Top Advantages of Crowd Funding for Your Mobile App Development
When anyone starts developing an app for their business, their startup, or even for personally they want it to make money as it takes a lot of their time and resources. Anyone who comes up with a unique idea wants to monetize it. One of the most useful & practical ways to do this is to get an application for your idea. However, most people are afraid to move forward as they keep on thinking about how much it costs to create an app for their idea. So, because of this, they move ahead with another option as they do not want to risk losing everything again. However, you may go another way app crowdfunding to reduce those potential threats.
Here we have different mobile app funding sources that not only help in bankrolling your application but also give you feedback on your ideas and how to make your creation more popular.
Why Should You Use Crowdfunding?
When you think of crowdfunding, you may be thinking that you are using this method to fund all aspects of your app. It is not the same case every time as you can use crowdfunding to get money to develop certain parts of the app individually. You can use funds to advertise your existing application which users are already using. So, if you define crowdfunding, then its main purpose of crowdfunding is to take the idea or application you already have or make it better than the present app.
Crowdfunding is not only for generating funds for your application development or making it better. By putting your application on one of these platforms, you can get an idea of how much your app will be established among the users and if they are willing to pay. Even if you don’t get any funding, you will know that you need to put some changes and work into your app to make it more useful.
When the funds actually start coming and then you are your team will start feeling confident & start converting your idea into an app. Such platforms also allow users to provide you with feedback & what changes you need to make in your mobile app development. This will eventually help you build an app that can make money for you.
Creating a Quality Network for Better Advertising
When you have an idea and you are trying to monetize it then you will have a greater network of people interested in your type of product. Through networking, your product is going to reach more people which eventually builds a potential customer delivering your profits.
The word of mouth and having a few quality applications already in your portfolio are going to be the keys to your success as an application developer. If you do not already have a solid network then crowdfunding websites can help you with creating a new and useful community for your business.
Choosing the Right Crowd Funding Platform for Your App
There are many options available in the market as a crowdfunding platform. Each one offers different aspects so that you can choose the one that will support your application and your idea.
AppStori is a superb funding platform for app ideas but it is limited to US residents only. The apps which are made for the iPhone App Store and Google play store can be seen on AppStori. You can set your goal for funding and decide what rewards to offer in exchange for funding. If you are not able to reach the funding goal then you won’t get the money. You also can’t get more money than you have asked for.
You can also find the experts at AppStori that will take a look at your project and give you an honest opinion on whether it will be successful or not. AppStori also takes a 7% cut of your earnings, and Amazon takes 2-3% for credit card processing. You can also read your post developments and read comments on what changes would make customers stay.
Indiegogo allows you to choose what type of funding you want. Flexible funding allows you to keep your funding raised by a specified date regardless if you have reached your goal or not. On the other hand, fixed funding is one that returns funds to supporters if you do not reach your goal.
The best thing about Indiegogo’s platform is that you get to keep your app in your hands 100%. You need to win different rewards and eventually, you will get the attention of potential funders. Indiegogo also helps you with various tips along the way. So, your app can stand out from the crowd and you can get the funding you are looking for.
AppBackr is app-specific and only used for the iPhone’s App Store & Google Play as these are two major platforms where people upload their apps. AppBackr allows you to get funding for applications already developed and available for customers. You need to upload a proper description of your app and how it functions along with the points why people should fund your app. You also need to set goals that will tell how much money you are going to make in different quarters. When this goal is met, your funders will then start to earn money.
So the main idea behind AppBackr is that your funders get to make money off of your product. When you start to make money, you pay them back more than what they had initially invested in your idea. Once your funders are paid back their initial investment plus their profit, you’ll start getting all the funds that come in.
Kickstarter is not app-specific but has a lot of opportunities for funding. It allows you to follow a creative approach to turn your app into something amazing. This makes it perfect for earning and crowdfunding app development. At Kickstarter also you need to set a goal for how much money you need to fund your app. When once the goal is achieved, Kickstarter takes 5% Amazon takes 3-5% for your credit card processing, and then you get the money.
Similar to Indiegogo you have 100% ownership of your app so you do not have to give any of your earnings to Kickstarter. You will be rewarded as per your idea and people will decide whether to fund you or not. You can decide which rewards you want to offer in exchange for funding. You should make sure that whatever you decide on is something that is interesting and exciting for you.
AppFunder can also be used for the App Store and Google Play. During the setup process, you get to set two milestones, and you have the ability to set them later. You will define what the money given to you by crowd funders will be used for. It allows users to check what they are getting into. Even the funders can have access to your app for free when they give the set amount you have put in place.
Once you have reached your goal in the specified time you will get 80% of your funds delivered. AppsFunder takes an 8% cut for the use of their platform and connects you with other funders.
These are the top crowdfunding app development platforms for your idea and also to get information about where you stand in the market. If you get funds then you are going well and if not then you need to make changes and fix the issues. So, it’s a win-win situation for you and your idea. We hope we have helped you with this blog and the information it contains.
VerveLogic can be your one-stop solution for mobile app development and web development because we have a team of experts and market experience. You can get your app or website developed at the best price possible.
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