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Growth hack Your Mobile App using These 4 Simple Steps — Pressfarm

In a world where millions of mobile apps are being released every month, it is important to understand how you will make your mobile app stand out. It is essential that before you begin app development, you have investigated the idea, and understand what it will take to ensure that the app succeeds.

1) Monetization Formula

This is one simple question: How will the mobile app make money?

  • Show Ads — Users download the mobile app for free and proceed to monetize it by showing advertisements to the users. In this case, revenues are based off impressions: how many eyes get to see the ad. The revenue per impression is varying depending on the industry. However, in most cases, you will need hundreds of thousands to millions of downloads to generate enough revenue using this business model. If your app is likely to go viral, this will be easy to achieve.
  • In-app purchases — In this case, users make purchases in the app while using it from time to time. This business model has been well leveraged by mobile gaming applications. For example, some mobile games make players buy extra lives if they lose too much and can’t wait to continue playing, or buy credits in order to afford a better car, better tennis rack, etc. Candy Crush makes its users buy new lives if their free lives are over and they can’t wait for 24–48 hours when free lives have refreshed to continue playing. Using this style, Candy Crush became one of the biggest companies in the world, making millions of dollars a month.
  • Subscriptions — Users have to subscribe for a particular period of time that automatically renews. This has been utilized a lot by health and fitness apps which makes users pay for workout plans and virtual coaches to guide them through weight loss or weight gain programs. Users subscribe on a monthly/yearly basis to continue using the app.

2) Visualize the potential growth using data

Create a simple excel sheet and list all the parameters that you believe would be indicating growth for your company. For example, revenues collected spreading over a period of 12 months, costs per installation, viral users, the viral coefficient, user retention (considers the churn rates and how long people stay on your app after the first install and signup), monetization, advertising, marketing campaigns, profits, investor costs, etc.

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3) Tweaking your product, and readjusting KPIs

The positive side is that if the numbers are off, you can go back to your Excel sheet to check your predictions and then realise which KPIs are not performing as expected. You can then begin to do the necessary readjustments before spending a fortune of time and money on the idea. It is the same concept with Saas companies of releasing the MVP, then continuously tweaking it using collected data to ensure that everything eventually falls into place.

4) Getting your message in front of more people

One important metric that stands the test of time for mobile applications is public relations. It has always led to more attention to mobile apps. Even as you tweak your KPIs to figure out which one organically performs better than the other, do not forget that the more people see you in the news getting your story shared by the press, the more your download numbers skyrocket. Remember, no investor would like to put their hard-earned money in an app making $20,000 per year, the numbers need to be much better than that.

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