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Receiving Requests, Task Fulfillment, Real-Time Navigation, Booking Forms, Proof of Deliveries
Catalogue management, User management, Automatic assignment, Map-based team/Task visibility, Rating/Reviews and much more.
Mazen M. Omair
Mazen M. Omair says, “By choosing Volumetree as my technology partner was the best decision. They add value to my purpose and make my vision live in the proper way as per need. Great team, they have with a clear heart and proper transparency in their work.”
Volumetree was able to interpret our needs from the original coding we shared with them and produce a totally flexible solution. The team that was assigned was very professional, we would like to continue with Volumetree as we are very satisfied with their technical expertise and the product they have produced.
Volumetree helped us to design a Website and working with them was a very positive experience. We would recommend them!
Volumetree’s dedicated team is good in managing the app launch and delivery process. We recognize some synergies between our companies and would like to explore options for working together in the future.
Batho Pele Group
Volumetree has an extremely helpful, knowledgeable and professional team. Great company with a dedicated team, and visionary leadership qualities. Foresee great things from this company in the future.
Online custom blinds
I loved the passion, the motivation, and I love the energy that I see flowing at Volumetree. I’m already brainstorming on the next project. thank you team and everyone behind the scenes that made our dream a reality.
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Finding The Right MVP Developer For Your Startup Idea - Hire MVP Developer
Transforming an idea into an actual product is an exciting journey. You go through various iterations of your idea by discussing it with your friends, family, target groups, and even employees (if you have them already) to ensure that what you've thought of will make sense as an actual product.Now that you've figured out that you have a great idea that fulfils an underserved need, you need to figure out how to build this product. If your idea is of a software product and you're a developer, you have some of these bits sorted for yourself as you can create an MVP - known as the working first version of your product.
2 Ways to hire MVP developer for your idea?If you're not technically inclined and need help to build your product, you will now take the next step towards transforming your idea into a product—by finding the right MVP development team to develop it for you. There are two ways to go about this:
Find and hire your own MVP app development talent
Outsource your development to an experienced MVP development company
What are the benefits of finding a good MVP development partner?I'm glad you asked. The success of an MVP depends on the team creating, managing and maintaining it. Some of the successful MVP examples include Zappos, Groupon, Amazon, Airbnb, Dropbox and more. With a quality development partner, you can rest assured that your MVP will delight your customers from its very first version. Here are the top benefits of hiring a reliable MVP development partner such as Volumetree:
- Reduced costs
- Technology no bar
- Faster time to market
- Better products from the first iteration
- A better understanding of the product vision
- Security and intellectual property
- Long-term approach
How to choose the right MVP developer for my startup?There are many ways to find MVP app development companies. These include:
- Searching for MVP app development companies on Google
- Using the services of a known MVP development company
- Searching on platforms such as Clutch, Goodfirms, LinkedIn and UpWork
MVP development experience
A wide talent pool
Technical capabilities and choosing the right tech stack
Choosing the best engagement model for your startup
Quality and reliability
How To Price a Software Product Intelligently - Software Pricing Guide
Know how to price your software product effectively – a definitive guide to pricing economics and improving your bottom lineIf you are a budding entrepreneur, you must have struggled with pricing your product. It is vital for every startup to know their customer base, understand software pricing strategies and the importance of pricing software or SaaS products in a way that can help your business be successful in the long run. You’ve created a groundbreaking product that is ready to disrupt the space it operates in. Your investors are happy with the end product, your target audience loves your marketing campaigns, and you’ve hit the market at the right time. But somehow, you cannot find the numbers you need to ensure profitability. If you cannot find faults with the product or your go-to-market strategy, have you thought of learning more about how to price a product effectively?Most customers are inherently “price-sensitive”. Although this “sensitivity” to the price of a product may be at different levels, too high or even too low a price can put off potential customers. A well-known example of a product losing steam because of its cost is Google Glass. A head-mounted device with smartphone capabilities was the first attempt of a major tech company to connect the typical customer to augmented reality. Although the product lost favour with customers due to multiple reasons, the price was an important factor. As a customer, I love a deal when it comes my way. When I started as an entrepreneur, I was a one-man army for nearly everything tech and non-tech. I would create the newsletters by hand and even send out mailers to my target audience on my own. I shied away from purchasing subscriptions for SaaS tools such as Grammarly because they were too expensive for me at the time. One day, I chanced upon a promotional email from Grammarly offering me 20% off on the current running price on my birthday. I quickly did some math and found that Grammarly would help me and my team write clearly and effectively. I bought the subscription immediately—because Grammarly had gotten the price right for me with the discount. I was now paying an amount that offered me more value for money, making the purchase a no-brainer. I also understood the value of the discount offered for a limited time, making the purchase a no-brainer.
What is software pricing?Software pricing is setting a final cost for your end product. You must balance this number to ensure that you see a steady flow of customers while ensuring profitability. It would be best if you considered the following factors before you decide how to price your software product:
- Cost of product development
- Cost of infrastructure
- Revenue goals
- Competitive product cost analysis
Please note these essential facts about software pricing
Pricing is not a one-time decisionA simple way to determine the price of a product is to add up all the costs involved in creating your product and bringing it to the market. Add your profit margin on top of this value, and you’re golden!
There is no “wrong” price for your productIf you are unsure about the right price for your product, you can use a price comparison engine such as Google Shopping, PriceGrabber, Shopzilla, and many others. A price comparison engine can help you see how your product stacks up with the competition regarding price and features. This can give you a good idea of where to begin.
Understanding the connection between pricing and human behaviourPricing is the most complex topic that you may face as an entrepreneur or a product manager. Experimenting with the pricing of your product can result in unprecedented growth and drive your company towards the path of profitability faster than you expected. However, getting the pricing of your product right is not easy. Buying a product is a process of the heart and not the mind. This essentially means that you make purchase decisions for emotional reasons even when you’re thinking analytically.
How is the value of a product determined?Did you know that software pricing is dependent on the concept of value? Highly-priced products are considered better than their lower-priced counterparts and seem to offer significantly more value. Additionally, inculcating a sense of scarcity—labelling products as a “limited edition” can expedite the time taken to purchase a product. However, the value of a product is perceived individually. This makes software pricing complicated and a sweet spot challenging to find, but it is the best software pricing approach.
The importance of pricing for a SaaS productThe viability and growth indicators of a SaaS product lie in customer acquisition, customer retention and monetization. Not many companies believe that monetization has the maximum impact on a SaaS company’s bottom line. This is because struggling SaaS companies want to maximize user count while ignoring their bottom line. A survey of over 500 SaaS companies by Price Intelligently found that monetization was the key to the growth of SaaS businesses and not customer retention or acquisition. Their data showed that knowing how to set a price for a product appropriately was 2x as efficient as retention and 4x as efficient as acquisition in improving a SaaS company’s bottom line.
Pricing touches every part of your businessConsidered to be at the intersection of marketing, sales and product development—pricing plays the most important role in the growth of a company. Yet, no single department takes ownership of the pricing of your product. Product pricing must not work in a silo—it must be a joint effort with inputs from key departments, including marketing, sales, management and product. Here’s how each of these departments impacts pricing:
- Product developers build features for a product based on their deep understanding of what their users want. This is necessary for the packing of your end product or offer.
- Marketing teams understand buyer personas and target groups. They understand the messaging that will resonate best with each user group and know how to communicate pricing.
- Sales teams know the common queries of customers and the objections they may have. Involving sales with pricing helps develop better pitches and generate more accurate sales forecasts that can directly impact revenue.
- From the CEO to the company’s executives, your management must coordinate pricing by getting inputs from all the other departments to arrive at an appropriate and viable SaaS pricing decision.
Pricing is vital for your unit economicsEvery business strives to enhance and improve its customer lifetime value and decrease its customer acquisition costs. This is the only way to achieve growth as a business. As your cost to acquire new customers reduces with an efficient pricing strategy, you generate more lifetime value from each customer acquisition, leading to a better bottom line. If you are constantly thinking about “how much should I charge for my product”, it is essential to understand a little about unit economics.
- CAC or customer acquisition cost is the total cost of sales and marketing divided by the number of customers acquired. This is the cost of your marketing and sales efforts to get a new customer on board.
- LTV or lifetime value is the average revenue per user (APRU) divided by your churn rate. This means that your LTV will be what you will earn from each customer as long as they use your offering.
Understanding software pricing strategiesWhat pricing strategy should you use, and how often should you validate it?Most companies do not put enough thought into pricing their products. They also do not understand that pricing is a continuous process to attain maximum value per sale. The three common strategies used by businesses to define their product pricing include:
Competitor based pricing
Why is it important to know your customers?Knowing who your customers are will help you create valid, quantified user personas. Quantified buyer personas are the foundation of a company’s pricing strategy and can play a significant role in long-term viability. Quantitative buyer personas reflect the target market and break it down by the point of contact and define its features (buyer). This means defining the needs and budget of the contact point.
The importance of dataIntelligent, actionable data-driven buyer personas have replaced traditional adjective-driven personas. Using actual, data-driven characteristics that matter will give you more value than just using adjectives derived from anecdotes and gut impressions. For data-driven customer insights, you must know how to:
- Identify your highest-value customers so you can position yourself well
- Know the valued features of your product that various subsets of your customers ask for
- What are these customer types willing to pay?
- Is the unit economics of these customers profitable for your company?
- Define the problems that are inhibiting company growth
- Use buyer persona data to find the source of these problems
- Find the best possible solution for these causes
- Take the results from your experimentation and assimilate them into your pricing
Problems Faced While Pricing a SoftwareHere are some common pricing problems faced by software companies and the metrics you must analyze to price your software product effectively:
- Poor unit economics and price sensitivity
- Poor user retention
- Low acquisition volumes
- Low conversion rates
Why is it important to localize your product pricing?Pricing localization does not mean just changing currencies. Similarly, one pricing strategy does not suit your entire customer base. Localized pricing takes into account local customer preferences, price sensitivity indices, buyer personas and market saturation. Using this strategy to price your product effectively across geographies will help your customers find price points that suit their preferences and needs and satisfy their value concept.
Is discounting a bad thing? (A Bonus Tip)Who doesn’t love a sale? I know I do! However, what works in retail will not necessarily work in software—especially SaaS. Aggressive discounting might raise your customer volume, but at the same time, it will also lead to higher churn rates. Discount customers are less likely to renew their subscriptions when prices go back to normal. Customers acquired through aggressive discounting also have a higher price sensitivity and are less likely to renew their subscriptions. These customers offer a lower lifetime value compared to those who are more likely to continue.In the world of SaaS, discounting undervalues a product. You will eventually end up spending a more extended amount of time recovering your CAC. Here’s an example to understand cost-plus pricing strategy that will put things into perspective:Consider a 20% discount on a product that has a CAC of $6000. At a monthly recurring revenue of $400, it will take 15 months to recover your CAC. You can recover this amount in less than 12 months with a minimal discount by keeping the price at $500. This also means that customers willing to pay a higher amount will be less sensitive to a value and cost increase of 5-10% over the next year or so, bringing up your bottom line substantially. In short, be discreet about your discounts and do not broadcast your discount to everyone by offering your product at a lower price across the board. This makes the ones paying full price for the product undervalued. Only target your discounts and a product cost-based pricing strategy towards those segments that need a push to close the deal. Vary your offers and keep them for a limited timeframe so that your customers do not expect it and wait for the discounts before renewing or purchasing. Remember: do not make discounts a habit. Instead, focus on the value proposition of your product to convince your customers that it is worth it at the full price.
Pricing by startup stagesEvery startup must think about pricing their products well from the outset. Understand that the pricing strategy and processes will differ depending on your startup’s stage of growth. Here’s how to price your app:
- Pricing for early-stage startups: If you are still searching for that perfect product-market fit, focus on product pricing localization and build trust with your customer in your target markets.
- Pricing for growth-stage startups: Focus on monetization and set pricing points based on market saturation and your customer’s willingness to pay. Maximize returns by optimizing your LTV/CAC ratio. Re-evaluate your pricing every six months and pivot if needed.
- Pricing for growth-stage startups: Expand to new markets and find new users internationally. Localize your prices to become the best fit for your target group.
Final thoughtsPricing and product development go hand in hand. They are both iterative, consistent and dynamic. So, a data-driven approach will tell you how to determine product pricing and reap the rewards of a scientific pricing strategy for years to come! As a business, you must understand the strategy that suits your kind of business and use the best possible metrics to come to a sweet spot that is beneficial for both you and your customers.Schedule a 15-minute call with me here if you are unaware of the best way to price your products or need help in understanding market economics and product pricing.
7 Ways to Test Your MVP and Create an Outstanding Product?
As entrepreneurs, we strive to provide innovative solutions to everyday problems through products. Most of these products begin as ideas transformed into products after brainstorming, finding a product-market fit and prototyping. Early versions of such products are called MVPs. However, like all “first drafts”, MVPs must be validated against the target user group. The reason for this is that an MVP is a culmination of your ideas, concepts and hypothesis, but it may not be what your customers are looking for.
Why is it essential to evaluate your MVP or Minimum Viable Product?Evaluating your minimum viable product is an excellent way to ensure that the product you’ve created works as intended and will be acceptable to your end-users. The internet is full of stories about countless products that failed (add a link to our blog here) to make their mark because they did not fit their intended purpose. Knowing how to evaluate an MVP reduces the amount of risk you face as an entrepreneur and gives you time to go back to the drawing board and rethink our product journey in case of a problem with your initial product.To explain this in the tastiest of terms, imagine a use case of a bakery/confectionery shop that wants to create a new dessert. With customers being tired of sweets, cakes and pastries, there is scope to create something new, something interesting. As the head of product management, you want to create something innovative, so you think of making a fried cake with a hole in it. You christen it as the “donut”. You try various recipes and find the perfect product-market fit—a cinnamon-sugar dusted donut that everyone loves. You then place your stand outside the cinema hall at half-time and validate your MVP. You take down customer reactions and finally produce the delightful product everyone loves—a chocolate-dipped, toffee sprinkled cinnamon-dusted donut that is taking the world by storm. In this process, you thought of an underserved need, hypothesized what customers would want, and created an MVP. You validated your MVP to people by selling a basic version of the product to them, gathered their feedback and finally created your delicious donut, which you constantly iterate and improve on to make new flavours, dinkies and so on. Well-known brands such as Airbnb, Uber, Groupon and many others started as simplistic MVPs and graduated into full-fledged billion-dollar products that are known the world over.
Validating your MVPMVP development best practices state that you must validate your MVP to ensure success. There are many ways to validate your idea when you are building an MVP. Companies like Groupon used a simple WordPress page, Foursquare made a single feature MVP instead of the entire product, and Dropbox created an explainer video. No matter what approach you take, it is important to use the learnings from the validation phase to create a genuinely innovative product the world loves.
7 ways to test your MVPHere are seven easy yet proven ways to validate your MVP before transforming it into a full-fledged donut product. These validation methods must be a part of your minimum viable product checklist to ensure end-product acceptance.
1. Customer interviewsInterviewing potential customers is the best way to validate your MVP. Customer interviews allow you to get feedback from actual potential users of your product. You can gather valuable insights from these interviews about their gripes and expectations of your user base and improve your product before launching it in the market.
2. CrowdfundingCrowdfunding sites such as Kickstarter and Indiegogo help innovators create MVP prototypes funded by interested people who contribute to these projects. The benefits of crowdfunding include an existing user base interested in your product and the funds to make it through to production.
3. Explainer videosIf you do not have a product yet, an explainer video is the next best thing to a corporate presentation. Dropbox did just that with their explainer video, where they showcased the functionality of Dropbox to a large audience through YouTube. Their video was simplistic—yet hit the spot, causing a surge of signups that helped Dropbox reach where they are today.
4. Landing pagesLanding pages can give you a lot of information about your potential user base. Using tools to capture user analytics can help you gather metrics that will determine user interest and see how they interact with your page. Landing pages are informative for both the customer and the developer of the MVP and can help steer a product in the right direction.
5. A/B testsA/B tests help you determine the better version out of two. For example, you can create two web pages to showcase two different versions of your MVP. You can then gauge user inputs from A/B MVP testing using Google Analytics and Unbounce, etc.
6. Pre-ordersPre-orders are very similar to crowdfunding, except that they will get the version they order as customers buy a product. Finished products often go the pre-order route to gauge requirements before commencing large-scale production.
7. Concierge MVPsConcierge MVPs deliver a highly customized service to a select number of customers, giving rise to the name concierge. A company called Rent the Runway is an online dress rental business. They provided in-person service where anyone could try a dress before they buy it. This helped to spread the word and validated their MVP hypothesis—would women rent dresses?
Your questions answered—FAQs and moreHere are the answers to some common questions about MVPsWhat is an MVP?An MVP is a scaled-down version of your product with enough features to attract early adopters and validate a product idea.Why are MVPs important?MVPs allow startups to test the waters before launching a full-fledged product—resulting in reduced costs and fewer resources before product validation.What is the best example of a minimum viable product?Popular MVP examples include Amazon, Zappos, Groupon, Airbnb and Dropbox, among many others.What is the difference between POC and MVP?A POC or a proof of concept showcases that a product is “buildable”. How long does it take to build an MVP?According to a survey by Kinvey, the average MVP takes about 18 weeks to develop. This, of course, will also depend on how complex your MVP is.How much does MVP development cost?The cost of an MVP can vary greatly. Generally, apps with one or two usable functions cost within $15,000. However, note that the location of your development team plays a significant role in the cost of your MVP.What if your MVP fails?The great thing about MVPs is that even if you fail, you can analyze the reasons for your failure and transform your MVP into a product that customers need. This is the basic tenet of MVPs—they allow developers to pivot and create products iteratively.How to measure MVP success?There are many ways to measure MVP success. Popular methods include-
- Download numbers
- Customer acquisition cost
- Percentage of active users
- Percentage of paying users
- Average revenue per user
- Market share
Final thoughtsHave you finished the donut? Oh wait, I forgot we were past that phase already! MVPs are a handy tool for entrepreneurs and innovators so they can test the waters before launching a full-fledged product. MVPs make it easy for an entrepreneur to transform their idea into a product without breaking the bank.Do you have an innovative idea in mind and don’t know where to start? Don’t worry—we’ve all been there! Schedule a free 15-minute consultation with me to know how I can help you transform your idea into a product. At Volumetree, we have helped many innovators take the entrepreneurial plunge by creating world-class MVPs for them. Until then, happy innovating!