There’s an interesting relationship between the popularity of apps and businesses. The more technologically-connected we get, the more our lives are simplified through smartphones and other mobile devices that allow us to run multiple software on one device, without having to install them on different machines.
Mobile App development has evolved into a multi-billion-dollar industry with thousands of new apps launching every day on playstores like Google Play (Android) and Apple Store (iOS). Unfortunately, not every app is successful in its goal – some fail because they didn’t appeal to their audience or had too many bugs while others simply lacked promotion.
However, for some apps which were promoted well but still failed miserably; what made them fall? Was it the features your app had were just not good enough? Was it how your company project was mismanaged? Or was it that the app wasn’t properly marketed to the right audience in the first place? Whatever be the reason, there’s no denying that most apps fail because of poor marketing. But these days, even poorly managed apps with mediocre features are raking in millions of dollars because they’ve been well-marketed to their target demographics.
One such example is ‘Tinder’ – an online dating app which has attracted more than 9 million users in less than 5 years since its launch in 2012; this despite having mediocre features like swiping left/right on profile pictures and basic searching functionalities for users wanting to find potential date matches in their vicinity. How did Tinder succeed where other online dating services had failed? The answer is simple: Tinder has been heavily marketed and its target audience was well defined.
Tinder not only helps you find date matches, but also helps you meet new people who could be potential business partners, just by swiping right on their profile picture. This simplicity in the app structure made it easier for its users to connect with one another; all they needed was a mutual like which enabled free messaging between them. This helped ‘Tinder’ reach out to all kinds of audience ranging from young singles looking for long-term relationships to older married individuals seeking discreet affairs – something which no other similar apps could offer at that time.
The success experienced by ‘Tinder’ as an app built around social dating has made other apps realize the potential success hidden within the idea of having a platform which enables free messaging and date matching. As such, there has been a rise in number of copycat apps to appear on playstores with similar features like Tinder; these include: Badoo and Woo.
So, what can we learn from all this? The key take away is that building an app around a concept which already exists/is widely used by people isn’t enough. You should be thinking about how you can improve upon that concept and deliver something unique to your users who would appreciate it more than they might care for any add-on functionalities on such platforms.
This strategy has proven successful for apps like ‘Tinder’ because they understood their audience – the target demographics used the platform extensively and appreciated any additional features which helped them connect with more people. And this is something you should keep in mind while thinking about how to create an invest app.
If you’re wondering why someone would want to build an investing app, here’s some food for thought:
1) Angry Bird (Gaming)
How many of us haven’t played angry bird at least once? The game has been downloaded by millions across multiple platforms including Android and iOS, Windows Mobile & PC. Additionally, the company behind the game made around $1billion within just 3 years since its release in 2009 through selling gaming accessories like stuffed toy pigs and clothing lines featuring Angry Bird characters.
2) Uber (Transportation)
How much money has uber made by providing free cab rides to its users? Apart from the revenue generated by charging its drivers for using uber platform, the company also raised more than $8 billion in investments over the years; which is remarkable considering that it was initially launched as a start-up without any external funding. Such success has inspired others like GrabTaxi to launch similar services with added functionalities like payment gateways.
3) WhatsApp (Messaging)
Whatsapp was acquired by Facebook back in 2014 for $19billion; making it one of the biggest buy-outs executed in the history of technology. It took Facebook just 3years after having purchased whatsapp for around $4 billion in cash & stock to realize the potential of its services which was being used by over 1billion people worldwide. The company has also enabled the free messaging service to work efficiently even when users are not connected to internet on their smartphones.
4) UberEats (Food Delivery)
Uber recently launched uberEATS; a food delivery service which is available across major cities in multiple countries like Australia, Singapore and various locations in North America like: Toronto, New York and Chicago. As expected, this endeavor is already proving successful for them since it allows anyone with a car to make money through delivering food from local restaurants; who wouldn’t want that? Additionally, uber is planning to launch this delivery service under different brand names in multiple countries.
5) Snapchat (Social Networking)
This social app which has been designed to enable users to send pictures and videos which disappear after a certain period of time is used by millions around the world to engage with others online. Unlike other apps or social platforms, Snapchat’s wide array of features make it easier for people to engage with each other in different ways; something which has worked in favor of the company since its launch in 2011. The company made a significant amount of money through selling digital content within its platform including: emojis and animated filters & lenses etc., just a couple years after its release even though it wasn’t generating any revenue till 2014 due to lack of need forization at that time.
So, you see, that most successful apps & social platforms tend to offer people with features which allow them to communicate and engage with people in different ways. And they aren’t just limited to messaging services; food delivery, transportation and even gaming apps have the potential of becoming a success if they target specific demographics and provide customers with added functionalities.
6) Skype (Messaging)
Skype has been around for more than 15 years now since its launch back in 2003 as an internet-based telephone service. The company was able to generate revenue through its premium services like ‘skypeout’ which allowed users to make calls from their computers over existing landlines or mobiles at local rates. Now that’s something I’d like my kids to use when calling me from abroad or vice versa.
7) JustEat (Food Delivery)
JustEat was launched in Denmark back in 2001 as a business-to-business food ordering service which allowed restaurants to upload menus and list their price online so as to connect with customers who could purchase food from them. In 2013, the company expanded its services into United Kingdom by targeting younger demographics through various ad campaigns featuring celebrities like David Beckham.
The response that it received propelled the app’s growth even further leading to its acquisition by a private equity fund ‘KarstadtQuelle’ for a whopping $1billion only 3 years after having been founded. It currently operates across 15 different countries including: Mexico, Canada & Singapore etc