Red dot (circle) next to the app name below the app icon on the iPhone Home Screen on iOS 8

What does the red dot (circle) next to the app name below the app icon mean?

I added a Today Extension (Widget) to the app. It appears only when I launch the app on the iOS 8, it does not appear on iOS 7 simulator. Even though I removed the extension and cleared the simulator, it still appears before the app name.

An Orange dot next to an app normally means it's a beta version, as installed through Testflight. I have a couple of those at the moment, though one looks more red. Trying to find if there's a difference between an orange and a red dot, or if it's just an artefact of the colour of the background image that makes it look red.

The dot you see is actually an orange dot, with transparency. On dark backgrounds it seems like it's red. Try changing to a bright background.

Orange dots for all beta apps that are downloaded from TestFlight and blue dots for recently updated apps from App Store.

Thanks for the question @user5673323221, and the answer by @PhilBowman. As apart from the red colour, there are few more colours as well such as yellow and blue having their specific meaning.

Check this Medium article for them all.