Outsourcing is, no doubt, a valuable method of getting projects done at minimal cost and with high-quality standards. But more than that, it gives you access to strategic and innovative minds. Let's understand how it adds value to your vision and how you can find the best outsourcing company.
How Outsourcing Adds Value To The Project
Cost - By outsourcing your project, you get access to a specialized team of app developers who are well-equipped with the technology and infrastructure required for your project. They specialize in providing end-to-end solutions like creating a framework, product development, business analysis, UI/UX design, Quality assurance, testing, launching, product documentation, and much more.
Many startups aim to develop a web and mobile app with intriguing features. How many times they utilize the data available in the market and in the app to create a monetization strategy that helps them carve a niche. As an experienced app development company, we help understand how to draft the right monetization strategy and what are the key considerations.
How to decide on a pricing model?
Learn about your target audience - Identifying the target audience helps in creating an effective app monetization plan. You can study the audience in terms of their characteristics, age group, preferences, financial status, and much more. These individuals are the potential users who are most likely to make a purchase.
Analyze your competitors - List down all the USPs of the competition product, what is their TG, which market are they focusing upon, how are they monetizing, what are they doing right, and where does the scope lie for you. Be clear about audience expectations in terms of the willingness to pay for accessing features of an application.
Know your product - Mark the most engaging and likable feature on the app where the users are spending most of their time. Be clear on whether the app should be free to download or have a subscription value. If free, which feature to be monetized, which feature will make the users addicted to the app so that they subscribe for premium packages.
List what all the user is getting from the app in terms of experience and value?
Decide upon which feature is providing maximum user engagement and retention?
Rank the elements in terms of priority to create a pricing model
Study the market and competition for a clear understanding of what the customer is willing to pay.
App monetization model
Freemium - Very rarely a user is willing to pay for downloading an app; that's why many apps nowadays are free to download but have limited features and functionalities. Revenue gets generated by in-app purchase opportunities created in the app. Users pay to access premium functionalities of the app like Tinder offers its audience for premium experience packages like Tinder gold and Tinder plus.
Another way to generate revenue is by offering all the functionalities but only for a limited period. Users get familiar with the app and are later willing to pay for continuous usage.
Apps also monetize by playing on unhindered user- experience, by paying small charges, users can get an ad-free experience.
Ad-based monetization - This model gets adopted by maximum mobile and web app development companies. Adv in various formats get published like banners, pop-ups, podcasts, native articles, videos. Banners ad have high visibility but tend to hamper user experiences. Native articles integrate seamlessly with the content available on the app and do not hinder user experience. Digital marketing agencies provide a lot of valuable insights over ad performance, like CTR and CPM, to help you use a strategy-based model and get better ROI.
The app industry has an ever-increasing demand but is highly competitive. To survive and be profitable, choosing the right pricing strategy for your web and mobile app development is essential. You may refer to the article for deep insights and understanding the process step by step. How to Monetize the app and decide on pricing strategy?
Money management apps are a necessity due to the multiple benefits it holds. It not just keeps track of your income and savings but ensures users reach their financial goals by detailed analysis of their income and spending patterns, reports about investments, and how to plan better.
1. Safety and security - Gaining the trust of people that their financial information is safe is of primary importance. It can be implemented by two-factor authentication - username and password or PIN code and password. Blockchain Security ensures the secure sharing of data across platforms maintaining complete security of the user's financial data.
2. Simplified UX design - A simple screen with all valuable information like current financial status, investments, and upcoming bills displayed to users will help save a lot of time and energy. Without any compromise on the quality of UX, a simplified user experience is important.
3. Artificial Intelligence - A lot of fintech apps nowadays use AI for most commonly being used in the form of chatbots to improve interactions with customers, It also helps advise customers in case of negative spending patterns.
4. Customer support - In case of financial matters users expectation is quick response and solutions. 24/7 customer support should be ready to respond to any task at any time.
5. Mobility - When it comes to tracking and managing financial being mobile is of key importance. Your app should be compatible with all devices like iOS, Android, and window devices. This will enhance user confidence in the application.
Our Tech Stacks
Android - Kotlin, RxAndroid, Recommended Android Architecture
iOS - Swift, RxSwift, MVVM
Backend - Rails
Design pattern - MVP, MVVM
Networking - RetroFit
1. Freemium Model- Many financial apps offer free trials to get consumers on board and later on, charge a monthly fee for continuous usage. Apps like Spendee offer limited features in its free version and charge a fee for the use of premium features.
2. Adv Based Revenues-Lot of budgeting apps earns by displaying ads in the form of banner ads, podcasts, videos, native content. Native content which is a form of paid content like tips for best mutual fund investment integrates seamlessly in the app format without hampering user experience.
3. Product Referrals- Credit score apps like Credit Karma display very targeted products as per your financial history or policy bazaar displaying best insurance plans as per the user's investment pattern. However, the app does not share your data but uses it to show relevant products that may appeal to you. The app earns a commission if you opt for the product.
For the detailed understanding of the app development framework, implementation of key features, development cost read: Key Considerations While Developing A Personal Finance App
In 2018, approx users for online dating apps were 33.9 million which is projected to reach 37.5 million by 2023. So, when planning to launch your own Tinder-like dating app, here are the key features to be considered.
The swipe - This is Tinder’s USP making it very easy for the users to accept or reject a match just by a swipe.
In-app chatting - Once the user finds the match, they can immediately start a private conversation by chatting. Users can even send and view messages.
Facebook/Google log in - the app automatically fetches data from social media accounts of users making the interface easy and interesting.
Geo-Tagging - The app provides contact or matches preferences as per the user's locations making them reach out to nearby potential matches.
Advanced search filters - The app enables you to adjust the search as per age, location, gender.
Real-time alerts - The app notifies its users whether there is a potential match or a new message.