Most app entrepreneurs are under the delusion that as long as they have a great app idea, investors would throng their doors with their money. Unfortunately, this is a rare case scenario, and most app entrepreneurs have to work really hard to gain...
Most app entrepreneurs are under the delusion that as long as they have a great app idea, investors would throng their doors with their money. Unfortunately, this is a rare case scenario, and most app entrepreneurs have to work really hard to gain investors for apps. In this article, we shall discuss how entrepreneurs can convince investors to invest in their app idea.
Homework before scouting for funding Know the app’s niche The oversupply of app ideas in the market acts as a hindrance for a new app idea. There seems to be an app for everything, and hence investors are wary of funding an app idea that already exists. Therefore it is crucial to do substantive research and figure out the market potential of the app idea. Entrepreneurs should figure out what competitor apps are offering. This exercise will help the entrepreneurs identify the customer’s pain points, which will ultimately help them improve the usability and user experience of the app users. The practice of competitive analysis will also ensure that the app idea is not a blatant copy of an existing idea because no investor is interested in an identical product.
Entrepreneurs must identify a profitable niche to lure investors. The entrepreneurs need to ask themselves.
What exact problem will the app solve? What are the USPs of the app? How is the app better than the existing solutions? Are there customers who are willing to pay for the app? Investors tend to fund ideas that are well researched. The app idea’s research quality also shows the entrepreneurs’ clarity, which is a confidence-boosting thing for the investors. Investors want specifics regarding the target audience, what problem is being solved, the app features, and so on.
Branding A logo and a domain for the app show that the app is not just a side gig, and the entrepreneurs are serious about the app. It shows that the entrepreneurs have put a lot of thought into the vision. Branding is the core of every business, and branding helps investors visualize the idea.
Having a mockup of a site, domain, mockup of the app will help the investors visualize the app idea and allow them to gain a better understanding of what the entrepreneurs are pitching to them.
Elevator pitch A good elevator pitch is one of the most important things that entrepreneurs need to focus on. An elevator pitch is a 20-30 second pitch for the app idea. The elevator pitch should be designed in a manner that sparks the interest of the investors. A good elevator pitch should describe the app idea, the app’s significant features, the problem that the app would try to solve, and the market potential. The elevator pitch acts as a hook for the investors to call the entrepreneurs for a detailed meeting.
Pitch Deck The Pitch Deck is a detailed presentation about the app idea. A pitch deck aims to answer all the questions related to the app idea. While preparing the pitch deck, the entrepreneurs must ensure that they do not overburden the pitch deck with too many details. Instead, they should focus on the necessary details like graphs, stats, branding, key features, market segmentation, and the app’s revenue potential.
Continue Reading from original Source: How to Get the Investors for your Marvelous App Idea?
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