App budgets and related criticalities
A mobile app is one of the most effective ways for businesses to reach their customers for M-commerce and publicity purposes. It brings a lot of load on the weight balance of mobile enterprise apps because of the benefits and a much-needed smartphone presence they are offering in return. While there are so many businesses looking to invest in mobile business apps, everyone has a different spectrum of budget and a distinct set of needs to cater to their customers. In such a diversified scenario, budgeting your mobile app cannot be solely about copy pasting spreadsheets from someone else who did it. Pertaining to same, as the business ecosystem changes, there is a whole world of difference which turns countable as we go from one platform to the other. According to Gartner, only 0.01% of apps could become profitable in 2018. Incorrect budgets are one of the primary reasons.
What should be considered while formulating a budget for the mobile app?
Getting the right budget for a mobile app is one of the primary steps towards building a useful, sustainable digital product. While making an app development budget, you should consider:
- Market competition
- Business domain
- Extent of requirements
- Third-party resources
- The intensity of the final objective
- Complexity of backend
- Turnaround time (time-to-market)
- Longevity of the business idea
- Length maturity curve
Why is a precise and accurate budget a must for your app development project?
It is one of the hardest truths that monetary resources drive all commercial activities and technological innovations. Any operation cannot even reach a single transitional state if proper financial resources are not allocated for it. Pertaining to the same, the right budget for your mobile application development project is a must. Otherwise, it can lead to compromised business situations and dissatisfied leadership. There are increased chances of mobile application not under-performing and fetching results as expected. It can have a direct impact on your mobile app marketing plan and might force you to cut corners which might be entirely unreasonable. An inaccurate budget can lead to:
- Ineffective mobile app marketing
- Incomplete set of functionalities in the back and
- Improper testing and QA
- High customer bounce off
- Lower revenue generation
- No traffic
Thus, it is essential for you to hire the right mobile application development company which is in a position to help you with a budget. They also provide you an actionable roadmap which leads to mobile application development projects with optimized app development budget.
Here are some of the most significant app development budget mistakes which you must avoid.
Rushing through the core development phase
It is commonly seen that mobile application development companies might get approval from the clients to quickly rush through the core mobile app development phase of the project. This is generally done because it drastically cuts down the time material cost and reduces the overall development budget. It might help you cut some lucrative corners but will have enormous implications right till the app exists.
Building robust high-quality and creative functionalities require a lot of time and effort from the developers. Require to integrate numerous third-party features, social media integration, and location and gyroscopic abilities as well. Apart from this, it is the responsibility of the developer to carefully embed all essential hardware modules of the mobile smartphone like cameras, vicinity sensors, and several gestures. Most of it is extremely important to allow ample time to the developers and let them properly build all the backend functionalities and database architecture for uncompromised performance. Otherwise, there will be:
- Incomplete and poorly performing features
- Inefficient integration of elements
- Low overall performance
Not considering the cross-platform ability
You might want to counter it by thinking that a single platform budget can be manipulated for an app with cross-platform skills. However, it is not so. Cross-platform mobile apps are built with a different roadmap. They require a lot of functionalities and abilities at the developers’ end which might cost differently and have a considerable incremental effect on the mobile app development budget. If you fail to build cross-platform mobile apps, you:
- Close down all possibilities of reaching the larger user base across iOS and Android
- Make lesser money
- Cut short the quantum of monetization through an app
Keeping mobile app and website development interchangeable
This is one of the greatest blunders which CTOs and CFOs commit while budgeting their next mobile app development project. Mobile applications are structured very differently from simple or even web application-type websites. Mobile applications have a whole world of functionalities running in the backend as micro-services. Whereas, websites can have different levels and layers of code. Kindly note that website development is a different affair requiring an all different approach and distinct efforts in a particular direction. Mobile application development is almost diametrically opposite and requires much more time material cost, energy, and complexity of the technological architecture. If you consider a mobile app and website development interchangeably, you will:
- End up exceeding your mobile application budget
- Compromise on development quality
- Diminish the overall impact of the mobile business apps
Wasting time with UI/UX
Although UI/UX designing is strictly governed by laws of human-computer interaction, it is relatively abstract compared to something as concrete as mobile backend development. There is no deterministic end goal which can let you flag off the race. It is generally seen the start-ups, and even mature companies invest a large portion of their time material cost on UI/UX design. It is good to care for the UX, but also one has to be practical realizing that it does not have an end to improve and improvise your UI. It is wise to end your UI/UX related operations once you can curate proper user journeys along all lines of UX. There is a subtle need for spacious and useful UI. If you prolong the UI/UX phase, you will:
- Extend the total duration of the project
- Leave lesser time for testing & QA
- Exceed the upper limit of your mobile app development budget
Ignoring support and maintenance costs
CTOs in mobile application development companies generally fail to be farsighted enough to formulate 100% precise mobile app development budget. One of the most significant pitfalls waiting for them is a perpetual cost of support and maintenance which is a must for ensuring a never dipping performance. It includes regular upgrades, version updates and new functionalities being added in on a consistent note. More than 72% of mobile application development projects exceed their budget. One of the most significant reasons is that they failed to incorporate the never-ending cost of support and maintenance of the app. If you fail to cover the support cost, you will:
- Find your mobile app crashed after sometime
- Suffer loss of users and performance
- Bad reviews about the mobile app
The most important: forgetting to incorporate mobile app marketing plan
Putting it straight forward, if someone fails to actively market their mobile app in today’s competitive world, developing and conceptualizing a business idea is a waste of time. You will never be able to achieve the desired results if proper efforts are not put in the direction of mobile app marketing and customer engagement effectiveness. Nobody merely is going to hit the install button unless impressed. Customers are offered a plethora of options, and you have to give them premium reasons to download your app in the respective business domain. If you fail to include the mobile app marketing budget, you will:
- Slack with the mobile app marketing plan
- Face customer bounce off problem
- Experience low customer engagement
Mobile app development budget is one of the trickiest keys to unlock the outbound potential of digital transformation via mobile business apps. A mobile business app is highly critical in today’s time, and the right budget is a dire need of the hour before you hit the development operations. Having a significant influence on the overall quality and effectiveness of the project, there is entirely no chance for you to miscalculate the budget figures and later on a compromise while spending.
It is always wise to probably postpone your mobile application development project if an abundance of monetary resources is an issue. But never start a plan if you are set to compromise. Agile methodologies generally offer customer-centric approach and ultimately, good iOS and android application development companies help you find a way even if there is a Slack. But it is always advisable to make the right budget. In the future, there are chances of micro retail-based mobile app marketing and development services where you will be able to control the overall expenditure more efficiently. In a nutshell, commercial and technology operations remain correctly glued to each other and adequately crucial for a flourishing business.
Author: Arul Karuppannan
Digital Marketing Strategist at W2S Solutions – India’s No.1 Mobile & Web App Development Company offering custom development solutions since 2010.