Is it Still Worth it to Invest in an App?

It feels like not that long ago we were all in awe of the novelty of apps. They were, in fact, quite revolutionary and it felt like apps were springing up from all areas and with no end in sight. That, however, was a long time ago and as with anything new and shiny, the luster eventually wears off. Is it even worth it to invest in an app these days? Let’s first examine the functionality of apps and then we can look at the numbers to see if they make sense.

Do apps work?

In a nutshell, yes. However, it greatly depends on what purpose they are serving. If they are an extension of your business, it could very well be the case that apps could revolutionize your business.

Suppose you own a coffee shop and you develop an app that you use to track your customer loyalty. For example, their coffee punch card could be placed inside of the app, making it much more useful and convenient for the customer. In this case, it would make sense to build an app.

Monetizing Your App

Another potential reason an app would be worth the investment is if you are planning on monetizing your app. While it is true that you might find competition in this venture if you can succeed, you will be handsomely rewarded.

The key here is being as creative as you can. Most of the successful apps out there met their success by going against the grain. Find a problem out there that is a pain point for people and build an app around it. It’s not a foolproof plan, but it is an excellent place to start. What to avoid?

Don’t try to replicate someone else’s success. The odds are many others are out there doing exactly that.

So, what do the numbers say about apps?

Last year consumers spent $17.5 billion on apps. If you’re into Apple apps, as of last quarter, there were 2,030,483 apps available. More of a Droid person? The Play Store offered 3,849,865 apps as of Q1 2018. What this means is that there is a big pot of money up for grabs, but you are not short on competition.

 

Is it worth it?

At this point, you might be scratching your head wondering if it’s worth it. The short answer is absolutely, but you need to have a few basics. First, you need a good idea for an app that will solve a problem or entertain. It has to be catchy and it has to be sought after.

Next, find a great app developer that will create a good-looking app with even better functionality. Lastly, keep your costs under control.

Conclusion

App development costs can easily skyrocket which will ultimately impact your bottom line. That being said, you get what you pay for. Find a useful calculator that will help you figure out the cost to build the app, and you will be ok. Keep at it and you might strike gold.

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