Creating a profitable application is a major challenge, but with the right strategy and rigorous execution, it's entirely possible. The mobile app market is a lucrative industry! In fact, statistics show that by 2023, revenues generated by in-app purchases, in-app advertising or paid applications will increase by a further $60 billion to almost $490 billion. iPhone and iPad users will account for 63 % of this value. This demonstrates a growing demand for mobile applications, and offers a clear opportunity for businesses and entrepreneurs to enter this market.
Offering clear value: the key to a profitable application
One of the fundamental elements in creating a profitable application is to offer a single, clear value. Your application must solve a specific problem or meet a particular need that is not yet satisfied - or poorly resolved - by existing applications. A strong value proposition will enable you to attract and retain your users, which is essential for generating revenue.
It's also crucial to carry out in-depth market research to understand the needs of your target audience: analyse competitors' comments. You will probably discover expectations that are not being met. This will help you design a more relevant application and increase your chances of success.
Having a clear value proposition also means keep it simple. You don't need to create a complex application to monetise it. For example: Captime, This application recreates a CrossFit gym timer for those who train at home.
Monetising your App opportunities“
Another key factor is to have a solid monetisation strategy. There are several models: integrated purchases, subscriptions, advertising, etc. It is important to choose the model that is best suited to your application and your target audience. For example, for a niche application, a subscription will often be more profitable than advertising.
Don't forget to diversify your sources of income If one model doesn't work as expected, the others will pick up the slack. Look at your own phone to analyse how the apps you use are monetised, and take inspiration from best practice.
Building a dream team: the importance of skilled developers
Having a experienced development team is essential. The process is long and complex, and qualified developers will be able to turn your idea into reality in the most efficient way. They will also be able to anticipate and resolve technical challenges.
Your application must also be ergonomic, with an intuitive interface. This promotes user engagement and loyalty, and therefore revenue.
The best way is to go through a agency capable of developing a native Android and iOS application simultaneously, as we do at iterates, with technologies such as Flutter. You'll save time, money and be more efficient. At iterates, We'll help you create a truly profitable application.
Success story: Lensa AI
An application that generates hundreds of thousands of euros in revenue every day. It uses artificial intelligence to create 100 unique avatars from a single selfie.
Keeping up with trends: staying competitive in the app industry
It is essential to keeping abreast of technological trends. By integrating new features such as artificial intelligence (ChatGPT, etc.), machine learning or short videos (like TikTok), you will stand out from the crowd and attract more users.
As a bonus, it also increases the value of your app to potential investors to support your project financially.
Marketing and visibility: turning your app into a must-have
Marketing and promotion are also essential levers. An effective communications strategy will enable you to reach your target audience and boost your visibility. Social networks, influencer marketing, affiliate programmes, advertising, SEO... all these tools will help you increase your downloads.
Don't neglect the customer service : analyse the comments on the stores every day and adjust priorities with your agency to correct bugs and add the right features.
Conclusion
To create a profitable application, you need to combine a strong value proposition, an appropriate monetisation strategy, a high-performance development team, constant technological monitoring, as well as powerful marketing and responsive customer service.
With the right approach, you can take advantage of the mobile app market and generate sustainable revenue for your business. A profitable app is above all one that creates value for its users - that's what guarantees long-term success.
