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Coming today’s guest has generated over 5M downloads creating apps around passions such as technology, sports, science and more. He shares his advice on understanding the business fundamentals of a successful app business. Also, listen to how they come up with the different niches for their apps.
Understanding the Business Fundamentals of a Successful App Business
It is easy to get mislead ourselves with wishful thinking and with our own optimism. Even for friends of mine who have been doing things in the App Store for a long time, it is easy to forget about the basic stuff. You have to be aware of what your lifetime values are and where you are going to get users (if you are not going to get users organically, how are you going to acquire them and how much can you afford for them?). It’s nice to get featured and you get volume through that but you need to have a plan on how to get users in a consistent basis after that – or if that doesn’t happen. Optimism is not bad but you also need to be honest to yourself and lay it down in numbers to see if everything you are dreaming makes sense.
ComingUp with Different Niches for Their Apps
In coming up with different categories, you have to be as data-driven as you can. Use data from Google and the App Store to gather intelligence on key words, what apps out there are successful, what are missing, search trends etc.Use tools to gauge if your app has potential – do you have a demand? What does the competition look like? With all this process though, we still do experiments. It’s easy to release something and see what happens and sometimes we get surprised. We make an estimates basing on data and sometimes it works, and sometimes it doesn’t.
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