Mobile apps are expected to generate $189 billion in revenue by 2020.
And that’s not all. It turns out that, with the growing popularity of the Internet of Things and wearable technology, mobile apps are making their way into other devices, such as tablets and wearable devices.
In fact, there are 325 million connected wearables in the world right now… and that number is growing.
However, 60% of apps that exist have never been downloaded and 57% of those that have been are deleted in 30 days or less. So, it’s clear that only the best of the best help brands generate revenue on mobile devices.
Luckily, there are some tricks of the trade that can help you create a successful custom app and ensure it boosts your bottom line!
We sat down with Georg Tubalev, General Manager at Exaud – a leading software solution provider that specializes in the Internet of Things, wearables and mobile apps – to uncover exactly how to build an app on smartphones, tablets, wearable tech and more to maximize our return on investment.
Whether or not a mobile app will increase revenue ultimately depends on your business model. However, there are several generic trends that brands should keep in mind.
Nowadays, people spend more and more time using their mobile devices. Therefore, the companies that have a strong presence in the mobile segment are the “closest” to their current and potential customers.
So, for example, reaching a target audience through the notification of a special offer is far easier on mobile than doing so using a PC – and it’s more personal, too!
Plus, as we mentioned above, due to the ongoing shift to mobile content consumption, a company is being judged based on its performance in that area. If the competition has a tremendous mobile offering and you don’t, you lose.
And finally, there’s a rapidly growing number of revenue models that are based solely on mobile. Think of Uber, for instance, which has a valuation north of $100 billion at the moment. Investing in a functional mobile app can drastically expand your revenue possibilities.
Every professional app is geared toward different brand goals. However, there are a few key tactics to keep in mind that will ensure your app reaches your target audience and encourages them to convert.
1.Think of your users first.
As long as your application is solving a “pain,” they have they will keep using it – even if the product is not perfect. Try a design thinking method to keep user experience at the forefront.
2. Determine how you’ll make money.
Once that user experience is validated, it’s mainly about selecting the best monetization strategy. That really depends on your product, target audience and even the platform itself.
Curiously, per our experience, “premium” and “freemium” pricing models work better on iOS, while ads can bring excellent results on Android.
3. Continually optimize user flow.
How consumers engage with your app is one of the most important key performance indicators. Measure user engagement and satisfaction to see what they are gravitating towards, what they are avoiding, and always improve the app to give them the best experience possible at all times.
Apple Watch sales climbing a striking 50% in Q4 2018. Compared to the weak performance by the competition such as Android Wear and Tizen-powered smartwatches (e.g. Samsung Gear series), Apple simply seems to be monopolizing the market. Exaud expects that trend to continue in 2019.
However, if you’re looking for another smart platform to tap into, try smart home appliances such as speakers or assistants. Exaud also predicts these helpful devices to grow rapidly in 2019. What’s more? Both Google and Apple are rumored to be releasing new smart home versions this year.
According to Exaud, the key to creating the best wearable device is to focus on delivering the right experience to users. Wearables are used much differently than traditional smartphones, and thus need to be treated like different platforms.
For instance, wearable technology is typically used by on-the-go consumers. Therefore, the average interaction time in one setting is minimal. So, wearable device apps should offer simple user interfaces that allow consumers to use them quickly without any major difficulties.
To create a successful wearable tech app, try following these simple tips:
Exaud has been working on several highly innovative projects throughout 2018. Among such are an automotive system relying on gesture control rather than touch interface, a “smart” input device to transform the education industry and several others. We strongly believe that success comes from the combination of the right market fit and technical excellence during the product development phase, which delivers a balanced solution that customers want and can use with ease.
When it comes to the interesting products, we’re specifically proud of several solutions we delivered to our clients. For example, Exaud’s been providing software for highly innovative LS3 smartpens, which were developed by US-based Livescribe Inc and later by Swedish international Anoto Group AB that acquired it – it was chosen the best smartpen of 2018 by several reviewers.
Another exciting project in our large portfolio was developing an iPad game based on the “Frozen” franchise, we crafted a unique experience allowing users to employ Elsa toy as the game controller to move the character in the game. The game was created in collaboration with LeapFrog and Disney.
We’re also proud of our long collaboration with NDrive, one of the world’s leading independent GPS navigation solution providers for mobile and automotive environments.
To put it simply, the ones that have more users are the most beneficial. The larger your user base is, the easier is to achieve excellent ROI.
There are multiple ways to monetize a mobile app, but one must have a significant number of users first. That’s where the innovative part comes in! In order to achieve rapid growth, your product must offer something that people really desire – even if they don’t know they want it yet.
Are you considering improving your mobile app or utilizing the Internet of Things, wearable technology, or other innovative trends? Contact Exaud here for a custom quote.
Headquartered in Oporto, Portugal, Exaud is a software solution provider specializing in the design and development of embedded software for various industries. Exaud also has strong expertise in software development for wearables, IoT and mobile devices.
Since its inception in 2012, Exaud has been delivering innovative software products to startups, medium-sized companies and larger enterprises across several industries, including automotive, education, computer vision, game controllers, digital consumer devices, and more.
Exaud has been growing every year thanks to their unique in-house expertise, which is built on their experience in different sectors and projects. That helped Exaud to establish itself as one of the most prominent software providers.