The market share of the mobile app industry is estimated to rise to $207 billion by the end of 2022. Although highly lucrative, creating a mobile application for business is not an easy feat. It takes months from ideation to developing and testing to release a viable product for consumers to use and enjoy. An excellent mobile application must not only be friendly to use with an interactive interface, but it must also be secure, fast, and scalable.
For all this to happen smoothly, most mobile applications require rigorous market research before becoming fully functional. Market research identifies critical details like the target audience, the cost of the application, must-have features, and more.
In this article, we shall explore different reasons for app developers to conduct proper market research before creating a mobile application.
5 Reasons to Perform Mobile App Market Research
Here are the top 5 reasons why you must not miss out on mobile app market research.
1. Identify the Target Audience
Developers cannot fully utilize the capabilities of an application without identifying the right users for it. Not all applications are suited for everyone as different users (across demographics, behaviors, psychographics, and geographies) react to features in varying degrees.
Teams performing market research must also consider emerging trends around their target audience to sync the product with the consumers’ changing interests.
2. Estimation of Cost and Features
Market research can elevate an application’s entire development experience when done right. Through market research, app makers can uncover important nuances, particularly the features to be included in the application.
This is important because the app’s cost will vary depending on how feature-rich the app is. Market research can identify the capital required for large applications that will potentially scale to millions of customers.
For instance, if you want to create an application with in-app purchases, market research can be pretty valuable for developers to understand the cost range of specific features in the market today. This can be used as a guideline when pricing certain features leading to better user engagement.
3. Size up the Competition
Another important reason to conduct market research is to identify current competition. The mobile app industry especially is filled with competitors left and right. When creating a product, it is crucial to analyze what is already available in the market. Doing so can help you identify the gaps you can fill in your mobile application.
To scale an application, users need to benefit from it. With a loyal customer base, applications can be improved and scaled. This means that the application must especially offer capabilities unavailable in other competitor apps.
Businesses looking to build large-scale mobile applications must look at their competition for inspiration to better their products. Fortunately, this can be achieved via relevant market research.
4. Revaluate Business Strategy
Understanding trends in business strategies is crucial when designing and developing a mobile application. The mobile app industry is fast-moving and dynamic, and keeping up with it can be tedious.
You must bring a robust business strategy when creating a digital product; market research can significantly enable this. Without a proper business strategy, products cannot scale, and more competent rivals will replace services.
Business owners or developers with a specific idea need insights from comprehensive market research. For example, a particular set of features might seem completely revolutionary until market research proves they are futile for the target audience.
It is essential to understand that market research can save valuable time that would otherwise sink into impractical and pointless pursuits.
5. Create a Brand Identity
Lastly, the importance of market research shines when businesses develop a brand identity around a mobile application. In this day and age, social media presence has become an inevitable milestone in proper brand identity.
The appropriate market research also allows businesses to create a user-friendly brand identity to fit the needs of the target audience that the app is built to serve.
The mobile application industry is so competitive that many apps fail to stay afloat due to this competition. It is no longer about the idea behind an app but the execution.
One of the best ways to ensure that the apps you create success in the market is to research before developing. For this reason, market research is an unskippable crucial phase in any app development.
Moreover, thorough market research will always reap significant benefits in its time and money. It is a small step that will ensure a slew of rewards in the future.