Smartphone Apps Might Not Be Worth Your Business’ Time and Energy

As far as entrepreneurship is concerned, consumer trends come and go. From Chia Heads and Cabbage Patch Kids to Tamagotchi pets and Beanie Babies, just because people used to buy something, doesnt necessarily mean the market is still piping hot in todays day and age. No, youre not surprised to learn that archaic toys attract few buyers, but what if I told you that something you use on a daily basis is well on its way out the door? Admit ityoure intrigued.The answersmartphone apps. Thats right, though only a handful of years removed from its heyday, app fever isnt nearly as contagious as it was in recent memory. Regardless of niche, what was once considered a tech staple of user excitement is now little more than a great way for up-and-coming businesses to burn holes in their proverbial pockets.Apps and OverheadsThanks to the Internet, brick-and-mortar businesses are no longer the only type of money-making endeavors entrepreneurs can tackle. That said, this doesnt mean overhead expenses are eliminated in their entirety, especially when apps are part of the discussion. In fact, Ken Yarmoush of Savvy Apps recently revealed that most cheaper developmental undertakings set their investors back to the tune of around $25,000. As such, its not all that uncommon for app projects to become million-dollar affairs in no time at all.But wait, the plot thickensGarner Inc. estimated that less than one percent of all mobile apps ever becomes a financially sustainable project. Yes, apps were once an excellent resource for growing a businesses, but as of 2016, thats hardly the case.
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An Upgrade You Cant Count OnThink about itwhen was the last time you actually pulled out your credit card and paid for an iOS or Android app? If youre like me, its been a good while. With this in mind, the question begs to be askedhow exactly do apps make money? Basically, there are four different ways: 1) The app download itself costs money. 2) In-app upgrades call for funds to be exchanged. 3) Ad space is sold within an apps main interface. 4) Subscription fees are paid to grant app access and use.Based on experience with the apps on your phone, youve probably come across a combination of the second and third methods. Sure, these techniques have worked in the past, but app experts see signs of these methods now failing to deliver much value.The biggest issue? A lack of upgrades. Not long ago, research conducted by Flowspark Studios found that upwards of 95 percent of users never upgrade their app settings, regardless of how much they love an app. This means that an app can receive a tremendous number of downloads without its creators ever seeing any kind of monetary gain.User ProblemsTechnology is always looking to advancemobile apps are no different. Currently, both marketers and developers are starting to build browser-based apps, and with good reason. In 2015, these smartphone apps received double the traffic of their more traditional counterparts.But the bleeding doesnt stop there. Amongst other things, apps clutter users home screens, take up a great deal of bandwidth and demand frequent, untimely updates. Sound familiar? If so, its people just like you who are quickly closing the door on the app industry.A Glimmer of HopeThough certainly a bleak situation, when all is said and done, rarely do canopying statements prove to be truesuch is the case with smartphone apps. While Silicon Valley might soon be turning its back on the app industry, there are still a select few slices of the professional realm in which apps continue to thrive. The following are a few of them:Considering the app industry to boost your bank balance? Know this nowno matter how groundbreaking, ingenious or clever your idea, the odds of your app becoming a raging success are severely stacked against you. As of 2016, youd be wise to proceed with caution.
Lucas Miller is a Freelance Copywriter and Founder of Echelon Copy. When not writing, editing or running, he’s working tirelessly to perfect what he claims is the “World’s Greatest Pompadour.” Additionally, for what it’s worth, his editorial works have been featured on Social Media Today, Business2Community, Ragan’s… Viewfullprofile