How to Conduct Market Research to Unveil Brilliant App Opportunities

How to Conduct Market Research to Unveil Brilliant App Opportunities

Simon Jenner

Wednesday, 11 November 2020

The market for apps continues to grow by the day. The time to begin your market research and launch your app idea is now.

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Startups

New apps are certainly popping up everywhere due to the ease of access that no-code technologies are providing. Although this may seem like an intimidating, inundated market, don’t count it out quite yet for your Big Idea. We assure you that conducting market research can open up a world of opportunities for your app long before you even build your MVP
It is estimated that smartphone users will grow to 3.8 billion people in 2021, suggesting that now is the perfect time to get to work on your Big Idea. With this opportunity comes a slight challenge: this pool of smartphone users is much too large a group to target through your app.
Rather than attempting to meet all smartphone users’ requirements, let’s conduct a bit of market research to unveil the opportunities available to you.

Market Research Defined
Simply put, market research is conducted to collect invaluable information about your target market. This information leads to a deeper understanding of the user, allowing you to truly create an app that will make their life a bit easier or solve a problem they have.
This process includes discovering details about your consumers’ behaviour throughout their decision-making journey, the experiences they have had in the market thus far, the motivations behind their customer loyalty.
Once you’ve gathered and analysed this information, you will be able to better create for and market to them.

Steps to Performing Your Market Research to Optimise Opportunities
1. Identify Your Target Users
If you already have a Big Idea for your app, you’ve likely identified a problem that you would like to solve. But who is it that you are solving it for?
Your target user group will be defined by their demographics and psychographics. You will benefit greatly from an understanding of their spending habits and lifestyle while building your MVP.
Once you have created this description of your target user, you can take this one step further to discover any market trends in the apps that this user group already uses, features they would benefit from in your built MVP, and what their main goal will be in using your app.

2. Conduct a Competitor Analysis
What other apps are your target users already using?
Competitors are a brilliant resource as you can research what has and has not been successful for them - and utilise what has worked as potential opportunities and innovations for your own app.

3. Perform a SWOT Analysis
A SWOT Analysis includes identifying your app’s Strengths, Weaknesses, Opportunities, and Threats. While the Strengths and Weaknesses will relate directly to your app, the Opportunities and Threats will give you insights into any threats to your app in the larger market and the opportunities you have to combat those threats and capitalise on the weaknesses of your competitors.
For example, in your competitor analysis, you may have discovered a company that is in the development process for an app with similar functionalities to yours. They are a potential threat - however, you are confident that your app will meet your target users’ needs much more comprehensively. This is an opportunity to use a no-code platform to build your MVP quickly and for a low cost, getting it to market in just a few weeks before your competitor can take control.

4. Establish Your Business Plan
Now that you’ve identified key opportunities among your target user group and the competitive market you will be performing in, it is time to use this information to establish your business plan.
This document is essentially a guide for your business, including information such as how you will market your app and the revenue and profit you expect to make. Your target user definition is key here, as it will help you to truly narrow down the marketing tactics you can use to earn their business and loyalty.

5. Create Your Pitch
As the last step in market research opportunities, a solid pitch is the best way to earn the attention of investors and the business of your target users. You may have a couple of iterations of your pitch for these different audiences, however, the main goal is to keep it concise and convince them to either invest in or download and use your app.

As you launch your MVP app and begin to build a loyal following among your initial test users, opportunities that you identified during your market research will continue to expand. Additionally, you’ll now have the tools to identify any new opportunities that present themselves as the app market continues to grow and develop.
Our team at Million Labs is incredibly passionate about building MVP apps. We absolutely understand if entering the expansive app world is intimidating and you would like some help identifying your key opportunities in the market. Sign up for our No-Code Bootcamp now to watch opportunities open right in front of you.

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