How to Build an MVP that Gets Funding for your Mobile App? — TheCodeWork
Hey, Have you heard there’s an explosion? Yes! A big one. The mobile app market has exploded, with millions of people using apps for everything from shopping to social networking. It has become the soul of our lives. So, are you planning to build your app and making a handsome earning from it? You landed on the right page. Yes, I’ll be telling you how to build an MVP that raises money for your mobile app. *Cash blings*
Why an MVP? Launch smarter, not harder. It is a basic version of your app that contains only the core features that your target audience needs. It’s a way to test your idea and get feedback from potential users without spending a lot of money.
But hey, this blog is not about preaching about MVP right? So you may also read this for more info — What every entrepreneur should know about MVP? Here, we will specifically talk about how to build one for your app that raises money.
It’s a cost-effective way to test your app and gather feedback from users. By prioritizing the essential features, you can create a simple, user-friendly app that people will be interested in using. With clear value & functional prototypes, you can secure funds & showcase potential to investors for your mobile app.
Now, all me to walk you through the necessary things to consider while developing a product that raises money for your mobile app.
No worry’s, I’ll lead the way for you.
How to build an MVP?
One of the most crucial aspects of building a product is to help you find your target audience. Thus, you can boost user engagement, enhance satisfaction, and drive app success.
Let’s explore the process of identifying your users and their pain points in more detail.
Identifying your users & their pain points
Identifying the pain points of your users is very crucial . This is the first step in developing an app that the target users will use and pay for. Basically, all you need to do is — understand your users’ needs and preferences to solve a problem.
Here’s a bonus tip: Look for loopholes in the market by tapping on the competitors. Why not fill in those gaps? You will automatically gain traction, don’t you think? By the way, Did I tell you this?
TheCodeWork will be there to guide you on how to build an MVP. All you have to do is, reach out!
Remember, a thorough understanding of your target audience can help you prioritize features and avoid loopholes. Focus on essential features to create a cost-effective product that proves your app’s viability.
Now, that’s how you hit a bullseye!
Develop a clear value proposition
Your value proposition is what sets your app apart from the competition. It is a statement that explains why your app is unique and why people should use it. Your value proposition needs to be clear and concise to highlight the benefits of your app. Communication is a way that resonates with your targeted users.
When developing your value proposition, consider the following questions:
- What makes your app unique?
- How does your app improve the user’s experience?
- What problem does your app solve?
- Why should people use your app instead of your competitors’?
This might seem a bit daunting, but trust me it’s not that difficult if you seek it right.
Well, you can start by building your app with the bright IT gurus of TheCodeWork. For more information, contact TheCodeWork’s MVP Development Program!
Developing a clear value proposition is essential for creating a successful app. Now, you need to craft a unique and compelling value proposition that resonates with your target audience.
As it will help you to,
- differentiate your app,
- retain users, and
- achieve success.
Another Bullseye! Whoa!
Test with a target audience
Once you have built your product, it’s time to test it with your target audience. This is the final and major step in the development process. Why so? Well, it allows you to gather feedback and make iterations before the final launch. After all, this is what you built the product for, right?
Here are some tips on how to test your POC with your target audience:
Let me remind you again that the tech experts at TheCodeWork are here for you. Get on a free consultation call may be?
Now, you know that testing your product with your target audience is a crucial step in developing your app. Also, it allows you to create one that provides a seamless user experience.
Coming Up next on the platter — Investor lookout!
Remember, when looking for investors,
- Focus on demonstrating the potential for growth of your product,
- And also the customer satisfaction that it can provide.
- Prioritize profit-oriented features and,
- Create a roadmap for the development process. Simple!
Some features to grab the investor’s attention:
- Focus on the core problem: The POC should have the basic features that solve a problem.
- Be scalable: Investors are interested in startups that can adapt and evolve as your customer base grows.
- Show traction: Numbers are something that attracts Investors. You can flex them through metrics like user acquisition, engagement, and retention.
- Have a Bulltet-proof Goal : Investors want to see a strong player in you, abide by it.
Keep in mind that a proper presentation of your idea is the ultimate magnet to attract mega-investors.
Yet, it does not have to take up all of your time! You can now sit back and relax, knowing that TheCodeWork’s tech team will test your app on a range of devices and operating systems.
See, defining the core features of your app solves critical issues. It also strikes a chord with your intended audience, crucial for raising funds.
So, now that you know how to build an MVP, it’s time to move to the next important segment. You might be wondering now — how do I get investors to invest in my product? Well, Relax…I am your guiding star and this blog is your compass.
Tips for Successfully Pitching Your Product to Potential Investors
Now have a look at how to pitch your product to the potential investors:
- Check out your potential investors: It is critical to do your homework on potential investors. Don’t you think? You’ll want to identify investors that are best suited for your target industry.
- Highlight the Scalability of Your Product: Showcase your USP and the market size. This is another important segment of pitching to investors.
- Make a Pitch — Focus on the ROI: Pitch your revenue generation and the potential of your product. But how? Well, create a concise pitch deck highlighting the USP of your app. And don’t forget to include financial projections showcasing the revenue generation.
Now, I believe that now is the ideal time to leverage on attracting investors. And, of course, you can expect round-the-clock assistance from TheCodeWork’s Startup Ecosystem at all stages!
So, The key Mantra of successfully pitching your product is now in your hands. Proper pitching on showcasing the potential return of your product is what you need. Start pitching now!
Explore Alternative Ways to Secure Funding for Your Project: Beyond Investors
If you are hesitant to follow the traditional way of raising funds at the early stages, then hear me out. Let’s explore some alternative ways of funding your project without solely relying on investors.
Whether you’re starting a new project, or you need to raise funds for an existing one, I got you covered.
- Government & Global Funding Programs: For India, I can tell you that The (DIPP) offers a range of funding schemes for early-stage startups. However, we have the Global Innovation Fund (GIB), they provides an open window globally to receive ideas for funding.
- Crowdfunding: Crowdfunding platforms allows entrepreneurs to pitch their project to a global audience. It collects early-stage funding from individuals who can see the promise of a good future there.
- Peer-to-Peer: In peer-to-peer lending, You can borrow from individual investors for a return on their investment, without sacrificing equity or control.
Remember, TheCodeWork’s Startup Ecosystem exists! Reach out to us for any assistance that you may require to build your MVP.
To wrap up, there are many alternative ways to secure funding for your project beyond just relying on investors. These options allow you to maintain control and equity while still accessing the funds you need to grow your project.
So, get creative and explore the horizon in front of you!
As we reach the conclusion of our journey,let me state a few things for closure.
You must focus on real problems, user experience & feedback to improve the product. With a well-executed product, you’ll be able to demonstrate your app’s viability, generate interest, and secure funding.
Remember : (Strong MVP = Viability+Problem solving)
So, keep these tips in mind, and put in the informed decision to execute the idea. Watch your product grow into a successful app that not only raises money but also solves real-world problems for your users.
Thank you for continuing to read this, I appreciate your attention! If you are interested in building an MVP, please feel free to contact us at TheCodeWork.