With the infusion and escalated use of technology, the mobile app market has grown by leaps and bounds, especially in the last decade. Further estimated researches show that the size of the mobile app market will reach $407.31 billion by the year 2026. Thus, if you have some trending app ideas then this is the best time to invest in mobile app development.
Since the mobile app market is very dynamic, keeping up with the changing trends becomes very important. For doing this, in-depth market research before developing a mobile app is a very vital factor. The importance of mobile app market research can be realized from the fact that it gives the company valuable insights into their competitors. In addition, it gives you a clear idea about your own strengths and weaknesses as well.
The performance of mobile apps in the modern era depends significantly on the behind-the-scenes research work. Many studies have shown that mobile apps developed without adequate research die a premature death at the app store. Statically, around 72% of the upcoming mobile apps fail to make their mark on the market because of lousy research work.
This article will discuss why market research for your mobile application is needed and the difference it can bring into your overall business ROI.
How Market Research can help with successful Mobile App Development?
“In the long run, curiosity-driven research just works better. Real breakthroughs come from people focusing on what they’re excited about.” – Geoffrey Hinton, Psychologist and Computer Scientist
The business of mobile app development is very dynamic and it purely depends on the changing needs and wants of the customers. Doing market research is very crucial to build your stunning mobile app. Therefore, the businesses need to remain on the top of their game as far as knowing the latest market trends are concerned.
Due to its ever-changing nature, developing a mobile app is a very tough nut to crack. And without adequate market research, the whole process can become directionless in no time. The businesses wouldn’t know who their targeted audience are, which market is best for their mobile application, and most importantly the set of features to be bifurcated as must haves’ and which features to be added later as additional ones’.
In addition, full-throttle market research also helps in keeping the app development project within budget. It also assists the marketing team in coming up with unique ideas and enhancing the mobile application’s popularity.
A detailed analysis of the market for your business app will give you valuable insights and stop you from making terrible mistakes. Moreover, as you will understand the customers’ pain points, you wouldn’t cram the mobile app with unnecessary features.
With an increase in the number of options available, the patience levels of the users are declining at a rapid rate. They will instantly discard the mobile app if it keeps them waiting to do important tasks.
The in-depth market research also helps you become the pioneer in your industry using mobile apps as the platform to help your business reach greater heights.
Advantages of market research
The benefits that the businesses gain from market research for getting a cutting-edge mobile app developed are immense. We have listed some of the top advantages below:
Faster data collection
Market research for mobile apps allows faster data collection. This is one of the prominent answers to the question ‘why is app market research recommended as a must-do strategy?’ As the new-age customers use their smartphones more than any other device, it is easier to get faster responses through an app.
While doing in-depth research, the insights are not limited just to text-based questions. You can gauge the customer’s behavior from various touchpoints like their social media platform, photos, audio, video, etc. The market research gives you a more diverse data set for further analysis.
Enhances the brand value
The needs and wants of the consumers are constantly changing. Thus, it becomes difficult for businesses to find their core audience to target or which sections of a market will be more interested in their mobile application. Market research helps in fostering the customer-brand relationship and eventually increasing the brand value.
Through stoic mobile app market research, you can increase the usability of your mobile app. Various market research shows that 80% of smartphone users check their phone within 15 minutes of waking up. Thus, the more you engage with your customers on the mobile app, the more chances you will grow your business.
The process to conduct mobile app market research
It is inevitable for the business houses to have a clear idea about conducting their market research. Moreover, there is no explicit template that defines ways to conduct market research. In the quest to stand unique from its peers, each business conducts the research in its own way.
Broadly, the process of market research is categorized into two major categories:
In Primary Research, the company must define the actual need of the app in the market. After this, they must design an optimal business model to keep the app relevant in the market. Once the business model is finalized, optimizing the marketing strategy for the app becomes the next step. Marketing strategy holds much more significance in the modern market as customers are more inclined towards personalized services.
Secondary Research mainly focuses on the main strength of the mobile app. When you define the core strength of the mobile app, bifurcating your target audience becomes easy. In addition, the company can optimize its social media strategy and cater to each of their targeted customers individually.
Continue to read : Importance-market-research-before-mobile-app-developed
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DK Business Patron, one of the most renowned firms in the outsourcing industry has launched its new Global financial research services. This addition to their existing ongoing business ventures will not only open new dimensions of the global market but will also help DK Business Patron to explore different aspects Financial research.
The new Global financial research services department would comply with all the associative services that are linked to finance and research. From asset management support to equity research, DK Business Patron has a team of well-trained managers that are quite capable of providing the desired services to the clients.
The new service shall have a combined package of Investment research, Sell-side research, corporate finance support, asset management support, investment banking support, equity research, financial research reports, and financial analysis. This package is designed keeping in mind all the necessary outsourced investment research services that a client shall require in the long run.
Unlike other outsourcing companies in India, DK Business Patron does not work just to provide services in return for the revenue generated. Rather, it believes in developing a strong client relationship which is possible only by satisfying the clients with its services. Which makes the launch of the new global financial research services another move towards increasing the already built international clientele.
DK Business Patron is an essential component in the outsourcing industry and has been providing outsourcing solutions to numerous clients for more than 8 years. Being a trusted company, DK Business Patron has earned the loyalty of a huge number of small as well as medium scale industries.
Being associated with outsourcing business for almost a decade has given DK Business Patron an upper hand in recognizing and establishing links with the target market. Launching a whole new global financial research services unit will not only help in increasing global connectivity and reach but would also aid in penetrating the outsourced financial research services segment.
Outsourcing financial research services have been in trend in the contemporary era. It not only provides strategic benefits but also helps in cost-saving and risk-sharing. Investments are a crucial part of the business and to find out the most beneficial investment seems to be the trickiest of all.
DK Business Patron claims to deliver services that would not only show tangible growth but would also focus on intangible aspects that lead to prosperity and development. Personnel trained especially to satisfy the customers in each and every aspect that is demanded has been set up in each department of the financial research services unit.
For a long time, India has become the hub of outsourcing services demanded by offshore clients. DK Business Patron has been one of the leading service providers in India for more than 8 years. Being situated in Delhi has given the firm required modernity and techno-savvy environment that any business enigma would require to cope-up with the testing competitive times.
After being associated with BPO Solution, KPO solution, and other IT-related outsourcing services, DK Business Patron has now decided to step foot into the financial sector with its new global financial research services. This move is surely going to be revolutionary and would turn around tables in the global market.
Building long-lasting relationships with the clients and smooth functioning have been strong points for DK Business Patron which helped it to open new dimensions of outsourced investment research services.
Industries usually outsource their business when the need to focus on core business activity intensifies. This makes it even more risky to handover secondary business activities in the hands of a third party. DK Business Patron has earned the trust of all the clients associated with it to date. It has not only stood up to the mark by providing satisfactory services but even after being a service provider, has been working dedicatedly just like an in-house unit.
Keeping in mind the ultimate goal of satisfying its clients and working together with them as one unit, the launch of the new global financial research services by DK Business Patron is going to be utterly profitable for all the new investors looking for a helping hand to thrive in the global market.
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The process to avail all the information about the areas of business in detail and using this information to maximize the profit of the business is known as business research. Business research helps in determining which product or service will get the maximum profit. Business research is acquiring knowledge about the professional purpose to determine the goals in business. Business research broadly means, surveying the general public and asking them questions to know how and where to spend money to increase market share, sales, and profit.
Advantages of business research
Quantitative research methods
**Qualitative research methods **
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DK Business Patron is one of the most revered and known outsourcing company based in India that has its roots spread all across the world. Holding a substantial market share in outsourcing processes they hold pride in their extensive client base.
The organization has been continually walking on the path of development and expansion for a long time and comes up with inventive departments that serve the growing business needs across the world. Accounting for the extensive business competition that organizations have to go through in every industry, their team has come up with an extremely inventive idea of launching a new global market research and analysis division of its own. This new development has recently been launched and has created a hustleamidst its top competitors across the globe as this proposition brings for DK Business Patron huge baggage of possibilities.
Over the years, the dedicated team of DK Business Patron has earned for itself success from all professional quarters diving into multiple collaborations and expansion plans seeking an upper hand in front of their competitors. The organization believes that the reason for their success is their continued dedication towards their client base and their vision of coming up with solutions that their clients look for and would require shortly.
Market research and analysis is one such process that serves as thebuilding blocks for shaping a successful future for any product or service to establish a sense of loyalty and visible presence beyond the market barriers and competitive elements. Even though research and analysis are often mentioned together, both of these are separate entities that require dedication and deserve at most attention in their forms to help make the process fruitful and profit-generating for the parent organization. Market research and analysis need not only be integrated within themselves but also with other core processes of any business thereby continual need of aligning market research and analysis with the core operations is felt.
As **market research and analysis **require experienced leadership and highly trained professionals to handle this diverse operation, it might become a tedious and economically hefty task for organizations to look for experienced and qualified personnel to get the job done. Other than beingfinancially draining,managing and integrating this precise process with other core business operations is a necessary yet time-consuming task if taken care of in house. These are the key reasons cited by DK Business Patron as to why they came up with a global market research and analysis division for outsourced market research and analytics services.
The organization has also citedmultiple benefits that organizations will reap if they associate with DK Business Patron global market research and analysis division. The key benefit highlighted the most was that research and analysis outsourcing services provided by DK Business Patron are guaranteed at the lowest cost per insight irrespective of the area of work or organization type and would also include industry analysis.They have stated it as an extremely cost-effective and performance-enhancing approach and that outsourcing this process to DK Business Patron will yield and maintain an excellent quality of work throughout.
Concerning the developments that DK Business Patron and their experienced team have been continually making in recent times, such expansions are quite expected shortly as well. What’s there to wait for is the segments and operations that they choose to dwell in and make the most out of. The diligent team at DK Business Patron is always engaged in bringing to their customers skilled and trained professionals to enhance the success ratio of their overseas partners that have trusted them with internal processes. Looking at the success ratio and client engagement and retention that this organization has maintained for quite a long period now it is being anticipated by market analysts that DK Business Patron will again set a benchmark in terms of outsourced Business Process Outsourcing services in India.
The reverence and word-of-mouth of this leading business outsourcing organization are attaining volume day by day and has a good impact on their International relationships with overseas clients. This makes DK Business Patron a success not only nationally but across the globe having clients from different backgrounds and different countries trusting them with their core processes for quite a time now.
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The process of benchmarking is considered to be one of the most crucial assets for the progress of AI and machine learning research. The benchmark datasets are usually fixed sets of data, which are manually, semi-automatically as well as automatically generated to form a representative sample for these specific tasks to be solved by a model.
Recently, researchers from the Institute for Artificial Intelligence and Decision Support, Vienna claimed that the considerable part of metrics currently used to evaluate classification AI benchmark tasks might be inconsistent. It may result in a poor reflection in the performance of a classifier, especially when used with imbalanced datasets.
For the research, they analysed the present aspect of performance metrics that are based on data covering more than 3500 ML model performance results from a web-based open platform.
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