July 26, 2016

How To Make A Million Dollars With Your Product

July 26, 2016

How To Make A Million Dollars With Your Product

Stump the Strategist

Q: I have a global app that lets people know in 30 seconds if they can or cannot get Visa for Australia. It costs $2.99. With a marketing budget of $20,000, how do I make $1 million out of this app?

 

 

A:

  • Understand that this is risky — an app for $2.99 that’s expecting a return of a million dollars is unlikely and unrealistic. It’s important to take the time to flesh out a revenue projection that takes into account all factors that might impact the business’s growth.
  • Be very clear about your purpose: Are you there to provide a visa, or are you there to provide dreams, connect people, give people a new hope and new future? This purpose should be the guiding principle for your business and should be seen in all aspects of your app.
  • Partnerships and joint ventures are a great option to make this global app stand out. Look around your industry and try to find other companies that you can integrate or share this app with. This allows you to gain a broader reach as you’re able to tap into their database and get more people aware of your app.
  • Determine where the right customers are coming from in order for you to know where the real money is. This requires you to do some research surrounding your target market, where these customers are, how you can reach these customers, and what kind of content these customers engage with.
  • Employ the inch-wide, mile-deep strategy. This is all about defining the smallest, tightest audience that you can talk to, yet large enough for you to make enough profit.
  • Use the RAMM Model (result, audience, message, medium). Most people begin with defining the medium they’re using when in fact, it’s important to begin with the result you want to achieve. Once you know the result you want, you have to think about the experience you want your consumers/customers to have with your app. Understanding the target audience allows you to define the message you want them to take away. Once you have the message, the audience, and the result you want, you’re able to work out the best medium to achieve your desired result.
  • Get trust marks and third-party endorsements so that customers see that your company’s credibility. It’s important you give your customers a reason to trust you over your competitors. Use testimonials and upload logos of companies you’ve worked with on your website.
  • Plan for ways you can make sure that you land at the top of the page on Google searches (e.g. SEO). When people google relevant search terms in your industry, try to ensure that your website is the first one to appear. People generally click the first three links and don’t bother scrolling down.
  • Ensure that your current customers are recommending your product to others. You can do this by strategising referral agreements and benefits for customers like coupon codes, discounts, or increased memberships

 

Featured strategists

Ashton Bishop – CEO, Step Change
Glenn Bartlett – Associate Strategy Director, Step Change
Clare Rainbow – Client Success Director, Step Change
Lisa Mathews 

About Stump the Strategist

  • Questions from the floor, answered live in nine minutes
  • It’s opinion, not advice
  • Step Change charges clients for advice — Stump the Strategist is free

PS: There’s more where this came from. Watch more Stump the Strategist videos here.

stump-the-strategist-generic

      Categories

      More

      Related posts

      Recent posts

      To get to know you better, please fill in the field below.