Should I build this product for tracking competitor revenues?
Should I build this product for tracking competitor revenues?
Hey guys, I was researching app ideas and was tracking monthly revenues of some apps to see what worked.
In the process, I have created a small product for myself to track monthly app revenues of any app. You can see how it looks like now.
I was thinking of releasing it as a public product for anyone to use for a small fee of $5/month.
What do you think? Are you interested in this product?
I'm just really curious, how do you get your data?
It’s from sources like sensor tower who already have rich source of data.
I understand it's cool to guess how much your competitors are making but you're better off spending time building something that doesn't analyze vanity metrics and builds customer loyalty instead!
It’s mainly for figuring out if an app is worth building in an industry. I guess I worded it wrong.
Okay then it's another story :D
Your explanation...
...makes it sound like this would be a better one-time service for wantrepreneurs (who are notoriously cheap) rather than a recurring service. It'd be hard to turn this into sustainable income.
Cool idea though.
Thanks for the feedback. This is the process I use for finding app ideas, so I thought it would be helpful for others. If it doesn’t help anyone else, it’s all right. I just use it to find apps with consistent revenue.
That alone is not enough information to base a decision on.
Also considering (based on your comments) if it's to check worth building for a specific industry, a monthly recurring fee does not make sense, after all I only need the information once.
If you're looking into building your first(?) product, why not try to bundle the knowledge you gained by exploring different industry into something others can replicate? That's worth something (and easier to build and sell).
Thanks for the feedback. I use this to find apps with consistent revenue. That’s why I thought it would make sense as recurring product. I liked the idea you mentioned in the end, but I’m not sure it’s practical for me.
how do you intend to track competitors revenue? slash what is the benefit of tracking competitors revenue?
For example, let’s say you’re thinking of creating an app for writing markdown notes on iOS. You know Bear app has similar functionality.
Bear made $30k last month. But you don’t know the revenue trend. If you see the revenue of the apps in the specific niche is increasing, you can make an informed decision to create an app in the space.
If no one is making money in an industry, you can look for industries that make money.