It is difficult to put a monetary value on the idea that you have conceived.
However, people love to put a price tag on an idea to find its true worth.
Daily scores of ideas are implemented into mobile apps, but very few of them achieve the level of success that attracts the attention of people.
While app development is very important, you cannot ignore the importance of the unique idea that was turned into a mobile app.
The price of your product plays a crucial role in getting the initial eyeballs in the App Store.
If you peg the price of your app right, then the chance of its success when viewed in terms of download as well as retaining the users improves dramatically.
So, how can you reasonably decide the price of your app idea?
The price of your app idea depends upon a lot of factors that include what kind of functionality it offers, the market competition, and consumer psychology.
If you have an app idea but are not sure about its true worth, then read this article carefully.
Here we have given you a step-by-step analysis of the product pricing strategy for your app idea.
Factors that determine the price in which an idea is developed into an app
Pricing of a mobile app idea is complicated as it depends and you have to look at various things to arrive at the right price.
Here we will share with you some points that would help you to find the right price for your app idea.
Human psychology
Human psychology has the greatest impact on the perceived price of your mobile app idea.
In the App Store, you will find that for every single app, there are alternatives available.
So what makes a consumer choose your product?
The answer to this question is very simple; they must think that the perceived value of your app should be comparable or even better than other similar apps available in the market.
You must do some research about the prices of your competitor apps and at the value proposition, your app idea offers.
If the potential users of the app believe that the app based on your idea would offer them a unique and better experience, then that idea would worth a lot.
What the market is willing to pay for your app idea
Another way to find out the right price for your app idea is to do some research about how much price the market is willing to pay to buy your mobile app idea that you have conceived.
To do this you must test your idea in different price ranges and find out how the market responds to it.
The maximum price the market is willing to pay for your product is the true worth of the idea at that point in time.
This is a fully transparent process, wherein the market forces benchmark the worth of your mobile app idea.
Build something that the users want
It is important that the app idea you have thought about should solve some problems of the users and make their life a bit easier.
If you have an idea that people really like to adopt and it has no other alternatives in the market, then it is easier to find the price of the app.
Furthermore, you should have in-depth knowledge about the current market trend about the price you can get for the mobile app that you want to build.
Based on the trends, you can also pretty accurately forecast the long term revenue inflow from the app.
Look at the market and study the competitive landscape
To arrive at an optimum price for your mobile app idea, you can rely on the overall demand for such an idea in the market.
In this strategy, you research the competitive landscape to find out the opportunities it offers.
When you understand the market demand of your mobile app idea and look at it from the perspective of the user, then it helps you to find the right price for it.
It should be competitive
Make sure that the final pricing point of the app idea should be competitive.
If you price it too high, you will not be able to attract new customers and if you keep it too low then you will not get the value that you truly deserve for thinking out a unique idea.
Conclusion
As the amount of investment in developing an app from an abstract idea depends upon a lot of factors, it becomes a bit difficult to have an accurate price tag on it.
However, we can make an educated guess by looking at various factors.
These include the level of sophistication of the app, the number of technologies and features it would incorporate, how much time it will take, and others to arrive at a good guess about the price of the idea.
Besides this, one of the questions that might be revolving in your mind is, I have an app idea What next? For this, you can refer to this quick guide on What to do with an app idea.
Lastly, if you want to know the worth of your idea but don’t want to go through all the above points, then you can approach a professional app developer and seek their suggestions in this regard.