Making an app-based company can be a daunting task. How do you create an app that stands out, draws and holds an appropriate audience, and monetizes it in such a market? What are the most crucial rules to remember? What are the newest trends?

To get the answers to this question, we spoke to three experts in finance of the Toptal network with significant expertise in developing successful applications: Nitin Mittal, John Lee, and John Manoogian.

What Is the Global Market for Apps Like in 2020?

The app industry isn’t showing signs of slowing down its rapid growth and is highly competitive. In 2019, the total number of apps downloaded worldwide reached an astounding 204 billion, an increase from the 141 billion recorded in 2016, According to Statista.

Nitin Mittal: Timing Is Everything – Value Proposition

Nitin Mittal was a pioneer Branding Brand employee, focusing on customer acquisition and monetization strategies of retailers like Costco, Ralph Lauren, and Sephora. Mittal joined Branding Brand at a crucial moment for the company, and in the field, it helped. In t009), most businesses were only beginning to wrestle with eCommerce and mobile, which was accountable for meager single-digit traffic. Additionally, companies faced significant difficulties with converting customers (typically, there was a conversion rate of 2 percent for an eCommerce user on a desktop and 0.5 percent for mobile customers). Mobile traffic grew slowly, reaching 10% of traffic to eCommerce.

The most significant game changer was the arrival of tablets. These devices were used at home in place of laptops and made browsing (and shopping) online smoother. Traffic doubled because 50% of internet traffic came via tablet or mobile. The focus on apps was the new norm. DTC business boomed after the introduction of dropshipping and companies like Shopify along with Etsy.

Mittal has summarized the most important lessons he learned from this experience by putting together the following questions list:

Does there exist an urgency sense for users of the application? He found a sense of urgency on mobile but not for fintech projects.

What is the difference in the experience with the application? It must be beneficial for users to use it and alter their behavior. What can you do to reduce the friction that keeps users going by guiding them through the process? What can you do to get someone confident enough in the brand to share their financial details? What is the value you offer?

You must ensure that there is an ecosystem and infrastructure in place to enable what you intend to achieve. The more complicated you are, the more you have to trust the people caring for the job.

The trust factor is crucial when outsourcing. You need to understand what you are looking to accomplish. If you’re trying to do something new, finding someone who trusts you in identifying the technical needs. Is essential .The minimum amount of employees needed to create an app is, in order, first, a full-stack engineer, later an experienced front-end developer, and then a backend designer of the database. It is crucial to know how heavy on data the app’s business will be as it will have significant implications for the development process, including receiving data from the backend and the ability to read or write data.

John Lee: Building Something People Want to Use – UX/UI and Product

John Lee founded CultureMe five years ago when he got the idea that people might be, as he was fascinated by researching the locations they are traveling to and the things they need to be aware of before visiting or moving. 2015 he began creating the app by himself and remained working full-time. Lee’s most challenging issue was simple: What do you do to decide where to start? There was no comprehensive checklist in any source. The most beneficial thing was to identify people within his network who were knowledgeable enough to assist him and increase his network through attending meetings or other similar events, which allowed him to fill the lack of programming knowledge as he learned sufficient to effectively communicate with the team of developers that he later joined.

The majority of apps are designed to be used by individual users. This is why Lee emphasizes that it is crucial to focus on UX. A positive experience while using an app will increase retention rates from the beginning; apps should be created with UX and the end objective in mind. It is essential to be aware of the user who they are, what motivates them, and how they will use your app, which could be different from the expected usage.

Lee, his wife, andpartner, launced their MVP back in august 2017. This is a crucial tip for anyone considering the launch of an app. Many app developers have been “overdeveloped” before they start, which can result in prohibitive costs, potential mistakes, and the creation of redundant features in the app. As Lee stated, “You cannot do what you want if you do not know what needs to get done.” Importantly, having an MVP allows you to collect user feedback aandactual data. It is essential to gather as much information as possible and ensure that your questions to users are answered in a way that permits users to share their opinions instead of reaffirming your assumptions. The data will be the primary input in determining the roadmap to technical implementation, the priority of features and development, and cost budgeting. The most important thing is that users would like and require the application.

If the app is feasible, the next step is acquiring users. Lee began by speaking with customers in person. He then proceeded to test ads through Facebook and Quora and using PR. The latter proved particularly effective and led to an impressive percentage of conversion app downloads for website visitors.