Is it Worth Investing in Developing a Mobile App for Your Business

Is it Worth Investing in Developing a Mobile App for Your Business?

Here’s why your business could benefit from having your own mobile app

 
In a world where everyone is going mobile, there is a huge opportunity waiting for you when your business is armed with a solid mobile strategy—and mobile app development is one of its core elements. As you have already guessed, the mobile app industry is known to be a lucrative market. The latest statistics show that the global mobile app revenue in 2016 has reached a whopping $88 billion. By 2020, the mobile app industry is forecasted to generate $189 billion in revenue.

With that number, it’s no wonder why many businesses, whether large or small, are investing in mobile app development. Could your business benefit from investing in mobile app development too?
 

The Cost of Developing a Mobile App

First, we’ll explore how much it would cost to develop a mobile app today. While there may be a lot of free mobile app builders, such as BuildFire and Appy Pie, the functionalities they provide are limited and are really only good if you’re just starting out or aiming for a really simple app.

In a survey conducted by Clutch, a research company, the cost of building a high-quality app ranges from $30,000 to $700,000. However, there are several factors that affect how much a mobile app would cost. But if you’re really curious, developers could provide you with a ballpark estimate depending on the following:

  • Type of app technology – Do you need a native mobile app or cross-platform mobile app? Typically, native apps cost more but are much faster and are more reliable. Cross-platform apps are cheaper to develop, but could have problems with the UI/UX and when accessing phone features.
  • App functionality and design – Do you want a simple app, enterprise or multi-featured app, or a gaming app? Do you need additional features such as email login, social media integration, in-app purchases, and geolocation? The cost would depend on the amount of work needed in developing and designing your app.
  • Type of developer – Do you want to develop the app in-house, hire an offshore outsourcing team, use a freelancer, or partner with a technical co-founder? The cost would depend on the experience, portfolio, location, and capabilities of the developer(s), among many other considerations.

 

The Benefits of Mobile App Development

Having a mobile app for your business provides a number of significant benefits. A mobile app functions as a marketing tool in itself and can be used to fulfill a variety of marketing strategies. Here’s how your business can benefit from having a mobile app:

  • Serves as a direct marketing channel – Through your mobile app, your customers can get access to information about your products and services right at their fingertips. Push notifications are also an efficient and cost-effective way to let people know about special sales and promotions you might be having. A mobile app can help you save on marketing in the long run because it serves as a direct marketing channel to your customers.
  • Increases brand recognition – Data shows that consumers in the US alone spend an average of 5 hours a day on their mobile devices. Imagine the kind of exposure when a user downloads your app and they can see your app icon every time they use their mobile device. Brand recognition is essential for building trust with your customers, and that can be achieved by having a mobile app.
  • Improves customer relations – A mobile app can streamline business functions such as storing customer information when a user has already made his first purchase using your app. Your customers can then easily make repeat purchases. Not only does this drive more sales to your business and cultivate brand loyalty, but this also improves your relationship with your customers. A mobile app can also be used as a way for customers to reach you and raise concerns through customer support functions integrated into your app.
  • Complements your mobile website – We should keep in mind that a mobile app is not the same as a mobile-friendly website. A mobile website can only do so much; many unique features within your app can’t be simply replicated on a mobile website. One example is an app’s ability to access phone features such as the phonebook and the camera to streamline processes. A mobile app can complement your mobile website by offering app-specific features that can’t be integrated into a website.

 

The Bottom Line

Mobile app development can indeed be costly depending on a variety of factors. However, with the increasing number of mobile app users worldwide and the many advantages mobile apps offer, it’s an investment that’s worth every penny. There is so much potential in having a mobile app for your business that it might actually be a greater risk not having one and leaving other businesses to outcompete you.

Tinny

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