Today we use our smartphones in almost every aspect of our lives, from ordering food to just reading. For us as everyday consumers, mobile apps allow us to learn, have fun, and gain convenience in our daily tasks. However, for businesses that create apps, these technological products are considered an important business asset and investment.

With the world’s growing usage of apps in our daily lives, startups with a mobile app are gaining more value than startups that do not have one. This is a crucial difference considering that the startup landscape continues to grow competitive each year as about 137,000 new startups are founded every day but 90% are unable to last more than five years. Venture capital (VC) funding that supports startups has also increased over the years, yet not every startup can gain enough to keep going. To achieve success, startups, scale-ups, and small businesses need to find a competitive advantage that can set them apart from the rest of the market, and mobile app development can be the key differentiator. 

Listen to our conversation on finding a mobile app development partner!

Finding the Right Mobile App Development Partner

Having the ability to find the right mobile app development partner isn’t easy, but worth it and can lead to success for your startup. For one, mobile apps ensure users can have a better experience engaging with the company due to an app’s simplicity and accessibility to everyone. In fact, companies that invest in improving the customer experience with their products and services typically see a significant increase in profits, possibly up to a 9,900% return on investment (ROI). 

A mobile app can also be a more cost-effective way to grow a business. It is possible to create initial iterations of an app at a lower cost before there is a need to further develop it. And if the app is successful, a company can gain great returns that far exceeds their initial investments into the app. 74% of organizations in sectors such as manufacturing, telecom, retail, business services, financial services, and IT have already experienced a positive ROI from their mobile apps. 

Moreover, having a mobile app can make it easier to appeal a business idea to potential investors. Having a mobile app allows companies to demonstrate how their business idea is scalable, addresses the concerns of the target market, can satisfy key market demands, has a future-focused approach, and is profitable in the long run, all of which are what investors want to see. 

For a growing startup, a mobile app can provide a supplemental profit stream. App purchases are expected to reach $186 billion by 2027 with in-app spending projected to grow by 267% by 2030. In fact, the average revenue per download is expected to be $9.46 per download. Companies can further monetize their apps and increase their revenue stream by using subscription models, in-app advertisement strategies, app-commerce integration, and app-data monetization. 

Conclusion

Building a mobile app can benefit both the consumers and the businesses that make them. Especially for a growing startup, creating a secure, high-quality mobile app can potentially boost the rate of success and a startup’s ability to thrive in their industry past their initial five years. 

Source: Tapptitude