If you have not lived under the rock, you must be aware of the power of monetizing your app. Yes, you got it right? No matter, how vast app development you are doing, but if you are not monetizing it for the good you are lacking HUGE.
You are probably pulling out data from your new app and finding all possible new scenarios to market your brand, but one thing that you can do to make your app even better for your business is through MONETISING.
Your app is not only a tool, it is an approach that can establish your brand in this strong market and make some serious moves. So, this post is all about guiding you the potential ways to monetize your mobile app, let's get rolling:
Advertising is the game:
In mobile app development, designing an app that has all the elements to impress the customer is one thing, but later the process is all about marketing and adding a strong strategical approach towards monetizing it. Advertising is, therefore, one of the phenomenal take for your app.
If you include ads in your app, you can get a great opportunity towards monetization. A strong communication has been established between consumers and advertisers dramatically all goes to digital advertising through mobile apps.
It also came as a survey that major apps so downloaded are unpaid or free. Users don't believe in paying money for app download, therefore, the best way that rests is to :
Make your app free and earn through advertising
Well, if you are all carried away with this approach, we tell you five types of typically used ads:
- Full-screen ads: Placed at natural pause points, these ads are placed when moving between menus. Your app experience is not interrupted by using these ads and so you are not irking the customer with these ads. It generates app clicks more without frustration.
- Notification ads: These are another pool of ads that pop up on the mobile device’s status bar and inform users about the ads presence. However, these do not carry a dignified reputation and may compromise with your app reputation.
- Capture form: Next, to get users email addresses and gifting them incentives, capture form is used. They are found in mobile games mostly and rely on users’ opt-ins.
- Advanced Overlay: These are interactive in nature but use transition points like interstitial ads. They are nothing but sort of a mix of capture format and full-screen ads.
- Banner ads: These are quite distracting and usually found on the top or bottom of the screen. If you are thinking to incorporate these in your business app, you must think twice before you do that.
However, it all boils down to giving users an experience. The experience that is not compromised even if you are using ads it should not be bothered and irks the user. So count on that.
Emails list are marketing gold:
How can you never miss on this crucial aspect? Yes, we are talking about emails list. It is not the first step but using email lists in your apps is an incredible way for engagement with your customers.
You should know that the potential Facebook post has a lifetime of a few hours, and that is true for a Tweet as well which lives merely for an hour. But an email has a lifespan of 12 days. Yes, 12 days to roll the ball in your court.
It all goes to the fact that people rarely change their emails and once you have it with you, you can go ahead and aware them about your app updates, events and whatever new coming in. It makes email marketing a boon where your users can actually see your content and engage with it.
The best way to get the emails is add an email subscription form in your mobile app. Email subscription by users is a great boost for your app and the more you can do it is tempt them with benefits.
Sponsorships work phenomenally:
For monetizing your mobile app, have your app sponsor products and services. It is one of the best ways that can help you make money out of your application. It is a part of mobile app optimisation, where your app works as a platform to advertise other products and services. You can in turn earn revenues by such paid advertisements.
So, establish your target audience and find the products and services that your target audience would be interested in. To put it simple with an example, a beauty app so designed may get sponsorships from brands like Lakme, Maybelline and MAC.
Sell In-App Features/In App Purchases:
This is another tactic where an app is free but to make access to additional features, you have to make in-app purchases. It is a most common platform to monetize your mobile app. In gaming apps, this feature works brilliantly as a user can unlock more levels and get more lives. It is a large part of Freemium apps (mobile games) where users don't involve any upfront cost while app downloading but pay for gated features sometimes.
However, a mobile app developer acts playful while making an app as app developers create a fine line between creating a few features and too many options for free. The best is choosing a monetization method.
Monetize by Selling Merchandize through app:
A mobile app that has the potential to sell a wide range of merchandise should be used to make revenues out of it. But here put sharp eyes over the niche. The merchandise you sell through your app should be related to your mobile app niche market.
Studies so surfaced depicts that a mobile app can make good money by selling merchandise through mobile apps, sometimes 50 % of the sale value. Evernote is one fine example selling custom coffee mugs, t-shirts, pens and more.
Strong app coding strengthens for major opportunities:
An app should strengthen the process from the beginning. If you make your app strong with its own code you are regulating some key features in it and attracting other brands to approach you. It is great wherein you can license your code to other developers, and can definitely make money without hurdling your user experience.
A fine example is - a popular game Temple Run was re-skinned for Temple Run OZ as a film tie up.
More to it, a strong app with a strong code which has gotten a strong value has an opportunity to sell it as a whole to a buyer who can make use of your existing framework for their benefits and in return shower your business with a huge sum of money.
Cost per install or CPI network helps you to use your app to promote other apps. It is a contributor towards mobile app promotions and monetization as every time someone installs an app using your mobile app you get paid. This has lead to a serious traffic rise and branding of your app and to top it all making your app monetized.
One time paid apps:
Last but not the least, one time paid apps is the most common platform for monetizing your app where users pay once to download the app. Here the latest updates and feature are free. Well, this also rises to a question that why users should pay for an app to download? Well, make your app that incredible and vivid so that users are forced to download. Lacking to a consistent revenue stream, new customers are searched each time.
As seen most onetime paid apps serve the app core value and feature in the download and later there are certain tweaks and adjustments so takes place with app updates.
Coming to the conclusion, it is fine to say that making money through your mobile app is not an easy game. It is a well executed approach right from the development to the marketing and incorporating features that make your app worthy to get monetised. So, use above strategies to make your app monetized and engage your users.