Last Updated on December 13, 2019
Are you in business and started your own app? Are you planning to launch an app in the market? Do you want to generate some revenue from your app that is in the store?
The answer to it all is “App Monetization”. It is essential to know the ways through which you can interact with the customer but also earn some money.
This has the ability to make your app much better than any of the app marketing techniques. It is not just the tool that is used to market but also knows the way of “how to earn money via mobile app development.”
This will be an intriguing factor to become the profit-generating machine and promote the app. Here are the major ways for mobile app monetization.
The monetization opportunity is offered to the developers on a silver platter with a phenomenal advertising method. We are living in an era of advertising that is used to communicate with consumers and advertisers.
This is mainly due to the fact that the population depends around 80% of the day on the phone. However, people love to use free apps that don’t ask money to purchase the app. Hence, it is best to go for the cheaper method that doesn’t require any purchase on the customer end.
So, make sure to take leverage of in-app advertising to generate revenue. This can be done in different ways such as:
- Full or Interstitial Screen Ads – This comes up as the natural point that helps in enhancing the user experience without any interruption.
- Banner Ads – The fact is that banner ads can be extremely frustrating for users since it keeps on distracting them.
- Capture Form – The incentives such as tokens or points holds a lot of value in the world of opt-ins that can make people enter in with email addresses.
- Notification Ads – The mobile device’s status bar is a great way to be right in front of the user with popups.
#2 Partnerships & Sponsorship
The monetization game can go to the next level with the partnership in a secure environment to establish a customer base. The customers can get benefit from the network and partners that can integrate the experience in an optimized and loyalty-partnered form.
The customer will only download the app only if there is an “X” factor added to the list. Advertising features can help in getting a high amount of clicks easily with the partner. The CTR or click-through rate can be the highest in partnership form.
Hence, it is best to opt for sharing and hosting advertisements in order to increase the outreach of your brand.
#3 In-App Purchases
As mentioned above, the popularity of paid apps is less than that of unpaid apps. It is human nature to go for free things instead of paying to use an app. The opportunity to explore the free apps field is extremely wide. As a result, it is a great way to generate revenue through in-app purchases.
If the user is hooked to the app then he/she will surely want to go for in-app purchases to explore more features of the app without any hitches. This will help to establish the interaction point for the customers and app owners/developers. They can easily sell off the features of a product to the users.
It is mainly the freemium app aspect that will make users purchase the gated features to use the strategy. For instance, Candy Crush Saga is one of the biggest gaming apps in the market that work on in-app purchases. It is a free downloaded app that gives a number of features to payers with the addition of some premium features such as purchasing coins.
#4 Premium/Free Version
There is no cost of download a freemium app that is mentioned above. However, they work on in-app purchases that generate a good amount for the owner or developer. It is not the only way that can help in earning money since there can be a separate version of the premium app.
It is a way to enhance user experience easily along with separate free and premium apps that will not interrupt the function of each other. This will also be easy for customers since they will get an understanding of what the app can and cannot do.
The free app can easily work on enhancing the user experience while letting them understand the essential features of the app. If they enjoy the app then the offer to buy a premium app can be forwarded to give them a better experience.
However, as a developer, it is your responsibility to make sure that users actually enjoy the premium version of the app. The premium version must be that popular that hook the audience and make them recommend it to friends and leave positive reviews.
#5 Data-Driven Strategies
If your focus is to generate revenue via mobile app development then it is best to focus upon the data analytics. The user base behavior is noted in the present world to get an insight into what users actually want. This is a great way to establish data-driven strategies in order to put the data to good use.
This will help in giving an insight into the users that are more than willing to invest in your app. As a result, you can save a lot of your time since you will know the user acquisition to save your development time.
The fact is that there are users that not even open an app after the first use. They will not engage with an app after the initial download and registration. Data can help in giving the record of loyal customers to gain knowledge and optimize the user experience on the next level.
Along with this, there are companies that pay for the data recorded. It will also open an opportunity to sell the data to the giants in order to help them with their business if the data is not of your use.
The bottom line is that it is essential to build an awesome app that can easily attract the audience and make them hooked to the app. It must make connections and expand the brand’s name to generate revenue.
White label apps are also a great way to generate some extra bucks and have a good name in the market. Now, take leverage of these astounding monetization methods in order to generate a hefty revenue.