Attention App Developers, Here are 10 Ways to Monetize Your Apps
At
present, users have option to choose from millions of mobile apps
available in various operating
system-native stores including Google Play, Apple App Store and
Microsoft
Windows Store. But the statistics posted on various websites
indicate that a large percentage of these mobile apps are free.
Further, several surveys have highlighted that the number of free
apps downloads exceed the number of paid app downloads by a huge
margin. So both enterprises and developers frequently explore
innovative ways to make money from mobile apps. They also have option
to monetize their mobile apps in a number of ways.
10
Ways to Make Your Mobile App Make Money
1)
In-App Purchases
This
mobile app monetization technique requires businesses to use their
mobile apps as a sales channel or a mobile store. The businesses can
generate revenue by selling both physical and virtual products
through their mobile apps. The user will have option to download the
app for free. Also, he can see details of products or services
without paying extra. But the in-app purchase feature included in the
app will enable the user to place order for the products or services
almost immediately.
2)
In-App Advertisement
Many
businesses try to make their free mobile apps profitable by selling
data-driven advertising space to advertisers. The app
monetization model further enables businesses to reduce the app
development cost, and allow users to download the app for free. But
the app must be designed with specific features and advanced
analytics to gather a variety of user information. Whenever a user
interacts with the app, the application must capture the data
required by advertisers. The business can earn revenue by selling the
user information captured by the application to relevant advertisers.
3)
Freemiums
This
app monetization technique emphasise of dividing all features of the
app into two distinct categories, i.e., free and basic. The users can
download the app from the app store without paying any fee. Likewise,
they can access the basic features and functionality of the
application without paying any fees. But the users have to pay money
to access the app’s premium or proprietary features. The premium or
proprietary features of the mobile app will remain locked till the
user pays the required amount. The technique will encourage users to
pay the required amount to avail app’s advanced features.
4)
Subscriptions
This
method of app monetization is similar to freemiums. But this method
requires users to pay a specific amount to view certain content. The
mobile app can be downloaded from the app store for free. Likewise,
it will allow users to view a specific amount of content without
paying extra. The users will be required to sign up or subscribe to
view additional content. The app monetization method is best-suited
for content-based mobile apps. Also, you need to invest additionally
to generate high quality content to generate more revenues.
5)
Sponsorship
The
new app monetization method requires you to partner with several
advertisers. The advertisers will reward users whenever they complete
a specific
in-app action.
Whenever a user completes the specific
in-app action, the advertiser will pay you a predetermined fee or a
percentage of the revenue earned from the specific in-app action.
However, you still need to focus on displaying the ad and convey the
in-app action without affecting the app’s
user experience. The application must keep the users engaged to
encourage them to complete the in-app action to generate more
revenue.
6)
Maintenance and Updates
To
make a mobile app profitable in the longer run, you must focus on
constant user engagement. The app must seduce the users consistently
with appealing content and innovative features. So you must make and
implement a strategy to make the app engage users and generate more
revenue. You need to ensure that the app is delivering fresh and
relevant content to users continuously. At the same time, you also
need to update the app regularly with new features and advanced
functionality to boost its usage and popularity.
7)
Virtual Currency
Many
surveys have highlighted that games are more profitable than mobile
apps. Most mobile gaming apps nowadays use virtual currencies. But
they require users to interact with specific brands to earn the
virtual currency for free. You can always consider developing mobile
apps that use multiple virtual currencies. You can further allow
users to buy the virtual currency or obtain virtual currency for free
by completing special offers and accessing special content. The
distinct add implementation strategy will make
your mobile app profitable, while making it deliver game-like
user experience.
8)
Native Advertisements
Popular
social networking sites like Facebook use sponsored posts to
accomplish higher click-through
rates. The
native ads are designed in a manner similar to sponsored posts on
Facebook, and can blend seamlessly with the mobile app. So you can
always consider earning revenue by displaying native apps without
affecting the app’s user experience. However, the revenue generated
through native ads will be affected by the layout of the mobile app
and the execution of the ad. The mobile
app developers can easily embed the native apps in a wide variety
of mobile applications.
9)
Cross-Platform Mobile Apps
You
can always get higher returns by making the app available on multiple
mobile platforms. But you may not get higher ROI by targeting mobile
operating systems based on their worldwide market share. At present,
Android dominates the worldwide mobile operating system market. Many
surveys have highlighted that both iOS apps and Windows Phone apps
are more profitable that Android apps. Hence, it is important to
develop the mobile app by targeting the right mobile operating
systems to get generate more revenues and profits.
10)
Paid Apps
You
can always get higher ROI by making it paid. The users will be
required to purchase the mobile app from an app store, and your app
will start making money. But often businesses find it daunting to
promote a paid app. You need must build the app with many features
and functionality that make it different from similar free apps
available in the app store. Also, the paid app must be promoted as
something unique and most powerful. The innovative features of the
app and robust marketing campaign will encourage many users to opt
for your mobile app instead of other free apps.
However,
a business cannot use a single app monetization strategy to make all
its mobile apps profitable. It must pick the app monetization method
by keeping in mind the nature of the mobile apps, targeted users, and
level of competition. At the same time, it is also important for the
business to explore monetization options throughout the app
development process. Also, it must keep the app monetization strategy
flexible and dynamic to incorporate all changes required to get
higher ROI.
Attention App Developers, Here are 10 Ways to Monetize Your Apps
Reviewed by Nellon
on
04:06:00
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