they will be monthly, annually, etc , and when you estimate your break even point will be. For more detail on how to use these metrics, head over to this infographic. Not all apps want the same kind of in-app activities. Recommended Reading: This will be the hardest section to fill out, because it may be too early to nail down what will make your app have staying power. By that, I mean what will protect it from being copied, imitated, or someone making something of better quality?
How can you make your product more than just a bunch of features, that will turn your users into screaming evangelists and high-value, addicted fans? Recommending Reading: Hello, Thanks for the great post! I tried to download the printable lean canvas but I get an error page, can you check it? A division of The Butterfly Group. Why do it? It forces a startup to start thinking about their app as more than just an idea Highlights any risks that may have been overlooked in the ideation phase Highlights any potential areas where you may encounter problems Ensures that every major section of importance has been acknowledged How long will it take?
Customer Segments The easiest way to build an app that engages its users is to know who those users are in the first place. Then, you can build your product around t heir needs and their behaviours. The easiest and most thorough method of segmentation uses demographics and psychographics. Demographics — Statistical, population-based characteristics age gender occupation marital status Geographic location Household income this is helpful to know when setting your monetisation strategy For example: Do they compulsively run every day, or just once or twice a week?
You will probably identify several customer segments at first.
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In this section, you need to address the following points: What is the pain point that your customer segment s is experiencing? How does your app solve that problem and make their life easier? How is the problem currently being solved? This will usually manifest itself in one of two ways: Solution So now that we know who our ideal customer is and the problem they have that we can fill, we need to tailor the solution. So how do you write this section? You need to get inside their heads to understand: How they want the solution to work What is their natural thought process?
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What will make sense to them? Unique Selling Proposition Your USP is a short statement sentences that tells customers why your app is so special. If there is a strong differentiator, however, the venture has a good chance of being successful. Here are some tips to get you started: Focus on the benefits, not the solutions.
How does it uniquely address the problem your segment is experiencing? Why should a customer do business with you instead of anyone else? What can you guarantee me that no one else can guarantee? Because no one will know your app exists! Put all of your best details into the executive summary.
Avoid any fluff. Think of the executive summary like the back of a novel.
A Sample Mobile App Development Business Plan Template
Does it leave you anxious to dive in and read the rest of the book? Use this section to explain your mobile app concept and introduce your business. The point of this section is not only to describe your business, but to explain what your business has accomplished and what they plan to accomplish in the future. Stick to the facts, but make sure the facts are worthy enough to put on the paper. In an app startup business plan though, stick to the things that make your app different or better suited to the market.
Describe the problem that your consumers face and make sure that you implicitly show how your app will solve this problem. This research section is where you provide the background for your story. In this section, the mobile app business plan shifts from what you believe your app business is, to the hard data that proves your business is viable and that there is actually a need and demand for your solution.
Analyze your market through secondary research, industry surveys, market reports, and most importantly — first hand primary research. Use your research to estimate how large your market is by revenue or number of consumers, for example , and try to discover how the industry is performing, trending and transitioning. Typically in a mobile app business plan, we stick to the following process: Using this information, you now must decide how you will reach potential users, introduce them to your app, and persuade them to download and use it.
Investors want to know that there is a clarified growth strategy in place for getting your app to the market. The better you can explain this plan with clear steps, backed with accurate data, the more likely you are to persuade an investor to help fund your the development of your app.
How To Write The Best Investor-Ready Mobile App Business Plan
There are many marketing strategies and techniques available from PPC to social media, and beyond. Choosing which one is right for your business can be difficult. Start small, test your ideas. Furthermore, look at your competitors and identify how they are successfully reaching consumers. The more you know about what has and has not worked for your competitors, the easier it will be to avoid the obstacles that they may have faced previously. No matter how innovative your app is, there ARE competitors. Maybe no other app offers exactly what you offer, but there is some other app, process, product or service that consumers are currently using to solve their problem.
Knowing who your competitors are is important, but knowing their position and operation within the market is a vital key to building a successful business. Investors will want to know that you have detailed knowledge of your competitors and that you have identified valid methods to exploit their weaknesses through your product strengths; creating a path to position yourself ahead of them.
To be effective, it is vital to consider how your app business will operate on a day-to-day basis and how you will build and maintain customer relations.
Mobile App Business Plan Template
This section will contain information related to how customer service will be handled, how quality assurance will be maintained, how your app will be developed, who will manage the business, and more. In addition, this section will highlight the user process — how the user will behave from the moment they learn about your app until they spend their first dollar.
One of the largest components of this section is the personnel plan, which outlines when and how employees will be hired; how their salaries will be expensed; and how their positions will help progress the business.
In this section of the business plan, these members can be showcased, and their skills be highlighted to prove that the team has what it takes to propel the startup to success. In addition to co-founders and board members, this section will allow you to explain different advisor relationships you have secured; valuable relationships with non-executive members who are successful in related fields who have agreed to consult and advise the founders as they launch and grow their business. Once all of this information has been compiled excluding the executive summary , the financial model can be prepared.
App entrepreneurs often find preparing their financial model to be difficult and beyond their comprehension. However, if you have prepared all of the previous information correctly, you should know exactly what you will need to fund in order to push the plan forward. The financial model should include a 3 to 5-year projection of all the essential forecast models, including: That finishes the easy stuff.
Many entrepreneurs mistakenly think that a mobile app startup business plan is just about plopping down some words on a page. They rush off to download a free business plan program, answer a few questions or fill in a few blanks, and believe that they now have a business plan that will help them reach their goals. What your business plan says, is important; but how you deliver the message may be the determining factor to whether you win or lose at securing funding for your app.
The hardest part of a mobile app business plan is writing the first page. Many people quit on their business plan before they even get started on it.
Contact us today to schedule a free consultation and find how we can help you reach your app dreams! I really enjoyed reading this, it was incredibly thorough, informative and inspiring. Thank you!