Monetization of an app means generating revenue from the app without charging for it. It does not necessarily refer to ‘selling’ of a product and the revenue can be earned from a website/app without selling anything at all. A mobile app developed can help earn a good sum of money if it is properly monetized on the web platform, especially on social media forums.
It involves a number of pathways ranging from advertising, e-commerce, and premium content to affiliate programs. One common process is to collect user data and sell it to third parties but involves risks like cybercrimes/identity thefts. Given below are Top 10 Ways To Monetize Mobile Apps.
Top 10 Ways To Monetize Mobile Apps — Photo credit etechspider.com
10) Email Marketing
Email strategic tie-in with apps gives you a great way to get more in touch with your customers. Email marketing campaign ensures that users view your content and interact with it.
This is based on the simple fact that users rarely alter their email ids. If you add an email subscription form to the app and tempt them with some real benefits, you are bound to get a solid feedback. Simply put, email lists are marketing gold.
9) Blended Model
It is more of an unconventional approach to monetizing apps than being a process/method in itself. Try different ways to entice users by blending a number of different strategies. Most users hate in-app purchases (but some revere them!).
So instead of adding multiple in-app options only, include some few ads, some gated features and some virtual goods that can be purchased-note the immediate positive feedback because there is something for everyone!
8) In-App Purchasing
Make more money from your apps by installing in-app purchases and lead customers directly to your product. This strategy is a trademark of gaming software but it can be utilized in any app business. Users get access to some features of the app but to unlock other features they have to upgrade to premium membership.
In-app purchases can range from selling goods/services to unlocking features/contents in the app. However, you should be careful to not give away too many free features or provide inadequate expensive features.
7) SMS Marketing
Looking forward to increase that monthly revenue? Use a conventional text SMS to remind the app users what they are missing out. ? It is a great way to promote new products and services that is integrated in the app.
8 out of 10 users open every text message they receive-what better way to reach your potential customers on the other end?
6) Manage App Usage Levels
Provide an initial cheap version of the app (teaser) to end users for a trial period, wait for them to become coalesce with it and release a premium version with greater features and convenience, which they will be compelled to buy.
Users get access to some features of the app but to unlock other features they have to upgrade to premium. In this present age of cut-throat market competition, a subtle touch of fraudulence is perhaps morally permissible.
5) Sponsors & Partnership
If you have been less successful with ads, and looking for strategies, try partnering with a company that has similar customer base and integrate their offerings into your app for a referral fee. The partner can benefit your customers while you earn a work-experience.
This is perhaps the biggest getaway to a quick income on any web platform. Digital advertising can earn you phenomenal revenues and your earnings can soar higher than you could ever imagine. Make your app free and utilize in-app advertising.
There are mainly 3 solid categories for that: INTERSTITIAL/FULL SCREEN ADS (these are found while moving between menus & are most convenient), CAPTURE FORM (offer incentives, tokens or points in return for email ids), & ADVANCED OVERLAY (interactive ads that are combinations of capture form & full screen ads).
3) White Label Your Code
License your app code to other developers and keep earning like you used to, all while saving your precious time and without disturbing the experience of users. If you create a prominent app you can ‘white-label’ the code and attract the attention of app developers. Once a company buys the code they can insert correct branding and ship it to their customers.
2) Multiple Payment Options
You can offer multiple payment options in return for different levels of content access and reap the ensuing benefits. What you do is that, when you offer updated contents on a regular basis, you put different price tags on variable tiers of information/service.
Users tend to subscribe to higher offers providing them greater benefits compared to lower-priced nominal benefits. This is one of the best Top 10 Ways To Monetize Mobile Apps.
1) Data-Driven Strategies
The root of any achievement is proper analysis of past errors. Study the behavior of your user base utilizing robust analytics and find out who spends more time & money on your app. put that group in primary focus instead of focusing on gaining new users. Besides such data always has a high selling price in analytical companies.
So friends there you go with the list of Top 10 Ways To Monetize Mobile Apps. If you feel that there are any other methods also do comment below.