Do you have an idea for a Web-based business? How do you know if your idea will turn into a successful software business?
The Internet has created an entirely new playing field for business, and opened new opportunities for entrepreneurs. As a result, the market for Web-based software applications has become increasingly competitive.
Despite the competitive environment making it more and more difficult to succeed, many entrepreneurs spend thousands of dollars in development without having a clear understanding of the market they want to serve or the expectations of the application’s functionality. ThinkLogic offers an alternative approach to entering the business software market.
Market Research for your Business Software
ThinkLogic’s software development strategy is focused on building a solid application that results in long-term success. That’s why we begin our client relationships with research to identify the opportunity and viability of their idea before developing the application. It’s at this step that we help our clients to determine their business model and it’s potential success moving forward. We conduct thorough research in the following areas:
- Prospects. The lifeblood of your success, we identify the type of customer that will have a need for and buy your software. ThinkLogic’s team helps you to discover:
- Who will be the most profitable prospects for your application?
- Why would they use your solution?
- How much are they willing to spend?
- What solutions are they using now?
- Why would they look for a new solution?
- Competition. Ninety percent of new software companies fail, mostly because those companies fail to adequately research existing competition in their space. ThinkLogic has ten years of experience developing business software for some of the country’s leading companies. With that experience comes a knowledge of existing software applications to help you identify:
- Who is the competition for your application?
- How many customers do the have?
- What marketing efforts have they used (successful and unsuccessful)?
- Are they a profitable company?
- What is the feature set of their software?
- What are the downfalls of their software?
- What are their competitive advantages?
- Financial Projections. Ensuring the financial viability of your software company is one of the most important aspects of introducing a new application. ThinkLogic will help you determine a realistic financial projection, including:
- How much can you charge for your solution?
- How will you collect payment (one time, monthly, transactional, etc.)?
- When will you be profitable?
- How many customers can you add and at what intervals?
- Design. The last step in the ThinkLogic research process is to determine the design and technology of your software. We’ll help you identify the development requirements, timeline and budget by understanding:
- What are core functionality requirements of the software?
- What functionalities will be built in a future phase?
- How scalable does the solution need to be?
- What type of technology is best suited to support your application?
For more information, contact ThinkLogic and get started building a profitable software company.
step 2 - plan