Daily app downloads have reached 50 million globally, out of which 95 percent get deleted within a month, according to the Digital Leadership in Mobile Apps report, launched by by Innosoft in partnership with Asharqia Chamber.
With that said, only one out of 10,000 apps successfully makes it till the next year. But how can your app make it to that five percent of surviving apps?
Loai Labani, founder and CEO of Innosoft, tried to answer this question in the ‘Digital leadership in mobile apps’ seminar, organized by Asharqia Chamber on July 31, in its headquarters in Dammam.
Labani explained the lifecycle of an app starting with the idea. “One of the common misconceptions is that every idea can be transformed into an app,” he said explaining that if the idea is clear and unique and solve a certain problem, the app will survive.
Labani stressed the importance of market studies and knowing your competitors when launching a digital project. He also stressed that each app has its own idea and specifications that determine the cost of the whole project.
After launching the app, any investment in user experience will increase the return on investment (ROI), while interaction with users will strengthen their loyalty to the project.
According to the report, iOS apps generate 75 percent higher revenue than Android apps, and the average daily revenue for more than 90 percent of the apps does not exceed 4,000 Saudi Riyals per app per day (US$ 1,000 dollars).
The report offers a guide to the app’s journey starting with the idea, then how to turn it into business model, how to develop the product and how to benchmark the budget of the whole project.
The report lists various monetization business models which the app founder can pick from. These include paid or unpaid subscription models, in app purchases, or a hybrid model that mixes between two or more approaches.
According to the report, your business model is successful when the business can run without your interference, where everything is measurable, and when it has a room for growth.
Here’s a glance of the full report in the slides below.
Feature image via Innosoft.