Do you have a creative mind and like to dream up new ideas that would make our life a bit easier?
Have you suddenly hit upon a great app idea that shows a good value proposition?
Furthermore, does the app concept show that it also has great monetizing value?
If yes, then kudos to you. Now, the most essential question that appears in your mind is what to do with an app idea? Here you have two options:
Firstly, you can convert your idea into reality by developing an app. To know more about the same, you can refer to this blog on I have an app idea where do I start.
Secondly, you can sell your app idea to a backer. A backer will invest in your concept and profit from it.
If you are a novice in this field and want to know some tips on how to pitch the idea to a company so that they will invest in it, then go through this article carefully.
Here we have shared with you some suggestions that will ensure that the concept for the mobile app you have visualized finds recognition among potential investors.
Simple tips to sell your mobile app idea to potential investors
Sharing the app idea with other companies so that they can finance the project is very important if you do not have the resources to build and market it on your own.
If you follow the guidelines we have shared with you in this article, you can start earning money without actually creating anything personally.
You only share your idea with a potential investor and let him do all the heavy lifting.
Formulate a business concept
In this step, you create a detailed project report, wherein you will fine-tune your app idea even further and have a comprehensive business plan for its marketing and monetising strategy.
This project report should answer all the questions your investors are likely to ask you regarding your app and how it should be operationalised.
In this way, your app idea is not abstract but is in a detailed, structured, and readable form.
In such project reports, the likely topics under which you have to present your plan meticulously include the following.
A detailed view of the mobile app
In this section, you should briefly describe the app and all its features.
Furthermore, you should explain what are the problems or issues this app will solve and how.
The last part in this section should include how your app will be different from other such apps that are available in the market.
Who will be the likely user of your mobile app?
In this section, you will give a detailed report regarding your target audience.
It should contain a breakdown of your target audience based on their location, age, occupation, gender and so on.
This is very important, as it will help the potential investor to understand the likely monetary value of the app, its market size, and how to market it in the future.
You should also explain what specific issues of the target audience your mobile app could solve.
A comprehensive report about the market and the potential competitors
In this section of the project report, you have to give a detailed presentation about the market size of the app and its future growth prospects.
It should contain information about the potential competitors and how your app is different from other such apps that are available in the market.
You should give reasons about why someone would install your app.
You should also clarify how you are going to compete with similar apps that are already available in the market.
The marketing strategy you wish to adopt for the app
In this section of the project report, you must give the potential investor a detailed account of the different promotional channels you will use to launch your app.
You should also explain the steps you are going to take to organically increase the user base in the future.
You should appraise the investor about the different paid acquisition channels you will use to market your app.
The growth map of your app
In this section, you will give a projection of how many downloads of the app you predict will happen over time?
Give a detailed breakdown of the number of active users; it could be on a daily, weekly, or monthly basis.
You should also tell what the likely retention rate of the app is and how you are going to achieve it.
The monetisation strategy
In this step, you will give a detailed view of how your app will make money.
Here you could explain whether your app would be, paid or free. Do you want to include an in-app advertisement in your app?
Do you want to use the in-app purchase strategy? How reliable is your target audience financially?
In conclusion, a great idea is like a rough diamond that requires finishing making it attractive in the eyes of investors.
Therefore, if you want to attract the attention of a potential investor and make sure that they put their money in building your app and marketing it, you have to work hard on composing a viable business plan.
Do some research, implement the points we have shared with you in this article and put forth your business plan and get a favourable response from a potential investor.