Does your app have the (market) potential to succeed? Part 1

Part 1: Why research.

It’s an exhilarating feeling, coming up with an idea for a mobile app you just know will be a resounding success. You’ve shared the concept with your partner, maybe a few close friends and family members and everyone agrees you’re onto a winner. Congratulations!

But do the enthusiastic responses from your nearest and dearest translate to a product that will be well-received by your desired target market who, let’s face it, will be less loyal and supportive than your friends and family?

The answer is… probably not. There are very few – if any – products on the market that appeal to us all equally. So it’s highly recommended that before you get too far into your development journey you first explore your product’s market potential, as it could mean the difference between success and failure.

In the first of a two-part blog series we cover key reasons to factor market research into your app project plan.

Knowledge is power.

First and foremost, without undertaking some form of market research you’re essentially flying blind. The product you’re developing could have nil market potential, or on the flipside has the ability to be a roaring success but lacks brand appeal and doesn’t resonate with your intended audience.

Why else should you invest time and budget into market research?

  • To check market viability. Does your app solve a problem? Will it be a product your audience will use over and over, post launch, thus having the potential to be an ongoing financial success? Is your market already loyal to a competitor(s) and therefore harder to convert?
  • To know if you’re building the right features. Is your target market interested in what your app offers and the experience it provides? Are there features worth including – or even excluding?
  • To assess its brand appeal. How is your app’s name received? Are the colours and terminology on point or do they hit the wrong note with your intended audience?
  • To gauge launch timing. When is your app likely to be best received? Does it rely on seasons or key events in a person’s life?
  • To inform your advertising strategy. How does your market search for products or services? What social media platforms do they access or avoid?

Another key reason why market research belongs in your business plan is to test for personal bias, particularly if you fall outside your product’s target market. While you may think you’re impartial, your own likes and dislikes could be inadvertently affecting key decisions along the way – and result in a design or features that completely jar with your intended audience.

So the question is… which type of market research should you consider for your app project? We detail a selection of methodologies that could work for you in our next blog.

Read part 2.