Today I want to chat about something you probably don’t want hear about, but it’s got to be said.
It’s simple, yet ignored reason your app business might not make it. Every once in awhile I’ll take another look at my business as if I was hired as a consultant to come in and ask the difficult questions.
Things like >
1.) Why are you working on project A when project B is proven to earn you more money?
2.) Why aren’t you growing your user base?
3.) Why aren’t you surveying your users to get more insight?
4.) Why did you price this app the way you did? It’s too cheap
5.) Why aren’t you running paid traffic to your apps?
These questions can be overwhelming when someone throws them your way all it once, but if you don’t answer them your app business might die.
It basically comes down to juggling projects that pay today and projects that pay later.
That’s the simple truth, but let’s dig into it deeper below.
You have to get money in the door to keep the lights on and you also need to be working on some bigger / longer term projects.
The trouble is…the longer term projects can eat up your cash and pull you away from the bread and butter revenue.
- Spend too much time on the big projects and you’ll run out of money.
- Spend too much money on the small projects without a long term plan and you’ll always be chasing your tail.
So now that you understand what I’m talking about you might be wondering…
“Ok. so you pointed out we need to juggle projects and make money. Thanks, but….I already knew that.”
Well, I’m sure you did at some point, but the majority of us get pulled in a million directions and it spreads our mental capacity and cash quite thin.
What’s my solution?
> The solution is to better balance and leverage projects that are already in a position to earn revenue
> The ones that could be months from earning a dime.
For example, we are experimenting free apps, lead gen, backend marketing, in app purchase up-sells, subscription and a few others things. Those are long term plays.
We also have paid apps that are a bit easier to mange, measure and earn revenue with today. We can take existing (PROVEN) apps we already have LIVE that have a history user approval and revenue and pump more users into them.
We have more data, more knowledge and the systems setup to honestly generate revenue tomorrow, but don’t always leverage that.
Further more >
Let’s say we have a paid emoji app and know we can generate revenue tomorrow by doing three pretty easy things >
1.) Contact influencers, groups, friends in that niche and get downloads. Some will be at not cost to me and some will be rev splits. Either way, it’s pretty easy.
2.) Turn on the Facebook ad machine. Every emoji app we’ve created has already had ads not only made, but used to generate revenue. Some did better than others, but now that the market has calmed down and people started looking at other shinny things, we can turn it back on. Not all campaigns we turned off was because they weren’t profitable, it was because we allocated ad spend to other apps. Some campaigns will just be one click to turn back on. We will look that the best ones and choose those. Others will take a little more work, like finding better targeting interests.
3.) Find a physical product (drop shipped) that relates to the niche and target those that installed your app. They are proven buyers in the niche and your price point could be $30+. If you are building up an email list of your users then this could be even easier. Send an email instead of running ads.
Even though I said these are relatively easy, I’m not doing them all the time. These are clear winners (some not for every niche), but there is only so much time in the day and it’s up to me to make sure some of that is actually focused on proven wins.
Wins that bring in the revenue that let’s us continue.
Have you ever been in a tough spot. Either with life, money or a deadline at work where you said >
“If I just had 1 more day”
“If I just had $1000 this month”
“If I could just lose 10 more lbs”
“If I could just wait until this next project is LIVE”
We all like long term plays and possibly big payouts, but if you can’t keep going, you’ll never get there.
So the whole point of this blog post was to get you thinking.
I have thought about this a lot lately and it’s really draining to always trying to think about they next thing. Not only think about it, but having the next thing fail or at least fall short.
If I added up every deal, idea, partnership, launch, paid traffic campaign, etc…that was supposed to generate X amount of >
Success I’d be a rich man. You probably would too. It’s not just money. Whatever the intended result was >
There’s so much potential, but a lot of times so little actual results. That’s Life.
Ever build something you thought would be the next big thing?
You worked tirelessly and spent piles of cash. You spent so much time in your own world that you missed the mark? You show someone that is supposed to jump out of their chair and hand you money, compliments, thanks you’s…ect and instead you get >
“What is it supposed to do?”
“How does it work”
“Oh, that’s clever”
“Oh..cool. You built this?”
You get the point.
So instead of always chasing the next big thing I’m putting a bit more into what I know already works. The small proven wins fuel the long term bigger projects. If we don’t get cash and confidence in the door on a regular basis there is no long term “big” / “defining” project.
What does this mean for us specifically?
We are going to push traffic to the products and apps we know already perform. It’s not exciting or ground breaking, but it works.
What does it mean for you?
Well if you are killing it and have so much cash you don’t know how to spend it, then you probably didn’t need to read the post, but if you are like a lot of developers and marketers these days…you might want to focus on the top 3 wins you’ve had this year.
Find out why they “won”
Find out how you can do more of that or simply scale that project up.
If it’s a paid app you used Facebook ads to get installs and could make $1 on each install, why not just scale up?
We will be scaling winners.
What do you really want vs. What you said you wanted.
Recently we sent out a few emails asking questions about what you wanted.
1.) Specific app templates
At first I thought this was good because we got consistent answers and then bundled up what people said they wanted + offered a killer price.
I thought we did what people wanted.
The problem with that was people didn’t really know what they wanted. I mean they did, but not for the right reasons.
They might be interested in product x, but what they really want is a system.
There are a ton of app templates out there these days. I believe we have the best ones in the niche we cater to.
Casino and emojis.
However, being the best doesn’t really matter if the user doesn’t notice. What matters is how you can take that template and generate cash from it. Even with a course that does just that, I don’t think it’s as popular because it something new.
People don’t want to always buy the next best thing bundled with courses to help them succeed. What people want is >
1.) Validation that what they already have can still work
2.) Validation that they didn’t waist hundreds of hours and thousands of dollars creating something no one wants
3.) Someone to tell them how to take what they HAVE and make them cash with that.
Well…good news / bad news.
Good news is I completely get it.
Bad news, not all apps / products / projects will make money. Some ideas are bad ones. Some ideas are great, but the niche is bad. The positioning was wrong. The marketing was bad. The advertising didn’t connect.
So what I believe would be more beneficial to all you out there sitting on apps that aren’t making any cash, but are solid…you need a plan to either
1.) Validate you can turn it around
2.) Cut your losses and move on to another project. or niche that can work using those assets, the data, the users..ect
That’s a win win. You win because you aren’t stuck on something that will never pay off. You win because you might have 90% of it right, but that 10% is tanking your project.
Maybe you built an app for a niche that said they wanted it and then you launched an everyone was under whelmed. That’s not to say they app is trash. That means maybe the app you created might of missed the mark with the Niche.
We are combing through our assets right now
to see which ones are worth selling, throwing out, and pursuing.
Think of it as a business cleanse.
If you would like help with >
1.) Niche evaluation
2.) App evaluation
3.) Facebook Ads
4.) Making ads that convert
Send me an email at Support@moneyfromapps.com
There is a good chance our next course will be revolving around the idea of taking what you have and turning that into cash instead of buying a new template. You are probably sitting on a lot of resources right now and just because you don’t see the potential doesn’t mean it’s not there. You need an outside perspective.