mobile app development

5 Effective Ways To Maximize Your App Development Budget

By 2019, the total worth of Mobile App Development Market will be $7,151.2 Million

5 Effective Ways To Maximize Your App Development Budget

Today, starting an app development company is something that has become quite common over the years. Even though there are hundreds and thousands of active web and mobile application development companies around the world, the process of picking the right one can still tend to be risky sometimes. 

The struggle doesn't exactly end here, the app development costs can either make or break your mobile or Web-based application projects. So in this article, we have decided to share some of the most effective ways to maximize your app development project. 

As we are currently witnessing the level of interconnectivity and mobility in almost every industry vertical, the importance of apps in assisting in our daily tasks has grown at an exponential level. If we look at the statistics released by Statista, the user preference towards mobile apps has increased at a rate of 71 percent and this trend seems to continue as shown in the graph below. 

user preference towards mobile apps

According to the mentioned statistics, it can also be stated that the total number of mobile application downloads are expected to double themselves in the span of the next two to three years. 

Best Effective Ways To Maximize Your App Development Budget

Here is the list of the most effective strategies that you need to consider in order to maximize your app development budget:

1. Know Technology Behind Development

In order to completely utilize a technology, you need to know the fundamentals of the technology behind the process of the app development procedure. To understand how actually mobile technology works, you need to get your facts straight, this also includes knowing about things like:

  • On what basis the app is being created
  • What is the general process of app submission
  • How will the user interact with the app
  • Is the overall app functionality relevant
  • Have we targeted the relevant audience with our app

The main focus here should remain on the reasoning part about the process of developing an app and gauging both sides i.e. the advantages and disadvantages of your app development projection. 

Apart from this, there are some other sections that also hold equal importance and provide more information about how mobile works and what happens after the development process. This includes sections like: 

Other Sections To Consider 

  • Mobile app development pre-defined timelines
  • User terms and conditions for the app
  • Average development costs for elements
  • Common steps for submitting a mobile app in app stores
  • Core 

 2. Pay Attention to RFP Details

RFP also known as a Request for Proposal plays a very important part in the world of websites and mobile apps. It is applicable to people who know how to code and can develop a mobile application. A Request for Proposal (RFP) can be defined as a centralized document that basically consists of primary requirements. Some of the basic requirements mentioned in RFP are:

  • Value Propositions
  • Pre-defined Deadlines
  • Business Needs
  • Development Budget

Creating a Request for Proposal with clear understanding offers a number of benefits through the app development process. Some of the main advantages that an RFP provides are:

Advantages of Request For Proposal

  • Well-formatted Information
  • Helps in managing resources
  • Can be used by Partners and Vendors 
  • Helps to streamline a process

3.  Value of Check-ins & Milestones

In some of our previous articles, we have emphasized the role of check-ins and the importance of milestones in an app development project. As a client, you cannot just simply hire the first mobile app development company that you found online and expect it to deliver a high performing finished product within a few months. 

This is a scenario that is much less likely to happen in real-life situations. But in reality, there are many check-ins and milestones required during the development procedure of an application. Here are some of the terms in which milestones can be stated as:

  • Calendar dates
  • Percent of Completion
  • Deliverables 
  • Payments

4. Review all Documentation Work

The documentation and technical work both go hand-in-hand during the app development procedure. In order to successfully maintain your customized mobile development costs, you also need to cover various sections that many entrepreneurs don't pay much importance like:

  • Scope of the Project
  • Request for Proposal (RFP)
  • Software Documentation

When the mobile app development projects reach a stage of maturity they also require to have a SOW this stands for Statement Of Work. If you are someone who is working on an app development project for the very first time then you also have the option to look for SOW examples online. On a general basis, these are some of the points that are included in a Statement Of Work

Elements Found In Statement of Work

  • Project Description 
  • Timeline Schedule
  • Business Requirements 
  • Payments Schedule 
  • Technical Requirements
  • Overall Budget 

5. Validation of the Process

The validation of a product is done both before and during the process across its many stages of development. This is the part where the data is taken into consideration with a practical approach instead of a theoretical one. Here, many questions are required to be answered, some of them are: 

  • What do users expect from the product?
  • Is there a great demand in the market?
  • Will the product survive in competition?

As mentioned above, the questions are related directly or indirectly to the digital product or service. One can also say that product validation is an ongoing process where some crucial queries are being answered as the below image shows some of the examples.

Questions Related to Product Validation

  •  Is there a mass-demand for users in the market?
  •  Is the business solution worth the total development worth the total development cost of the solution?
  • Are there core product features that are easily identified in the early stages?
  •  Is the business proposition clear as well as easily explainable? 

Key Takeaways

  • The download rate for mobile apps is increasing at an alarming speed.
  •  Knowing the technology fundamentals the overall procedure of the app development process.
  • Request for Proposal plays a crucial role in the world of websites and mobile apps.
  • There are many check-ins/milestones required such as Payments, Deliverables, details etc in a project.
  • The documentation and technical work both go together during the development process.
  • The Statement of Work includes points like budget, timeline, and description.
  • Product validation is an ongoing process where some crucial questions are being answered.
  • Once you are in sync with the development team, the flexibility factor increases automatically. 

So these were some of the most effective ways to maximize your mobile development budget for your application. Also, don’t for to check out some of our other interesting articles like ‘Mobile App Development Trends That Will Take Over In 2019’ and ‘Mobile App UX Design: What To Do & What Not To.’

Twinkle <span>Product Strategist</span>
Written By
Twinkle Product Strategist

Twinkle is an experienced business and marketing consultant of the mobile app industry. She advocates perfect branding to the latest tech releases. She is passionate about writing well-researched reports to help the app owners and the mobile app industry audience. Also, she has a vibrant touch that goes well in her writing as well.

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