Category Archives: Product Development FAQ’s

What is a good payment gateway for my needs and how much it will cost?

Being into business, you need to sell things. When you sell things, money is exchanged and to accept payments, you need to have a payment gateway that enables you to:

>> Accept payments easily
>> Keep the account details of your customers secure
>> Gain trust of your customers

A payment gateway helps you to make money. But you need to make extra efforts to keep up with the trusted names of e-commerce, such as e-bay and Amazon. Being a beginner makes it pretty difficult to divert traffic to your site. More than that, it is challenging to gain trust of visitors.

However, implementation of secure payment gateway can simplify the process for you. It is often seen that the sites with popular and secure payment gateways are deemed dependable by the users and they do not hesitate relying on such websites.

When talking about the cost incurred in integrating a payment gateway, it has its own set, including:

Set up fee: To initiate the service of payment gateway, you are required to create an account at first place for which one time fee is charged. Since all payment gateway providers do not levy these charges, it is better to look for someone who eliminates this cost.

Annual cost: It entails paying for the services, support and features offered by a payment gateway on annual basis.

Transaction cost: Each time a transaction is processed to the merchant’s bank, stipulated amount of transaction cost is charged.

Choose a right payment gateway in order to prevent its need from hindering you to set up your online business. Take into account your budget while decision making as once you have sufficient money in your hand, you can always upgrade in near future.

What are different internet marketing strategies for my idea and which one is good for me?

With people turning out to be tech-savvy, internet marketing is one of the ideal ways to promote your products and services and attract attention of potential customers seeking the same. The better your marketing strategy, the more leads you can generate and make sales.

When it comes to internet marketing, you can choose from the following:

Display Advertising: It includes placing ads on third party sites so as to create brand recognition and generate more traffic on your website.

Pay-Per-Click Advertising: The process of placing bids for ranking high in search engines in order to gain web visibility and grab attention of maximum internet visitors when relevant queries are posted.

Email marketing: A large number of educational institutes opt for this marketing strategy today. It deals with collecting email addresses from prospective leads and advertising to them through email messages.

Social media marketing: With plethora of people being active on diverse social media sites, such as Facebook, Twitter, LinkedIn and many more, it is one of the perfect ways to advertise your business to a large part of populace.

Viral content campaigns: Today, quality content is ruling internet marketing. Opting for this option, you can spread your marketing message and earn traffic by writing creative and high-quality content.

Choosing appropriate marketing strategy

For you to decide on the best internet marketing strategy for your business, answer to the following questions can be helpful:

>> What are your company goals?
>> How much can you spend on your marketing efforts?
>> Who is your target audience?

Adoption of right internet marketing strategies can do wonders for your business. Besides helping you to become a trusted brand name, it can convert your leads into customers, ultimately driving your sales.

Should I build complete project in one go or a prototype first?

Being an introductory design of the end product, a prototype enables the users as well as the developers to comprehend the product in a better way. It is viable to create a prototype rather than building a complete project since the former makes it possible to:

Preview the end product

Prototypes are specifically crucial as they provide the vision of products that are in the development and whose requirements are not completely known. Until a prototype is built, it would be challenging to make out what is working and what is not. With a prototype, the developers can visualize the product quickly and measure it against user’s requirements.

Cut-down the expenses incurred during development and production

A prototype model enables identification of any flaws, further allowing the developers to come up with solutions to have an improved version of the product. This reduces the chances of product failing and ultimately the development as well as production cost is reduced since the developers need not fix problems after the end product is already under production.

Reduce time for product development

With a prototype, the product can be visualized realistically. The developers can gain better insight into the strengths and weaknesses of the product, which helps in accelerating the product development process since prototype model enables the developers to get feedback from the users prior to beginning of actual work.

Increase user participation

Building a prototype enables the users to study it, giving their recommendations. Additionally, users get the opportunity to test the functionality of the product. A prototype thus not only helps ensure increased user participation, but also enables the developers to come up with an improved product.

So, to increase the probability of success of your product in the marketplace, go for a prototype model at the first place.

How much will it cost to build up my idea?

If this is the question that keeps striking your mind when it comes to app development, it is worth knowing that no two projects will cost the same, regardless of how similar they are. In addition to the type of application you are considering of getting developed, there are many other factors that impact the cost required to transform an idea into the app.

Complexity is one of those factors. The more complex the application the higher will be the cost since more efforts and time might be required on the part of the developers to reach the end product.

As per the leading mobile and web app development companies, cost needed to develop service apps range from $5,000 to $200,000 and that for IP (Intellectual Property) apps range from 10,000 to 250,000. Similarly, for not much complicated apps, the average cost of development is $20,000.

Once the implementation begins, the entrepreneurs might come up with more information regarding the project which can increase the time and cost associated with web and mobile app development, no matter whether the project is fixed cost or hourly cost. First time entrepreneurs and inexperienced developers end up creating issues on such situations, conversely seasoned developers and people who document their requirements carefully ask the right questions upfront.

If you are planning to get your application developed, make certain to freeze your requirements upfront prior to asking anyone to estimate it for costing.

How much do I need to budget for hosting hardware infrastructure?

The foundation of a successful business consists of highly flexible and secure infrastructure. A comprehensive platform enables the entrepreneurs to meet investor-level compliance and cater to disaster recovery needs.

If you are a small organization with the need for a business website, go for shared hosting since the cost incurred in this is nominal. Reason being, multiple other sites too are hosted on the server in addition to your website. Additionally, the disk space and bandwidth allotted is also limited, but can still serve your purpose.

On the contrary, if you are a big company or institution that needs to manage extensive data and carry out diverse calculations as well as tasks, it is viable to opt for dedicated hosting. Under this arrangement, you are offered an exclusive server, along with complete control over the machine. At the same time, VPS options are also available both for Linux and Microsoft server which may start from $20 and $45 a month respectively.

Deciding upon the budget

When it comes to determining the cost for hosting hardware infrastructure, make certain to take the below mentioned points into consideration:

>> Bandwidth size
>> Storage Space

More the requirement for bandwidth size and storage space, higher will be the budget. It means, if you own a large organization, you would have to take good chunk out of your pocket to fund hosting infrastructure depending on traffic your website receive on daily basis.

Above all, the type of infrastructure you choose will play major role in influencing your budget. While shared infrastructure will cost you less, by going for dedicated hosting you need to spend comparatively more.

How can I protect my idea?

People often complain about visiting a developer, sharing their app development idea with him and then claiming it to be stolen by the same professional.

This has increased the need for protecting an idea while it is still in an idea phase. Following are a few methods that can be adopted for the same:

Remember NDA

NDA, Non-Disclosure Agreement, is probably one of the best ways to protect your ideas from being stolen by the developers. Ask your attorney to prepare an NDA and exchange it with everyone you wish to share your idea with, after signing it.

Be creative while disclosing your idea

When it comes to disclosing or explaining the idea, be certain to protect the “secret recipe” that will actually bring profit to your business.

Choose from protective measures

Get into the discussion with your attorney to determine if you require protective measures like patent or trademark. For a fact, copyright law offers cushion to the originality of expression and not the function of proposed idea, opting for copyright alone might not be sufficient to safeguard the commercial value of your application and thus patent might also be required.

Gain control over the distribution

Upload your application to different app stores from your account instead of allowing the developers to do it from theirs. It is better to register for an account in your own name, providing temporary access to the developers and changing access rights afterwards.

Build your idea

Let your idea take the shape of an app as soon as possible. Once you get your web or mobile application developed, you can be sure of copyright protection. This prevents anyone from coming by and stealing your code.

Ideas can be cheap, but implementation is hard. It is impossible for anyone to steal your hard work and this is something that actually makes your product successful. In other words, it’s not the idea which is more important, it’s the execution of your idea which will make you succeed. That’s why only a few e-commerce portals come to one’s mind when we think about them and not rest of them.

How can I get my first paying customer?

There are no specific tactics to get paying customers. It is viable to build a customer base prior to having an actual product. Out of the free users, you can expect some to turn into paid users. A few ways that can assist you in getting paying customers are:

Ensure your product is solving a real problem

Much efforts are not required to attract people if a product solves a problem that users often experience. Prior to product development, make certain your product serves the same purpose of solving a problem that other competing products cannot.

Reach out to friends and references

Even if you do not have an impressive network initially, you may be knowing some business owners. These are the individuals you can reach out to. Either send them e-mails or choose any other mode of communication to let them know about your product and invite them to discuss their business requirements.

Learn from your competitor’s customers

Get into the discussion with the customers who used your competitor’s software. The feedback received can be enormously helpful in determining if you need to improve a particular feature or multiple features of your product in order to make it better for the users.

Go fishing on social media sites

Look for the people complaining about your competitors’ products and ask them if they can chat. This would help you to know the loopholes in your competing products and the problems being caused due to the same.

Create early content

“Content is king”. Follow this saying and create early content to let maximum people know about your existence. Blogging can really help in this venture, bringing adequate number of clicks to your site. Additionally, Press Releases also serve as perfect means to mark your web presence.

Getting first paying customer calls for a lot of legwork. But that does not mean accomplishing desired results is impossible. You need to have full confidence in your product and clear vision. Better use “Lean Methodology” in building your product.

How can I ensure smooth execution of my project?

Indubitably, ensuring smooth execution of any project can be challenging if the roadblocks, risk factors and assumptions are not clearly understood. From designing to coding and testing, there are many aspects that are needed to be taken care of. Nonetheless, a systematic approach can enable you to be sure of uninterrupted execution of any project.

The below mentioned steps are deemed helpful in proceeding with straightforward implementation of project:

Define your objectives

Each project demands vision. Know your business objectives and make certain that your development team has in-depth understanding of the same. Unless they are sure of what end results a product is required to accomplish, you cannot expect desired outcomes. Furthernore, a detailed set of objectives helps the developers to establish provisional project timeline and keep expectations in control.

Work out a plan

For a fact manager is responsible for the execution of the project, get into a discussion with him to decide on how the process will move ahead. If you would like to have a prototype model first, let your developers know that. Conversely, if you want your developers to straight away begin working on the actual product, adopt agile methodology and plan out your sprints carefully. Have clear vision if you have to provide feedback every week or two.

Go for user acceptance testing

Once your mobile & web application is done, don’t assume it will be a huge success the moment it comes out of the development agency. Pick handful of users as real users, and let them use the beta version of your product (web/mobile). Gather their feedback and go back to your development agency to implement what matters the most.

Deploying the application

Once the coding and beta phase is successfully completed, you are all set to deploy the application. This is when it is enormously crucial to choose your marketplace carefully. You probably would have to reformulate your marketing strategy once the app is running.

Remember, maintenance is crucial

Once your product is gaining wide acceptance in the market, do not lose your focus from maintenance. Keep yourself updated with user reviews to make out if any feature of your product has negatively affected their experience.

How much effort should I invest on UI and UX?

User Interface (UI) design, the process of converting complex things into meaningful user experiences, must be given ample attention since it serves crucial competitive benefit for those venturing into the introduction of new products. By focusing on user interface design and user experience (UX) in product development, you can come up with better solutions, ultimately improving credibility, revenue and market share.

Many well-recognized names, such as Dell, Samsung, Motorola, Logitech and Charles Schwab are already laying major emphasis on UX and UI design for the development of their products as well as applications, reaping fruitful benefits.

For a fact, User Interface and User Experience design plays major role in enhancing user experience by improving the usability, accessibility and interaction between the product and the user, it is viable to invest adequate time and budget on it. When it comes to deciding on a methodology, Agile makes a perfect option. Every time you work on the design based on the user’s idea, feedback from user end can be attained and it is possible to improve the output of the product. Moreover, the same also helps in informed decision making, without which the projects are often delayed.

Another enticing thing about putting efforts into UI and UX design is it always enables you to add value to your product irrespective of the budget. While you can give lighter touch to the product with low budget, relatively higher budget enables you to get into more extensive detailing.

Thus, planning to launch a product, if you wish for increased user engagement, it is vital to spend sufficient time and efforts on UI and UX design as it is the first look which makes your user to buy  your product.

How much should I budget for marketing expenses?

If you are an entrepreneur, this is a common question you would ask. Although there is no specific answer to it, rule of thumb always applies to this question.

According to this rule, you should spend 5% of the total proceeds or the budget on marketing to mark your web presence. Conversely, if you look forward to capture greater market share, you can budget a higher percent, say about 10%.

The figure, however, varies with the industries. If you are into a business that faces tough competition, you might be required to spend 20% to 50% of total revenue generated on advertising, like many healthcare companies, along with others dealing in consumer goods do.

However, prior to deciding upon the marketing cost, it is viable to know what does marketing budget entail?

It usually incorporates costs for public relations, promotion and advertising. In addition, overall marketing budget includes:

  • Print media and broadcast advertising
  • Website development
  • Trade shows
  • Social media marketing
  • Design and printing costs for brochures, press releases, news letters
  • Any other special events needed

Determine the amount for each category. Remember that it is always beneficial to know how much of your proceeds can go towards paying for marketing activities and then divide the money into subcategories.

A formal budget would assist you in defining the marketing needs. Work on a detailed marketing budget before the beginning of fiscal year and make changes to it on annual basis, in order to ensure business growth. Evaluate marketing costs and outcomes around the year to gain better insight into the effectiveness of your budget. With precise marketing strategies and budget, you are sure to find yourself in a position where you would have to manage high revenues.