Before we delve down to gain insight on mobile app monetization, let’s kick start the topic with why we even need to monetize the apps? To explain the same through a one-liner, revenue is the lifeline of every business. And, the same goes true for mobile app development too. The more the revenue, the better the business.
The concept of app monetization is getting bigger. It is a step further to add profit to your newly created mobile app. The recent evolution in digital technology has given more ways to add more applauds to the already awarding technique we know as app monetization. Let’s admit it, we all have that craving for attaining the same status as Whatsapp and Instagram have today. Of course in terms of profit too.
Developers wish to stimulate user loyalty towards our app because of obvious reasons. But many of them forget that it could only be cultivated after satisfying users with app utility. Maybe the vigorous competition has already taken a toll over developers, and that is why they are serving whatever they find relevant (even if doesn’t suit the related criteria). Thus, to help educate blooming developers with app monetization techniques, here comes the subject insight.
App Monetization Building Block Strategy:
1. User acquisition
Generating app revenue and user acquisition go hand-in-hand. Without an effective acquisition strategy, it is not possible to even optimize the app for audience.
The models your competitors are using, the approach they are taking as their strategy and the features their apps have, sum up the criteria that you must know before creating the app.
Now that you know a bit more about your competitor’s strategy, here is a brief on app monetization techniques you must know about.
3. The freemium model
Freemium app includes the goodness of both; free models and the premium ones. Allow your user the access of a few app functionalities upon the download. Let them know exciting features awaits them with the premium version. This strategy works absolutely fine with monetizing your application too.
4. In-app advertising
Integrate the free and premium app for making the most out of in-app advertising. The display promotion section or that tiny ad banner in the advertising section proves to be the most effective for generating the revenue. Banner ads, as well as native apps, are really popular under this category.
5. Paid subscriptions
The most renowned technique of app monetization. It is a way of charging the users for downloading the app. Paid apps are the best when it comes to making money through subscriptions. Even though paid subscription help makes revenue, only 20% of apps have generated 100% downloads.
App monetization covers a number of models that hold potential for profit generation. The above-explained topics; however, have been proved to generate profit for apps. Profit making is one of the most important concerns for letting apps create success. And in this age of digitization, monetizing your apps is easier than ever before.
Also, remember to keep the building blocks of your app monetization stronger enough to target the right audience. When it comes to targeting the users, be unique with your ways, approach, and attitude of engaging them.