Today’s guest is Sean Casto, the author of App Secrets: How to Create a Million Dollar App. We talk about two of the seven pillars including the biggest mistake app creators make (hint: falling in love with their idea) and his 4 step process called the 10X revenue model.
An Overview of the Seven Pillars and the 10X Revenue Model
Sean thought about putting together the best app optimization book in the world but realizes that that book may be out of date in 6 months. So he set his sights on creating something which can withstand the test of time. We know for certain that devices will change but apps will still be the vehicle for the future whether it may be wearables, VR, AR, etc. Sean came up with a book tackling his and shares two of the seven pillars mentioned in that book.
- Innovation – Having a unique and native app makes you a commodity in the space. To innovate, in its purest form, is to solve your users’ needs better than anyone else in the market. It will add superior value to your end user and the key here is being user-centric. Innovation should also be continuous because if you don’t, you’ll die.
- Money Mastery – The unfortunate truth is that 85% of the apps in the market today are what we call hobby apps – ones which do not have a sustainable business model. Their creators do not have a business mindset and solely have a development mindset. If you do not have people willing to pay for the service you provide, what good is the development? Sean highlights the most effective ways to monetize apps and goes to details how to 10x revenues. The model he introduces is a proven way to exponentially increase your revenue by using 10X revenue model and it’s a 4-step model that all the billion-dollar apps use so nothing is new. This includes a value ladder where he outlines the ultimate goal of opt the users to get the most expensive offer. Here is an overview of the 4 steps:
- Increasing sales conversions – conversion from free users to paid users by changing your language to best convey your offers.
- Increase prices and premium offering – modifying pricing options.
- Increase frequency – of sales per user.
- Increase product offerings – go beyond one business offer as you can have multiple business models within the app itself.
The Biggest Mistake App Creators Make
What’s the single worst decision that you can make with your app? It’s building an app that no one wants. One of the biggest mistakes that app creators make is falling in love with their own product that they miss out what the users really want.
Fav app: Jungle Book Runner: (GooglePlay)
Past episodes with Sean: