Mobile Apps in High Demand: Key Points for Developing a Mobile App Business Plan
As technology moves at the speed of light, so does the need of creating a sound and fundable business plan. Mobile applications are becoming more and more pervasive as developers race to keep in touch with the needs of the customer base.
As more and more consumers find themselves on the move, the need for devices equipped with applications that conform to their lifestyle continues to grow. This demand is only expected to increase as the mobile application industry continues to be one the fastest growing segments of the global economy. Analysts project that by the year 2013, the Mobile application industry will have annual revenues of $509 billion dollars. 95% of Americans use some type of mobile device with researchers predicting that by the year 2013, this number will grow to nearly 100%. The functionality of the devices and the applications that power them are what is driving the industry.
Key points that each Mobile Application business plan should seek to include:
1. Trends: Due to the rapid pace of movement and growth, it is important to have access to real time information as well as projected trends that will shape the industry. This information and these trends have the ability to not only shape the industry but in many cases, also determine the success or failure of a venture.
2. Fees: Fees is another area that can be at times difficult to assess. Should your application should be free or if they should charge a nominal fee.
3. Targeted marketing: Targeting the right market is the more than half of the battle. Develop a business plan with a marketing strategy that clearly communicates the needs of the target market and how to develop a strategy to satisfy them.