Are you considering building an app for your business? If so, you need to ensure that your app has a positive return on your investment.
Don’t worry if you’re not sure how to do that because we’ve got you covered. Keep reading to learn the five key tips you need to consider that will ensure you’re making an app with ROI for your company.
1. Engage Your Customers
As you begin to plan what you want to include when creating an app for your business, first you must outline how you’ll engage your customers. To do this effectively you must start with market research so you can know your target audience intimately.
How will your app be different from the five million other apps in the App Store? How will you provide value to your target audience? Why will your customers download your app and what will make them continue to use it?
Before you do anything else for your app, you must answer these questions and know exactly how you’ll engage your customers so they keep coming back to use your app.
2. Consider Customer LTV
Each new customer that downloads your app has an approximate lifetime value. This will vary from user to user, however, you should have an estimated average value that you will gain with each new download.
To increase the LTV of your customers consider how much they’ll contribute to your revenue (by purchasing your product or service), how long they’ll stay a customer, and lastly how much they’ll share about your brand to their circle of influence. These contributions will determine whether you’re creating a successful app or a negative investment.
3. Build in a Loyalty Program
A great way to build on the last tip is with a loyalty program. Your app in and of itself doesn’t need to make money. However, if it increases the overall revenue of your business then it provides a positive ROI.
And the easiest way to do that is to build a loyalty incentive program into your app. It’s easier to keep a happy customer than it is to continually need to find new leads. So, offer some incentives for your current and previous customers to continue to buy from you long after the initial purchase.
4. Consider a Subscription Model
When you provide enough value you can consider integrating a subscription model into your app. Many customers will pay a monthly fee if you provide them with a service or information that helps them.
Think outside the box and consider how you can provide value every month. And then charge a monthly fee for that service or product.
5. Consider Long Term Costs
Your ROI isn’t the only contingent on making money. You also need to consider your overall costs for your app. The initial app-building process isn’t your only cost.
You will also have maintenance and content creation costs. Additionally, you’ll need to continually test your app to ensure your customers are having a great experience. You can test an iOs app on your computer with this simulator so that you know how your app will function for your customers.
If you want to have a positive ROI for your new app then you need to ensure that it stays up to date. And that costs money, so be sure to factor in the costs when considering how much of an ROI you’ll see over time.
Now You’re Successfully Building an App With ROI
Now you know the key considerations you need to remember when building an app for your business. If you want to see a positive return on your investment then you need to keep these five important tips in consideration.
For more great information on this and other topics, check out the rest of our blog.