Chad Carrodus is one of the country's youngest luxury agents. As a Partner on Compass Atlanta's founding team, Jere Metcalf Partners, Chad has always seemed to challenge the status quo. From working in the fast pace world private jet sales to running an investor-backed tech startup, Chad has led an undeniably unique career. His dynamic experience at such a young age allowed him to become a leading authority, speaker, and consultant on Generation Z entrepreneurship and marketing. www.ChadCarrodus.com
First and foremost, it's important to realize that Millennials and Generation Z value very different things when it comes to marketing.
For example, Millennials typically respond more positively to WELL POSITIONED online advertising if it provides a solution to a need. Meanwhile, that is the quickest way to lose GenZ.
No matter how much you spend on digital ads, sophisticated funnels, or how suave your sales copy may be, Gen Z can see right through your games and isn’t having any of it.
As a digital native generation, we’re already steps ahead of the clutter with ad blocking technology — not to mention an ultra-discerning eye and incredibly short attention span. All of this combined with a general distaste (hatred) for being sold to online, digital advertisers are in for a rude awakening.
Potential solution: Include Gen Zers in part of your strategy. Ask their opinion, give them a platform, and provide them the means to syndicate it. Forge a bond now by creating that personal connection, so they end up coming to you and serve as a strong referral source. In other words, engage, don’t just passively advertise.
This is just one example of many. I'd be happy to discuss this further!
About 18 months ago I teamed up with a partner to create an app which makes meeting people online safer, using various safety features including video verification and in app security. We often use Tinder and Bumble as case studies-- despite the fact our platform can be used for friendship or romance.
We outsourced development and had our fair share of hiccups. All of which we learned from...at a hefty price.
Knowing what I know now, allowing us to avoid the mistakes we did make, I would say development would cost in the $50K range for a fully functional app like Tinder. You would need the swipe feature, social media integration, real time chat, geolocation, in app payment, analytics, and user feedback-- just to name a few.
You also need to think about API's, admin costs, project management costs, your tech stack, user testing, UI/UX, etc. None of these things I would suggest glazing over.
Monetization is the easy part. You can charge subscription fees, premium features, ads, affiliate programs...and the list goes on.
However, the most difficult (and possibly expensive) aspect is the marketing of the app. Many founders are under the impression that if they build something great, users will come...WRONG!
I would start by first validating your market and establishing a database of potential users. Then, have your app developed from there.
Also, remember developers and business-minded founders tend to communicate on different wavelengths. Ensure you clearly and visually communicate your vision -- every detail is important and should be communicated as you should assume nothing is implied.
I'd be happy to have a call to discuss how you should go about this, as I'd be glad to share my process which ensures lean development costs and active users at launch.