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About the Episode
Today’s guest started his company at the age of 23 and now has the #1 security app with over 350 million downloads. He shares valuable content on his launch strategy, pricing tests, and why having a mission is so crucial to a company’s success.
Processes in Mobile Launches
- Ensure that paid acquisitions are adequate enough to boost rankings – This is achieved by starting the mobile app in small markets such as Australia and Canada. Targeting a smaller audience is easier to do and at this point all an app developer really needs is feedback. As he gets more feedback, he can adjust features to reach enough paid acquisitions and climb up on the charts.
- Get PR attention – An increase in paid acquisitions usually gets the attention of the press and the write ups will just naturally follow. The press can always smell good copy and any app that is making sizeable headway in the app market is always worth writing about.
- Ensure that your app has value – Nothing can cause a stir in the app market than an app that is truly useful. If users see the app as something worthwhile to share, they themselves will create the blogs on social media, even videos on YouTube on the various uses of your app. This kind of stir can create a momentum of sharing in social media that can go viral. The degree of engagement of the users can always be traced back to just how much your app impresses them.
- Advertise – It always pays to advertise. Advertise to your existing users on the Web. Encourage existing users by providing links to allow users to synch all their devices. One way to do this is to give promotions and offers that give users several options on the type of subscription they want.
Pricing Test Strategies
Pegging the price of your app and never adding it to the equation as a detractor or promoter of your product is ill-advised. An app developer is encouraged to always conduct price testing so the right price is charged and still encourage optimum number of downloads. The right price is achieved usually through trial and error. Do numerous A/B testing and do not worry if you have offered your product initially at $9.95 and you are now cutting its price to $4.50 if the results of your price test show that $4.50 has the optimum number of downloads. A developer can always offer the use of the app for a longer time period than the period specified in the original subscription to those who spent $9.95 for it.
Why Having a Mission is Crucial to a Company’s Success
Building a company takes your time, your energy and basically your youth. It is therefore important to know that what you are doing is meaningful in the bigger scheme of things. There is more motivation to stick to the goal when you know that what you want to build will make a difference.
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