How To Build an App Worth Millions of Dollars

August 16, 2021 | Sakshi Sharma

The mobile app boom has created several millionaires. These individuals were able to turn a great idea for an app into a monthly revenue stream. However, for every success story, there are thousands whose apps went bust. In spite of following the same mobile application development process, not every developer can enjoy the fortune of getting billions of dollars into their accounts.

If you are about to develop a mobile app, the obvious question would be “how can I make money from an app” or “How can apps make me rich?“, Here are a few important points that can help you become a successful Appreneur.

1. Planning and market research

Proper planning is what matters most for a mobile app development business. To develop a successful app it is important for you to be aware of the latest market trends. Spend time and learn more about top trending app ideas. Understand what the customer wants. For building an app empire you should come up with a million-dollar app idea. The solution should be something that remains useful in the future since the market changes every month and trends keep on evolving.

2. Target audience

To make money with a mobile app it is important to determine your target audience. For example, if you’re creating a business-oriented mobile app, it’s critical to choose a revenue strategy that doesn’t waste your time. To become a millionaire you have to offer genuine worth to your users.

3. Competitor analysis

You can figure out how to monetize your app by doing some research and learning about your competition. You can find out if there are similar models and how much they are earning. In case there are similar models not worry. Find out if there is a loophole or something still missing that you can turn into an opportunity. You can modify and improve your idea. To develop your million-dollar app, offer something different, a catalyst in performing business or work.

4. Share it with people you trust

To turn your idea into an app, share some of your app ideas with friends, family, basically people whom you trust. Do not share it with someone who may steal or spread the idea. There may be cognitive biases in our judgments and thinking, hence it is always better to seek other people’s opinions on your app ideas to overcome any personal biases you might have.

5. Technologies

Your earnings from mobile apps depend on the technologies you introduce in your app. For example, a blockchain-based application model delivers 85% of the total app profit share whereas a traditional business monetization platform model provides developers only 70% of the amount paid for an app.

6. Minimum Viable Product

It is always prudent to make a Minimum Viable Product (MVP) and get feedback based on that. An MVP basically is the app developed with sufficient features to satisfy early adopters. Here you test the core assumptions behind the idea and get valuable feedback from the users.

You can send the MVP to the same people whom you had previously asked for feedback and find out if they like the product. Once you have heard from people about the points they do not like, you can fine-tune them and increase the value of your app. This can give you some certainty that your business will have a paying audience in the future.

7. Proper monetization strategies

Monetization of mobile apps can be done in multiple ways, some of which are

    • Advertisement based model

    Mobile advertising is a huge business. Companies will pay to put their advertisements on your app. 70% of all digital advertising revenue comes via mobile platforms. Some people may find apps with pop-ups a bit unprofessional. The user should have the last say. If you’re making a gaming app, you might want to provide the player the option of watching an advertisement video in exchange for some items.

    • Freemium model

    Another model is to create a basic app with buyable features which is free to download. The premium version can provide more features. You may offer a limited-time preview of the premium version to the user so that they are aware of what they are purchasing. Business surveys consider this the best marketing strategy. This is an appealing model since it lowers the entry barrier for budget-conscious smartphone customers.

    • Premium model

    This is the most obvious and straightforward approach to monetize your mobile app. This will be a one-time buy-only. Premium apps, on the other hand, account for only 14% of all app downloads on the Apple App Store due to the high cost of entry. Hence it is necessary for the price to be cheap to attract customers

App ideas that can make you rich

Here are a few app ideas that are interesting and can help you make millions of dollars.

1. Dating app

A lot of entrepreneurs have succeeded in this space and there are plenty more opportunities. You can start an app that can help people find the best dates with special interests like comic lovers, nerds, etc. This is an industry that has always stayed strong in the market.

2. Language learning app

This is another interesting idea, wherein you can design an app that can help people learn different languages. You can also enable voice so that learners can know how words are pronounced.

3. Loaned money tracking app

An app of this nature can help avoid financial problems between friends. By keeping a record of all financial transactions such as who owes money or who paid the bill etc. unpleasant incidents can be avoided later.

These are just a few ideas but there are millions out there. It’s not always about coming up with something completely brand new that no one has thought of because let’s face it, that is pretty hard. It’s more about see what’s out there and seeing what is missing that people really want and need and taking advantage of that.

Being a leading mobile app development company, SDI’s goal is to create apps that can make you a millionaire. We will work with you side by side to achieve your business goals. We consider your business as our business and we’ll tell you if your idea works or if it is what the market needs.

Call us today at 408.621.8481 or email us at team@sdi.la and we will create a million-dollar app for you.

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