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About the Episode
Coming up today’s was the first teenager to hit 1 million downloads in the App Store and then later sold his company at the age of 19 and he tells us what he would do to launch his app in today’s crowded ecosystem. Also, listen to his 80/20 rule about developing versus marketing your app and why we maybe doing it all wrong.
Being a Millionaire at 19 years old
Ted ventured into the internet industry at 12 years old when he built the web portal, Red Eye, which earned him about £2k a month. Fast forward to a few more years, he created Fit or Fugly, the app that placed him in the map. The app, which uses facial recognition technology, generated about six million downloads and also got the attention of a big news company, which later on bought his technology along with the app.
Launching apps in today’s crowded ecosystem
Lowering your expectations is a mindset that you have to develop at the rate of how fast the App Store is growing. Understand that failures will happen and you have to brace yourself so you will not be disappointed. But, capture data that you can action on so you can naturally your users and increase their engagement and in turn, your monetization strategy will increase.
Ted’s 80/20 rule about developing versus marketing
In earlier times, you can spend all your cash developing your apps not really paying attention about marketing it. What you only care about is simply putting it live and just cross your fingers if it will be a hit or if it will sink. Ted shares that we have a different the reality in the App Store now. You should spend20% of your cash, your time and your energy developing your apps but you hold 80% back for marketing, promotion and iteration. This doesn’t mean you don’t execute you apps well butit’s important for you to iterate because if you don’t listen to your users, the chances of your app being successful will be remote.
Ted mentioned that they had a very disjointed strategy when it came to execution and marketing overlap which cost them when their application launched prematurely. Along with ensuring communication channels are working properly, these are one of the mistakes you should look out for.
What is the #1 thing you’d like the listener to walk away with from this interview?
Put 20% of effort into developing it but 80% you should leave for iteration. If developers adapt this mindset, then they will have much more success than they do today.