How To Successfully Sell Your App Idea?
The app industry is growing with every passing minute. New startups, tech giants like Google, Apple, and Facebook are paying huge amounts for an app idea. Yes, you heard it right! Just come up with a UNIQUE app idea and get paid in millions.
But, hold on. It’s not as easy as it’s sounding here. Like you, many others are thinking the same way and thus, your first aim is to overpower them. But how? That completely depends on your mindset and skillset.
But right now, I’m assuming that you’re ready with an app idea that can leap forward to the ideas of others. If yes, read further to know “how to sell that app idea to a company”.
How to sell an app idea to a company?
Before going further, I’ve got a piece of advice for you all. At your first attempt, there’s a possibility that your idea may not fit into the business models of big companies. No need to be upset. There are several small companies where you can try.
In 2018, 97 Unicorns, startups valued at over $1 billion started operating in China. TikTok, the 8th most downloaded app worldwide in 2019 is created by ByteDance, a tech company from China. PUBG mobile game is the creation of Tencent.
So there are several other companies looking out for an idea apart from Google, Facebook, and Apple. You just need an amazing idea and the skills to sell it.
The following 5 steps will help you sell your app idea to the company of your liking.
1. Put your idea on a paper
Just like a resume is important for an interview, while planning to sell your idea, have it written on a paper. Describe everything about your app like its features, purpose(s) it will serve why it’s better than others, etc.
If you have any monetization strategy with you, add it too. An important thing to note here is that you need not write everything. An overview will do the required.
2. Research heavily to know the market and users
Having the relevant data about the market, your users and your competitors are a necessity. For example, if your idea is a fitness app that will predict suitable exercises for an individual based on several factors, you have to research the following.
- Overall market
After your research, have a clear-cut answer to the following questions.
- Is your app similar to theirs?
- In which app store are they published?
- How many downloads do they have to date?
- Which are their popular locations?
- Competitor’s apps
There is no need to compare your app with every other fitness app. Pick your close competitors whose apps are similar to yours in terms of features, ideas, design, etc.
- User base
You definitely will look for the users who care for their health the most. As of course, only those users will show some interest in your fitness app.
So detailed research is a must before proceeding to the next step.
3. Create a business concept
Ideally speaking, all your efforts in the previous two steps must reflect here, in your business concept. You have to prepare a well-balanced business plan that won’t backfire. Your business concept must clarify the doubts of the investors.
You should know who your users are, how the app will benefit them, what differentiates your project from the rest, what marketing strategies will you use to attract people, and how you will make money with your idea.
4. Transform your idea into an app
Yes, you have to transform your idea into an app. Earlier, the story was different. Just have an idea with you. But now, the scenario has changed. The tech giants like Google, Apple, and Facebook are now searching for working projects.
By the term ” working project” I didn’t mean hiring a developer for writing and implementing the code. It’s about safeguarding your app legally, developing your brand style, and building a sounding marketing strategy.
5. Launch your app
Now is the time for the real showdown. If you have got everything covered in your business concept, proceed with the implementation.
To attract investors, you need to grow your app, increase popularity, introduce useful features, improve the user’s engagement, interact with your users, etc. On top of these, you have to respond to the media.
Maintain ideal working conditions in your company as you can’t do anything alone. Proper support from your employees is vital for your growth. Also, investors will also look out for your company.
Hence proved! Selling an app idea isn’t a big deal if you’re doing everything religiously. Follow this guide and start building an app idea, keeping a close eye on your surroundings. See what people are asking for, what problems are they facing, and you will get the starting point of your app?