Someone using a Samsung Galaaxy smartphoneWith an estimated $25 billion in app revenue, the app economy is booming. However, despite that many app developers have found mobile app ROI success with some, like King Digital Entertainment’s Candy Crush, becoming a global and financial success, most developers suffer from their apps getting lost in a crowded app store.

Becoming a mobile app millionaire, despite appearances, is not an overnight success. A successful app has been programmed from its inception with key factors to make it a financial success. Here are a few tips to producing a million dollar idea:

1. Solve A Problem 

Even though some of the top downloaded apps are entertaining mini-video games, apps that solve a problem, fulfill a need, or provide a service have a longer shelf life.

Consider the apps a person uses regularly: apart from mobile Internet apps, apps such as a flashlight app, weather app, camera app, exercise tracker, etc. are used on a weekly if not daily basis. The common element between these apps is their necessity to fulfilling a human need.

When it comes to the creative process, there are two general types of problems an app can solve: it can solve intrinsic problems (meaning the app provides a need the phone itself does not already have) or it can enhance (a sleeker, better interface than what the phone itself provides).

2. The Specs

Speak with someone who has gone through the steps of building an app. Their inside information on how the process works will offer you an idea if your app is easy to make. In general, the apps that overturn the most profits are not ones that took thousands of dollars to create. Instead, it is the simple apps with a brilliant idea that generate the most income.

3. The Money

Investing too much money into an app can be a risky venture, and if you are an unknown programmer, most outside investors will not be willing to lend money. Instead, find a way to raise money through friends, family, or online campaigns through Kickstarter.

When it comes to the price point, there are a couple of options. Worldwide app successes like Instagram, VSCOcam, and SnapChat did not worry about the money. They provided a free service in hopes, like Instagram, its success would generate a company purchase. Perhaps a risky move, it can be rewarding in the end.

Or, provide a free demo version of the app as a teaser. If it is well-liked and well-received, users are likely to purchase a reasonably priced app.

4. Don’t Forget About Other Markets

Both the Android and Apple phone market are booming. The most successful apps are compatible on both Google and Apple phones, which provides a bigger market for the app. This allows for users on all phones to share the app with each other without it being exclusive to only one market.

5. Strategic Marketing

Market before the app hits stores. Promoting something before it’s available generates anticipation and excitement, and it is more likely to sell more than those marketed after they have been released.

Image Source: www.theguardian.com