So, you’re an innovative person who comes up with new ideas, discovers new things, and has a creative mindset in general. And then, one day, you get an app idea. The upcoming product has a solid value proposition and many valuable features, and you’re confident that users will enjoy it. What’s more, it offers promising monetization prospects.
There are several ideas and information on how to sell an app idea on many websites. In this blog post, we’ll tell you which companies you can sell it to and walk you through the procedures to get money from your app concept.
1. Develop Your App Concept
While you may have an app idea swirling around in your head, getting it down on paper is the first step toward selling it. Make a list of everything you can think of about your app, such as:
- What is the primary goal of your application?
- What are the features that must be present? Which ones pique your interest?
- What will your app’s consumers get out of it?
- Do you have any suggestions for the name of your app?
- What will the user interface look like?
- How are you going to promote and monetize your application?
Your replies don’t have to be extremely specific at this phase, but the more you write down now, the easier it will be to develop your business concept and market your software later.
2. Do Research the Relevant Market Competitors & Customers
Even if you have the best, you need to conduct extensive research before moving forward. Data on the entire market, competitor apps, and the people you’ll advertise your app are all part of this process. We’ll go over each of these three groups individually.
1. The Market in General
Will your app stand out in an app store flooded with all kinds of apps? Consider the following questions regarding your application:
- Are there any other apps that do the same thing?
- If that’s the case, where can I find them?
- How many active users or downloads do they have?
- What are the locations of its users?
2. Rivals Apps
Find apps that have the most in common with your concepts, features, and target audience. Then look for the answers to the following questions:
- What similarities and differences do they have with your app concept?
- What kind of feedback have they received?
- What is their marketing strategy?
- How do they make money off their apps?
- How do they keep their users?
3. Users Who Might Be Interested
You should know whom your apps are intended for, but how well do you know them? Look for the following factors in your potential customers:
- What age group do they belong to?
- Are you primarily targeting guys, females, or both in your marketing?
- Are you primarily marketing to adults, children, or both?
- Are you looking for people who work in specific professions? Which ones are they
- Where do they look for fresh produce?
3. Develop a Business Concept
You’ll build your business concept—a document that demonstrates your improved ideas as well as a complete business plan—using the answers from the two previous steps. This paper should answer any queries concerning your apps that your investors may have.
1. How to Make a Less Expensive App?
The following is an example of a business concept:
- Your app project: Note down a summary of your app and its capabilities and features, as well as the value it provides to users and what distinguishes it from others.
- Your Customers: Examine your potential customers’ demographic information.
- Market and competition overview: Explain why that particular market is appealing and will continue to expand, as well as a list of your competitors, how your app differs from them, and how it will compete.
- Marketing Strategies: List your marketing approach, including where you’ll debut your app, how you’ll expand your user base, and where you’ll promote it.
- Performance: Note down how often downloads you expect in the future, how many active users you expect, and how you plan to retain users on your growth roadmap.
- Monetization: Calculate how your app will earn money for you and your investors, whether through subscriptions, in-app purchases, or other methods.
4. Get to Work on the App Development
Even if we’re trying to market an app concept, it’s still a good idea to continue developing because investors prefer to see a finished product. Large IT giants have bought working projects on several occasions. The precedents have been made, and you’ll need something to show those firms if you want to see huge figures while viewing offers for your app idea. Strides, an app development business, can help you bring your app idea to life in just a few weeks.
5. Put Your App on App Store and Calculate Its Performance
Now is the time to launch your app idea (after extensive testing, of course), and the business concept document you generated previously should have all of the necessary information. If you haven’t already, adopt your marketing strategy and promote your new app after beginning development and comprehensive testing.
Increasing the number of new and active users, adding new services, demonstrating that you can retain consumers, engaging with your users, and so on are all ways to attract investors:
- Maintain your app’s good reputation to the best of your ability by:
- Following the app store’s guidelines
- Assisting your users
- Inquiries and responses
6. Identify Potential Investors & Reply Their Queries
Here are some tips on how to find investors for your app concept:
1. Make a list of companies that are interested in purchasing app projects.
You’ll need to discover a tech business that is eager and capable of purchasing projects to sell your app idea. The most straightforward approach is to look for tech companies that have recently been acquired and check if their concepts fit with yours.
2. Find the Companies That Are Relevant to Your App Concept
Analyse their acquisitions when determining which companies to pitch to see whether your app might fit into their growth strategy and overall business plan. You should keep your initial list of the most relevant businesses.
3. Decide whom you should contact.
Once you’ve compiled your list of companies, go to each one’s website and look for contact information for the person in charge of business investments. If you can’t locate it, you can usually locate these individuals on LinkedIn and contact them through that site.
4. Get in Touch & Launch Your App
It’s time to start pitching once you’ve figured out whom to contact. This can take the form of LinkedIn messages, emails, phone calls, or even face-to-face meetings if the potential investor is local.
You’re ready to start pitching firms once you’ve compiled a list of relevant contacts. Your choice of channel is based on your particular tastes. You can start with LinkedIn messages and emails and then phone conversations and personal meetings. You can also meet representatives from those companies at startup events and meetings.
Keep in mind not to reveal too much sensitive data about your app. Under the terms of the mutually agreed NDA, all of your supply information should be made public. Your prospective buyer will conduct due diligence. If you believe you will require legal aid, make sure to get the advice of an experienced lawyer.
To summarise, if you still want to pitch your app idea to Facebook, Google, or Apple, keep in mind that tech titans don’t pay for mere ideas. These businesses buy ready-made solutions to improve their products and compete with their competitors. Don’t forget that there is a slew of other companies waiting to buy high-quality projects all across the world. However, don’t expect to get wealthy overnight: generating millions of dollars from selling your app concept will necessitate much hard work, including developing the app and ensuring that it continues to expand.