Mobile App Development is nothing new to the industry. It has been here for years, increasing productivity in ways that lead to a company’s success. If we only focus on smartphones, these devices emerge as a platform that provides immersive entertainment to customers and lets them connect to one another. According to a survey, the Android operating system has over 2.5 billion users in various countries, where iOS came second to it. The difference might be many, especially since the iOS came later than the prior one and thus is taking time to capture a large market.
Here it wouldn’t be wrong to communicate that mobile phones are nothing without applications. They make a mobile device functional and responsive enough to work correctly. Look at the new smartphone in your hand right now; you will definitely find many Apps installed. Many might consist of gaming apps, while others may be business apps that you may have downloaded to purchase anything to gain information about a product or service. Hence, increasing the demand for a mobile app development company in the UK.
What are Mobile Apps?
Mobile app development is a challenging process of creating software or apps that run seamlessly on smart devices. The process needs various frameworks, coding processes, features, functions and operating systems to provide enhanced experiences. They have indeed opened the digital world where companies and customers can remain in touch and communicate easily about their goals and needs for a stronger relationship. Here the main task of such firms is to achieve their goals and fulfil the user’s demands.
These apps can be of different types, including various industries like healthcare, logistics, nursing, care homes, real estate, manufacturing, etc. Each of the industries here wants to reach out to customers better and more easily. What could get better than finding out about a company and its products and services on a single platform? They can even make purchases easily without having to visit physical stores.
The next challenge for an app development agency might be the hassle of choosing the best type of apps, including the different frameworks. Some common types include native, hybrid and cross-platform applications. Here every app has a different purpose of fulfilling where cross-platform is the most demanded application in today’s world as it is the only framework or system that can work seamlessly on both operating systems. It has reduced the time, cost and effort needed to recode again and again. This means developers can now code once and use it multiple times on different platforms with slight changes for the development of unique apps.
Is a Mobile App Worth the Effort?
App development is a task mastered by only a few intelligent developers who know the nag of building unique and futuristic applications that can be used for various purposes in the developing world. Most apps should focus on what’s to come rather than living in their comfort zone. So if you ask us if an app is worth the time, cost and effort, our answer will be a definite yes.
This might get a bit tricky sometimes because we need to look at various complexities that make an app successful or a failure. Here the operating systems even play a critical role in deciding its worth. For example, it is forecasted that app downloads will exceed 38 billion by 2026 for Apple App Store, showing a dramatic 15% increase by 2021. Let’s have a look at a few of the drivers that help in deciding if an app is worth it or not.
The first and foremost universal metric to evaluate an app’s worth has to be the times an application is downloaded from app stores. The more downloads, the more successful it is. Firms can examine the traffic volume on the app’s webpage on the specific app store and find if the numbers of visitors are acceptable and if yes they are converting leads into customers. Research shows over 10 million app users find an average conversion rate of 26.4%.
The next one in line is the quality of the codes being generated. A good buyer should conduct an intensive analysis of the app’s code, data structure and document the process for a smooth process. They also need to see if the company is abiding by the industry-agreed coding guidelines to increase its value in the future. This factor cannot be missed, as any issues in it will lead to rewriting the code and documenting it again according to the buyer’s needs.
When valuing a mobile application, it becomes crucial for firms to check if they have a complete, verifiable financial record. However, many people or firms still neglect these practices in the early stages. Many accounting packages have unique features that virtually eliminate friction in keeping the books updated. They should all even allow to sync with bank account details and offer undeniable access to correct reporting of financial statements.
Another deciding factor for judging an app’s value is the number of active users. Apps require high engagement, and we believe the higher the activity, the more easily we can tell its success ratio. This pointer is more important than anything else, especially the number of downloads we discussed in the beginning. It gives a clearer picture of the target audience using the app. Hence, leading to a more accurate valuation process.
CAC & CLTV
The next thing that can help in deciding its worth is the customer acquisition cost and customer lifetime value. These two play a vital role in finding any mobile app’s real value or worth. CAC mainly focuses on the money spent on acquiring new customers. At the same time, the CLTV notes the revenue a customer brings into his life using an app. Here it becomes essential for the CLTV to exceed CAC to enjoy long-term success.
Standard operating procedures are another key factor that can help a company decide the value of their app, whether an Android or iOS app. Here it becomes crucial to document every operational activity according to the industry standards. Here SOPs help render the operations to new owners quickly and reduce the time spent training a new one. It even aligns and standardises the process needed while assigning duties to people or scaling a business.
Deciding if an application is worth the time, cost and effort, it becomes necessary to look at various factors. However, one needs to remember an app that has value for one industry may be irrelevant for others. So one needs to look at their specific industry when measuring its value. Here the primary focus should be hiring the best mobile app development company to design and develop a highly functional application in real time. If this process goes well, the rest of the things will fall into place. Any app that helps mitigate future risks is essential in today’s world and leads to success. Remember measuring an app’s worth is not always monetary; other factors like traffic, downloads, risk and other things count more. Therefore, hire us now and get the best app designed at affordable prices.
The post How Much Is Your App Worth? appeared first on Logo Designs Company.