Business Education

Pros and Cons of Building a Mobile App for a Small Business

Small businesses often struggle with the decision of whether or not to build a mobile app. On one hand, there are many advantages to having an app – it can help increase brand credibility, engage customers, provide a personalized experience, act as a direct marketing channel, and let businesses create a loyalty program. However, on the other hand, there are also several disadvantages to consider – such as the cost of developing and maintaining an app, complying with Apple and Google’s store security and performance policies, the phenomenon of consumer app fatigue, and lack of customer use. In this article, we will explore both sides of the argument so that you can make an informed decision about whether or not to develop an app for your small business.

Biggest Advantages of Building a Mobile App for a Business

Another advantage of having a mobile app is customer engagement. A study by Forrester found that 78% of smartphone users check their phone within 15 minutes of waking up, while 60% check their phone within 15 minutes of going to bed (Forrester, 2014). This constant connection gives businesses a unique opportunity to engage with their customers throughout the day. Creating a loyalty program or sending push notifications about sales and promotions can help increase customer engagement and keep your business top of mind.

As consumers become increasingly connected with businesses on their smartphones and devices, many businesses develop mobile apps to connect with their customers. If your company is going the app route, you want to be sure it’s worth your time and money. While a mobile app can be an invaluable tool for many companies, certain company types may not necessarily need one. —Forbes.com

Building a mobile app can also provide a more personalized experience for your customers. With an app, you can collect data about your customer’s usage patterns and preferences which can then be used to customize the experience for each individual. This is much harder to do with a website because there is less data available about how users interact with it. For example, if you own a clothing store, you could use the data collected from your app to show each user relevant products based on their previous purchases and browsing history. This personalized experience can help increase customer satisfaction and loyalty. Finally, having a mobile app gives businesses a direct marketing channel to reach their customers. With over 90% of Americans owning a cellphone (Pew Research Center, 2019), businesses have a unique opportunity to reach a large audience with targeted messages. You can use push notifications to send special offers and announcements directly to your customer’s phones. This is an effective way to increase sales and improve customer retention.

Common Disadvantages of Building an App for a Business

While there are many advantages to building a mobile app for your small business, there are also some disadvantages that you should be aware of before making the decision. One of the main disadvantages is cost. Developing and maintaining an app can be expensive, especially if you hire a professional company to do it for you. In addition, you will also need to pay Apple and Google a yearly fee to keep your app in their respective app stores. Another disadvantage of having a mobile app is that you have to comply with the security and performance policies of both Apple and Google. This can be difficult and time-consuming, especially if you are not familiar with the technical aspects of building an app. If your app does not meet these standards, it could be removed from the store which would damage your business’s reputation. Despite the disadvantages, there are still many advantages to building a mobile app for your small business. These include increased brand credibility, improved customer engagement, and a more personalized experience for your customers. In addition, an app can act as a direct marketing channel and provide you with valuable feedback about your products and services. If you do your research and assess the needs of your target market, you can decide if a mobile app is right for your small business. What are some other pros and cons of building a mobile app for a small business? Please take a moment to share your thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Most Effective Ways to Increase Your Small Business’s Market Share

January 26, 2024 No Comments

Most Effective Ways to Increase Your Small Business’s Market Share As a small business owner, you are always looking for ways to grow your market share and gain a competitive edge. This isn’t an easy task to take on and it becomes even more difficult if you don’t know where to start. So, let’s take a little time to explore the most effective strategies to help you increase your small business’s market share, allowing you to reach new customers and maximize your profits. Understand Your Target Market Before you can increase your market share, you need to understand your target market. Conduct thorough market research to identify your ideal customer and their needs, preferences, and buying habits. This information will help you tailor your products and services to meet the specific demands of your target market, making it easier to attract and retain customers. Focus on Customer Retention Acquiring new customers is important, but retaining existing customers is equally crucial. It is more cost-effective to retain existing customers than to acquire new ones. To increase customer retention, focus on providing exceptional customer service, offering loyalty programs, and regularly soliciting feedback from your customers to understand their needs and concerns. Leverage Social Media and Digital Marketing In today’s digital-centric age, having a strong online presence is essential for increasing your market share. Utilize social media platforms to engage with your target audience, share valuable content, and promote your products and services. Invest in digital marketing strategies such as search engine optimization (SEO), pay-per-click advertising, and content marketing to reach a wider audience and drive more traffic to your website. Offer Unique and High-Quality Products or Services To stand out from your competitors, you need to offer unique and high-quality products or services that cater to the specific needs of your target market. Continuously innovate and improve your offerings to stay ahead of the competition and maintain your market share. Collaborate with Other Businesses Collaborating with other businesses can be a powerful way to increase your market share. Look for opportunities to partner with complementary businesses to create joint marketing campaigns, co-branded products, or bundled services. These partnerships can help you reach new customers and increase your brand visibility. Expand Your Product or Service Offerings Expanding your product or service offerings can help you attract new customers and increase your market share. Conduct market research to identify new opportunities and gaps in the market, and develop new products or services to meet the needs of your target audience. Monitor and Analyze Your Competitors Keep a close eye on your competitors and analyze their strategies to identify areas where you can improve and differentiate your business. By understanding your competitors’ strengths and weaknesses, you can develop strategies to outperform them and increase your market share. This will likewise help you uncover and identify some of your own shortcomings – providing very valuable insight. Wrapping It All Up Increasing your small business’s market share requires a combination of strategic planning, customer focus, and innovation. By understanding your target market, focusing on customer retention, leveraging social media and digital marketing, offering unique and high-quality products or services, collaborating with other businesses, expanding your offerings, and monitoring your competitors, you can successfully increase your market share and grow your small business. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at 602-435-5474, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.

Embracing the Pressure: What Small Business Owners Can Learn from “Pressure is a Privilege”

January 16, 2025 No Comments

You’ve probably heard the analogy that running a small business is like walking a tightrope. There’s the thrill of balancing on your own terms, but also the pressure of the long fall looming below. However, it’s precisely this pressure that holds immense value. As tennis legend Billie Jean King once said, “Pressure is a privilege.” This phrase isn’t just an aphorism for sports; it’s a profound lesson that small business owners can embrace to better their companies.

5 Steps to Immediately Take when a Business Partner Quits

February 11, 2020 No Comments

We’ve already gone over the most common signs a business partnership is in trouble. Dave Ramsey is well known for saying that “The only ship that won’t sail is a partnership.” Indeed, far many more business partnerships fail then succeed. But, what happens after a partner leaves the company? What do you do then? 5 Steps to Immediate Take when a Business Partner Quits Your first step — and perhaps the most important step — is to take a step back. Don’t panic. Even if it’s abrupt, now is not the time to come apart at the seams. Though easier said than done, it’s imperative to remain calm in order to think clearly. If you don’t maintain control, it will only add to the anxiety and uncertainty. At the beginning of any business partnership, the partners usually envision a long-term relationship. Unfortunately, expectations notwithstanding, longevity is often limited; the goals and expectations of the individual partners will change at least to some degree over a period of time. This is why an exit strategy must be developed by and between all partners. It will ensure that if one partner leaves the company, his or her absence will not destroy the integrity of the company and its ability to stay afloat. —Entrepreneur.com Second, get in the know. Jump into his or her schedule, work product, etc, and find out exactly what’s been going on. This is where you’ll learn what he or she was actually doing. And it could reveal some very upsetting findings. Although, if his or her work was exceptional, that too might also cause you to panic because now it’s an even bigger role to fill. What to Do when a Business Partner Leaves When a business partner leaves the company, you not only have to remain calm and learn exactly what’s been happening in his or her roll, you’ll also have to do the following for the sake of continuity: Assess what’s necessary. Next, you’ll need to take on at least some of his or her job roles. It’s really dependent on the particular situation, but you might consider absorbing one or more of his or her roles in the business. In the alternative, it might be better to parcel the work out to others within the company, or even outsource. Delegate responsibilities. If your former partner had people under him or her, these people will likely have a wealth of knowledge. They are also ideal candidates to delegate responsibilities. That will help to keep things going without really missing a beat. Formulate a plan for the future. Once you’ve filled the void and things settle down, it’s time to think about what to do in the future. Even if you don’t take on a new business partner, it’s important to have a continuity plan for the sake of the company. This is where an experienced business consultant or coach’s advice can really come in handy. What other advice do you have? Please comment and let us know your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.