Technology has leveled the playing field for the giants and emerging small businesses. Today mobile led technologies have evened the disparity in the economy by making small industries capable of accessing the global market.
Startups are budding up in all the major economies under an enthusiastic young generation of innovators. The funding aspects of startups are taken care of by national level programs, supports, and incubators. But, funding is only the first step for a startup.
Startups, however, are facing a problem. On the one hand, the world’s fastest-growing economy like India sees startups gathering an increase of 108% in funding. On the other hand, Forbes report that about 90% of the startups fail.
But if we analyze the reason for the failure of startups, we find that about 42% of them fail because they couldn’t market their solutions correctly. The main reason for the failure is that these startups were not solving a market problem.
There’s also a possibility that these startups had some unique solutions, but they were not able to make themselves available to their target audience. A mobile app can make a significant difference, but before we go into it. Let’s see what smartphones hold for the future.
Future is Mobile and Mobile is Now
What makes smartphones unique is its ability to integrate different functionalities. They help you attend to a multitude of functions and yet maintain simplicity. Smartphones hosts apps that perform complex tasks.
The advancements in the field of mobile app development have made lives much painless for the millennials. The e-commerce applications allow you to window-shop from any location on this planet. Other on-demand applications like food delivery app, taxi apps, etc.are finding a remarkable response from customers.
We are living in an era where smartphones are bringing the greatest ever revolution, technically, socially, and economically. Estimates reveal that by 2020, 2.87 billion people will be using smartphones across the world.
An intelligent business will discern this fact sooner and make the best of this mighty wave. Serpstat is an excellent example of a company that shows how to go global in this era.
Startups–A Mobile App Perspective
Many startups resist investing in mobile apps because they consider it as a precarious investment. Their reluctance is understandable, but before they decide not to build an app, it is essential to analyze their business. If pitched correctly, mobile apps can turn the tables for startups.
Because it is just not enough to have a great idea. The way you execute is crucial for its success. And mobile apps are the most potent tools to implement your ideas today.
Let’s first look at some of the reasons for the failure of startups:
- Poor work-life balance
- Inadequate utilization of network
- Location – idea paradox
- Poor response to customers
- Weak marketing
Now, here is how appifying your business solves the above problems :
- Poor work-life balance – Just like a newly sown seed, a startup needs all your devotion and energy. You will have to manure them and water it daily. A mobile app will provide mobility to your startup employees.
A back-end app for employees in tune with the actual business app can help you make real-time changes. In a way, it makes you contribute more because now you are accessible anywhere, anytime.
- Efficient networking – your chain of investors, your long string of contacts and networks are all critical for your startups. It is not just their funds that you can leverage. You can build on their networking to further the brand of your small startup.
For example, Paytm used its investors like Alibaba, SoftBank, Sapphire venture, etc. to establish itself. The brand and its recognition are essential for a budding startup. The initial boost will depend on how you make use of your investors and contacts effectively.
- Relating your idea and location – An idea can germinate anywhere. Maybe you are from a tropical country, and you want to make an app that delivers preserved food in cold countries. A mobile app will ensure that you get the necessary exposure even when you are located in your hometown.
There is a reason why we call this era a global era, and that is because remoteness doesn’t matter anymore. If you are short on the resource side, you can use free apps like Slack, UberConference, etc.
- Better customer experience – Neglecting your customer is the beginning of your business’s downfall. Customers are the very purpose of your business, your creativity — a customer’s mind. Customer is your startup’s natural ally.
While using mobile apps for booking, ordering food, and availing other services, customers are bound to feel eventually the relevance your app has in their lives. An engaging user interface will help build brand loyalty and customer retention.
- As a real-time mentor – usual analysis of business and responses takes at least a quarter to make sense for small startups. You may want to try out some innovative approaches to improve your A/B testing to modify your strategy and look. A mobile app helps you execute it and register the user preference as well.
- A direct channel for marketing – In US people check their phones about 80 times a day on an average basis. It is this general psychology that makes smartphones one of the best places to market your products. A mobile app is the most direct way to sell your services and capabilities.
It interacts directly with your user. Secondly, social media, text messages, etc. form the other mobile point of contact for your consumers. You can win a customer’s heart with a simple, easy to use mobile app.
So depending upon your funds and the nature of your business, you can invest in a mobile app. The translation of your business logic into a workable app interface is a crucial factor in going mobile. So make the best use of this mobile revolution and bring your business to your customer’s fingertips.
Premjith leads the Digital Marketing team at Mindster, a frontier mobile app development company in India. With his 4 valuable years of experience in online marketing, he helps clients expand their online presence and mushroom novel business ideas.