What is Mobile app market research?
The practice of assessing a new product or service’s potential in a certain market is known as market research. Finding out whether and how a mobile app can succeed in app stores like Google Play, the Apple App Store, Amazon Appstore, Tencent MyApp, etc, is a mobile app research in the mobile app industry.
Mobile app research typically uses data collection methods like surveys, product testing, focus groups, etc., to find ideal or underserved customers and spot holes in the market that can be filled with product innovation. This might be carried out internally or with the aid of a third party with expertise in data collection or market research.
In general, primary and secondary information are the two types of information obtained during mobile app research.
Primary data is information that you (or a business you employ) personally acquire. It can help you decide whether the market requires your app, how to structure your business model, and how to improve your marketing tactics.
While secondary information refers to data gathered by third parties, such as industry studies and white papers, data sets, demographic and population data from government censuses, etc. Through secondary mobile app research, you may strengthen your app and improve your go-to-market strategy.
To sum up, market research aims to respond to the following two queries:
- Does anyone want your app?
- If so, how would you recommend positioning it in the market?
App Market Research Tools
It is better to find the best market research tools in the first stages of your app development than later. For all apps on Google Play and the Apple App Store, whether published or unpublished, the Explorer, for instance, keeps track of several performance parameters. This includes downloads, monthly active users (MAU), ranks on the top charts, and other information important for gauging market demand. Even more, is possible thanks to The Explorer:
- Check out which SDKs the apps have added or uninstalled.
- Keep track of developer changes and app changelogs.
- Examine localization and monetization tactics for apps.
In conclusion, you may learn how your competitors place themselves in the market and how much success they have had by using tools like ours for app market research. Many mobile app development companies are providing tools for app market research; you can take help from them.
Market Analysis Techniques for Mobile Apps
Let’s now look at several methods for market research in the mobile app industry. When you’ve chosen a product or know what kind of app you want to create, you’ll need to.
- Choose a Target Audience
- Analyze your competitors
- Competitor benchmarking should be done
- Choose the best mobile app development technologies
- Choose Your Most Important Performance Metrics (KPIs)
- Locate Resources for Competitive App Benchmarking and App KPI Tracking
Choose a Target Audience
A target audience is the particular demographic of customers your app intends to draw in. These audiences can be categorized in various ways, including by age, gender, income level, region, language, and interests.
Target audiences vary in size and scope, and certain niches are more or less broad than others. This is vital to bear in mind. Your target market will be substantially smaller than Uber’s if you’re developing an urban mobility app for Spanish-speaking El Paso, Texas people. That does not imply, however, that you cannot create profitable enterprises by focusing on smaller markets. Many app developers start modest before broadening their scope once they’ve ironed out the issues.
Analyze your competitors
Get a sense of your competitors next. You must conduct a competitive analysis to understand your competitors’ products, marketing strategies, and sales tactics. Essentially, it will let you analyze their “secret sauce” recipe.
You may better position your goods and services in the market by learning what your competitors’ apps do, how they operate, what tools and SDKs they employ, who their target markets are, and how frequently they update their apps. You’ll be able to put more solid company plans into action, create cutting-edge features and functionalities, incorporate usability factors, and gain market share.
Competitor benchmarking should be done
Competitive benchmarking is known to research competitors and industry leaders to find strategies, techniques, and performance measures that may be utilized as specific points of comparison for your company.
Competitive benchmarking often entails selecting the “best” available business metric and utilizing it as the benchmark that your organization should strive for. Maintaining a competitive edge is a good approach as it keeps you informed on the most recent industry trends.
Finding Key Performance Indicators (KPIs) is one of the easiest ways to benchmark your software.
Important Performance Metrics
KPIs are the key performance indicators that show the state of a company, a product, or in this example, an app. They serve as a roadmap for strategic and operational advancements, establish a concrete foundation for planning and decision-making, and assist businesses in concentrating on what matters most.
Importantly measure the KPIs. They compare a company’s performance to benchmarks, goals, or competitors.
The most crucial KPIs for mobile apps frequently are:
- Downloads by Daily Active Users (DAU) and Monthly Active Users (MAU) (total, monthly, weekly, and daily)
- Top chart positions (overall, country-specific, category-specific)
- Reviews and ratings by users
Get started with AppVerticals!
Many mobile app development companies are providing market research services. Consider hiring a dedicated team of industry professionals to do the initial market research if you need to lay a strong basis for your app development. Finally, you can exploit current trends that are visible outside of the App Store while coming up with new app ideas. Consider upcoming occasions or holidays and make something that is in keeping with those concepts. For instance, developing an app for creating Easter egg hunts for the family over Easter is likely to be successful. You want your app to be successful while developing it for any audience. You’ll be on the right track to success if you use these tips for conducting mobile marketing research.