An entrepreneur with over 16 years of IT experiences in building websites, web applications, and mobile apps for top-tier companies as well as startups. I have worked for Fortune top 500 companies. I've successfully helped over 250 entrepreneurs, startups, and businesses. My expertise is in creating the online marketplace, learning management system (LMS), SaaS, directory, eCommerce store, booking portal, or any other application. I can help you with the conceptualization of your idea into a working Minimum Viable Product.
Some will say that the right move is to specialize: to finely hone your brand to target a particular niche. The more in-depth your targeting, so the argument goes, the better your chance of convincing your target audience to buy from you. You certainly can’t please everyone, and it’s difficult to establish a unique identity while trying to serve multiple distinct groups.
Of course, others will contend the opposite: that you’ll get ahead by giving your brand common appeal and exposing it to as many people as possible. Niche targeting puts the fate of your business in the hands of a relatively-small group of customers.
There are many tools that you simply can use to trace visitors on your site, however, when trying to convert those users from visitors to clients, the simplest tool far and away is with an internet site visitor tracking CRM integration.
CRMDialer’s website visitor tracking feature gives businesses like yours a window into the behavior of prospects in real-time. Website visitor tracking starts the instant that somebody visits your site, clicks a link in one among your emails, or completes a form.
The moment that a visitor enters your site for the primary time and forever your sales agents will know exactly what the precise contacts checked out, for a way long, and be ready to determine exactly what the prospects have an interest and thus putting an end to cold calling once and for all. The more visitors that get cookies, the larger your pipeline is going to be.
In times of despair and joy, we often look up to little things that give us happiness and a sense of satisfaction. According to a 2011 study in the Journal of Psychology and Marketing, it was noted that 28% of the shoppers had purchased something to celebrate the occasion or personal victory, and 62% to cheer themselves. Therefore it can be concluded that shopping plays a crucial role in everyone’s lives.
In the present day when the physical world has come to standstill, the virtual one has surpassed all the boundaries and expectations. The recent report by Amazon, clearly demonstrated that shopping for groceries has increased by as much as 50 times in just 6 months of lockdown. Therefore, in this constant cross rapid-fire amongst big business houses, it has become very important for the customers to know what they are looking for and expecting from the virtual marketplace.
The online marketplace can be broadly classified into 3 categories based on the target audience:
Business to Business (B2B)
Business to Customer (B2C)
Customer to Customer (C2C)
Business to Business (B2B)
It is a type of online marketplace that acts as a mediator between the seller and the buyer, where the trade of products and services takes place in large quantities.
This kind of marketplace requires a lot of investment and consistency and is hard to establish initially. But once it is established it becomes very profitable and builds up a wide range of
customers. B2B marketplace is a preferable choice for most of the sellers as:
They are not required to make their own e-commerce trading website.
It provides a wide range of customers.
It is quick and efficient.
It does not require much investment.
Being a mediator, B2B marketplace has different business strategies and set of terms and conditions for its sellers and buyers.
Based on Commission
It is used most frequently, as the big industries can easily adapt this method and sell their products by giving some percentage of commission to the mediating platform for providing the customers. Some of the examples are Alibaba, freelancer, etc.
Based on Subscription
A subscription-based method is usually opted for by companies who already have customers and buying a subscription won’t be much big of an investment. For example, fashion brands, etc.
Based on Listing Fees
Marketplaces like Etsy take a fee for listing the products and add additional commission chargers to every purchase made.
Business to Customer (B2C)
It is another kind of marketplace where the business industries do not sell their products or services to another business industry but to the customer directly. This kind of marketplace is most popular these days as it helps direct interaction with the customer. For example, AliExpress and MakeMyTrip.
Just like the B2B marketplace B2C also have different types of business strategies and set of terms and conditions.
Based on Commission
B2C marketplace requires the provider and receiver of the service to pay an amount of commission for delivering and mediating the service or products. Travel sites like travelyaari, MakeMyTrip, red bus widely use this method.
Based on Subscription
Unlike B2B marketplace, B2C marketplace requires only the seller to pay for the subscription and not the buyer. For example, eBay.
Based on Listing Fees
Along with the commission, there are some sites like Etsy which also charge listing fees of about $0.20 for a premium listing, etc.
Customer to Customer (C2C)
C2C marketplace is the most convenient form of the marketplace as it allows people with the same interest to share the products and services. Peers can share their services or products they want to offer to people who wish to take those services. It is a very organic way of reducing unemployment as it provides a platform for all range of service providers. A buyer can be a seller tomorrow with no bars. For example, Uber.
Unlike B2B and B2C marketplace, C2C marketplace has different business strategies and terms and conditions.
The service provider can promote its product or services by paying some amount to the marketplace, in order to stand out. It helps them attract customers and build up their business.
Paid Promotions can be further divided into 3 parts.
a) Sponsored Vendor profiles
b) Featured Products and Services
c) Promoted Products in cart/at checkout
Another method is the promotion of the product or services by the third party through
burdened with having to walk the perilous tightrope of achieving business results (including revenue targets), without pissing off users. In fact, the challenge is greater than merely avoiding pissing off our users; it is to make our users genuinely delighted, whilst the money rolls in to keep our business / investors delighted – all at the same time.
There are a few guiding principles which are helpful to consider when generating ideas on how to monetize your product:
Complement the user experience
Think long term
1. Complement the user experience
If you’ve ever worked in an organisation which has a product and an advertising (or other) sales team which are interdependent, you’ll know that exchanges like this can be fairly commonplace. For the sales team, their target is what matters most. Bad sales people will be more than happy to bastardize their product to achieve revenue targets without considering about how this may impact the user experience. Good sales people will understand that the key to long term revenue generation lies in the delicate balance between achieving quarterly targets and building a product that people still want to use.
monetization user experience
I once worked in a team which ‘commercialised’ the homepage by selling a £50k 1 day ‘home page takeover’ to McDonalds. This was an awesome deal for the sales team. The additional revenue meant the team had reached their target and would get a bonus. For the actual users of the site however, this meant they would be greeted by a hideous McRib burger whilst planning a luxury health spa trip. Hardly a complement to the overall experience but on the flip side, arguably not so painful as to drive users away forever.
How to complement the user experience
complement the user experience with monetization
Where possible, monetization should at best complement the user experience and at worst do nothing to negatively impact the user experience:
If you’re selling ads or working with commercial partners, pick partners which suit your target audience and can actively add to value to your users
Price your product in ways which make the jump from free to paid more manageable and attractive for different segments of your audience
Incentivise your users to give you the assets you need for monetisation by giving them a choice. For example, if your product is an app, don’t force your users to share contacts and personal data up front so you can sell sponsorships. Instead, build a product which your users want to share with other contacts and be honest and be up front about your commercial needs.
monetization strategies invasive
Before you commit to a monetization strategy, test the idea on a few users and measure how this impacts the experience. Use your NPS as well as qualitative feedback to measure the impact. If the reaction is outrage, consider alternative monetization methods.
2. Think long term
It’s easy to chase short term deals and revenue targets to achieve growth, but the key to smart monetization strategies is to force yourself to think longer term.
Sure, for startups this can be difficult. If you’re faced with an opportunity to commercialise a part of your product which means you’ll get funded it might make sense to take the cash and continue growing. However, be aware that your decisions may have a long term impact on your key product metrics.
3. Be creative
Monetizing your product can be a stimulating, creative process. Forget the conventional nonsense of advertising as being the only way to monetize your product. There are plenty of creative, innovative ways to generate revenues for your product.
Customer Acquisition Cost (CAC) is calculated by dividing all the Sales and Marketing costs involved to acquire a new customer within a certain timeframe. To get your customer acquisition cost (CAC), divide all sales and marketing costs by the number of customers acquired over a given time period. CAC is an important metric for growing companies to determine profitability and efficiency.
1.Send business card Yes, by post. This is a great way to reach out to all of your customers, whether they are already tech-savvy or are about to become ecommerce converts. Reminder, and it shows that you have invested the time and effort in providing them with improved services.
2.You can also send an email when you have your customers' email addresses. Be short and to the point and highlight a single action by inviting them to explore your web store. You can even customize it with a link so that they can see your most frequently purchased products in your webshop.
3.Inform your customers with instruction videos. Create short how-to videos that show your customers how to order online and share via email and social media. Aside from being helpful, it's also a great way to increase brand awareness and attract new customers.Promote online shopping with special webshop discounts Offering exclusive webshop discounts is a great way to encourage your customers to try out your new webshop.
4.Invite them to get free shipping or a promotional code. You can even get creative and organize a scavenger hunt in your webshop at a discount for all attendees. Help your customers log in. Challenge your customer service or sales team to encourage customers to order online.
5.Redirect all phone calls with questions about invoices and orders to the online self-service portal. Even if your customers aren't ready to order online, you can still refer them to the portal for an instant overview of prices, order history, current orders, stock levels and more. Request access data as soon as possible to encourage the use of your online portal.
You will be surprised to search out that, in fact, an MVP isn’t just unnecessary, it may also be hindering some when pitching investors.
First off, let’s see what the core difference is between pitching with an MVP, and without it, in terms of the expectations it sets for investors, and what it means for you.
When approaching investors, you ought to bear in mind that there are several risks they consider:
Team risk: Is your team competent enough to create and run the business?
Market risk: is that the market large enough or growing fast enough to be considered promising?
Timing risk: Is it the correct time to enter the market?
But there’s an excellent more important issue – product risk: are you able to convert your business idea into a product vision?
This includes the product’s ability to come up with revenue, to resonate with a particular audience, and its usability and value.
For you, there are two ways to eliminate product risk:
Sell the business idea and merchandise vision – demonstrate that you simply know exactly what you wish, a way to build it and the way it's visiting generates revenue.
Sell the results – demonstrate that your product works and is ready to get revenue.
Top 6 Mobile App Development Technologies
4. React Native
There are also so many no-code app development platform is available now
If you want still to develop an app here some hard code app development languages you can consider.
Developed by Google, Flutter is an open-source mobile app development SDK (software development kit) that facilitates developers to create cross-platform applications. Yes, you read that right. By using Flutter, you can make an application that runs smoothly on both the Android and iOS platforms. Technology is highly demanded because people these days are preferring cross-platform applications over native applications that run only on a single platform.
The technology uses Dart as the programming language to build native interfaces. It also relieves developers to write the entire code from scratch to develop a single app for two platforms. Google Ads, Xianyu by Alibaba, and Reflectly are the three popular mobile apps developed using Flutter.
Developed by Facebook, React Native is an open-source framework used to develop cross-platform applications for iOS, Android, Web, and UWP. The apps developed using React Native have native-like capabilities and can run on multiple platforms.
Do it yourself. Because it’s an MVP.
You don’t know whether it’ll have a product/market fit. You might bear ten iterations - possibly complete pivots.
That means your one outsourced MVP will be converted into ten custom jobs. Can you really afford that?
Probably not. Most MVPs don’t develop into anything awesome. Instead, they have months and infrequently years of fine-tuning. Because MVPs aren’t great alone.
They’re great after you get market feedback. They’re great when it causes you to a profit. Otherwise, they’ll never be converted into a corporation and just remain an MVP.
On the flip side, Some think you'll be able to get an MVP, then use it to boost money. Don’t try this. Raise money once you don’t need it. When the foundations are so in your favor, you can’t say no.
Use it to scale what’s working. Otherwise, you’re fiddling with fool’s gold. You feel rich but at the top of the day - You land up broke. Because you don’t know where or a way to spend it. So the next time you’re considering outsourcing your MVP - Do it yourself. That’s what real founders do.
You strategize a thought of action for your app to form it onto the app scene.
You must also note that you simply can’t just create an app out of nothingness. It takes time, money, and resources to rework a concept into a living, breathing application utilized by people throughout the state or maybe the planet.
When you have an honest app idea but aren’t sure the way to move forward, here is what's suggested:
Step 1: Do Your Research
When developing your app, treat it as you would if it were a significant business project. It’s perfectly fine to induce excitement and dependent on your concept, but remember that the mobile app business is extremely competitive.
There may even be 100 people out there actively trying to develop an app with the identical exact concept as yours. the sole difference between succeeding and failing in your app creation endeavors is that the plan that you simply formulate.
When conducting your marketing research, ask yourself the proper questions:
What reasonably app do I would like to create?
How will my app benefit the user?
Who is my target audience? Are they men or women? Are they adults or children? What devices do they use, and the way often?
Are there similar apps out there? If so, how many? How big/successful are they? In what app stores are they present?
How will my app differ from competitors? What features will my app include that other apps don’t?
What are the pros and cons of my app idea?
How am I able to make money off my app? Do I show ads? Do I offer in-app purchases? Do I sell data to third parties?
These are just some of the first questions required to seek out the answers to if you wish to develop your app.
Step 2: Create An App Monetization Strategy
Based on your findings during the research phase, take the time to craft a meaningful business concept/app monetization strategy.
It’s crucial that you simply write this stuff down rather than just keeping all of them in your head. Staying organized during this phase is crucial to how you perform your plan.
Also, when writing down your ideas for a way to monetize your app, you will find that you’ve stumbled across new useful ideas that would become another propulsion behind getting your app created and distributed.
The chances are that you’re developing a mobile application from one or two starting points:
You wish to make a mobile application as an embarkment of your new company.
You have an existing business, and you would like to develop a mobile app that orchestrates alongside your company website.
Step 3: Find Investors/Business Partners
Let’s face it.
Unless you have already got numerous dollars at your disposal, you’ll never be able to create an app on your own. You require investment capital to induce your app off the bottom and downloaded it onto various potential users’ phones.
The most successful app creators didn’t get to where they're now on their own. they'd investors and partners. If you’re on the explore for a high-quality business partner, consider choosing one who has similar goals but has qualities you lack.
Step 4: Hire An Application Development A-Team
When developing your new app, it’s essential to possess the correct team behind you. Unless you’re a master programmer or app developer, you would like to rent out.
The best reasonably facilitate your can find is thru professional software development companies. they need the resources that you simply must develop your app quickly, efficiently, and affordably.
Understandably, you’d be very hesitant or cautious about who you select to develop your application.
Step 5: Harvest the facility Of An MVP
There has never been an app that was released with all of its final features in application development history. Even market leaders and tech powerhouses, like Microsoft and Google, release and edit apps incrementally, pivoting consistent with feedback.
Let go of the dream of bringing an ideal product to plug immediately, and identify some must-have features to essentially nail down. We always advise you to start with a Minimal Viable Product (MVP) to pilot your proof of concept for extra investors.
An MVP is that the younger brother to your finalized concept.
It’s a loosely designed product with merely enough functionality to entice early adopters or convince a bunch of partners to funnel more cash into your project.
Have your development team build a viable solution and aggregate the feedback. Learn where the holes within the design are and fix them.
Harvesting an MVP’s power could mean the difference between gaining enough funding to develop your project to its fullest potential or becoming another statistic as someone who “attempted” to form an app but failed.
Step 6: Publish Your App
Once you’ve perfected your application and are able to launch, you need to first give some thought to how you would like to create the globe know that your new app is prepared for download.