Do you have a one-in-a-million app idea that you can’t wait to pitch to investors? Hold on a bit. Pitching a mobile app idea is like serving a dish. Meticulous garnishing is important if you want investors to relish it.
There are certain things you need to take care of before pitching your idea to maximize the chances of success.
In this blog, we’ll look at 5 things you need to know before pitching an idea and starting mobile app development.
Define Your Objectives
What do you want to accomplish with your app and, more importantly, what will your clients accomplish? For example, if you’re developing an eCommerce application, its main purpose is to sell products to your target audience. However, your stakeholders will be more interested in things like increased revenue and a loyal customer base.
Before you pitch your idea, think from the perspective of your investors. What do they want to accomplish? Objectives such as increased sales and brand awareness are more likely to appeal to them.
Understand Your Target Audience
Who you are developing the app for defines the entire mobile app development process. After all, your target audience is the end users of your app.
Understanding your target audience involves a lot of factors, such as their age, income level, and location. Most importantly, you should be clear about the primary OS and devices used by them. Are they iOS users, Android users, or both? Do they prefer smartphones or tablets?
Secondly, understand the preferences of your target audience. For example, a younger audience will have different preferences compared to older users. This will help you refine your idea even further.
Know Your Market
Check whether there is a significant and growing demand for your application. If that’s a yes, then check if there’s somebody else fulfilling that demand and how well. When you pitch your mobile app, you should also be able to identify and analyze your competitors and explain how your app is different and better than theirs.
Here are three things you should be absolutely clear about:
- Market Size: How big is the total market for your app and how fast is it growing?
- Market Segment: Which specific segment of the market are you targeting and why?
- Customer Profile: Who are your ideal customers and what are their characteristics, needs, preferences, and pain points?
Create a Business Model
Think about how your app will make money and how you plan to sustain and grow it over time. Pitching with realistic data-driven projections of your key financial metrics increases your chances of success.
Brainstorm about the monetization strategies for your app. For example, will you charge a subscription fee, a one-time purchase, an in-app purchase, an advertising fee, or a commission fee?
Secondly, figure out how long will it take for your app to reach the breakeven point. How many users or sales do you need to achieve that point? This is something investors will be concerned about.
Showcase an MVP
The best way to pitch an idea is to simply show how it works. The best way to do this is with an MVP. An MVP is a bare minimum version of your app that presents your core idea. It can be developed fast and with limited investment.
WDI is a top mobile app development company that can develop a robust MVP for you. We have all the resources and technologies you need for your app. We can develop an MVP and launch it on the app stores, allowing you to collect direct user feedback and refine your app. You can update it further with newer features once you get an investment.
Contact WDI today to develop your app.
