App monetization is an important business strategy. The cost of an app can be surpassed easily with the help of app monetization. You will be able to generate extra income if you apply right strategies of app monetization.
Applications have become utilities for us as we are getting every type of comfort from booking to order, finding to sharing, and many countless things for better life experience. If you look back at some previous years, you will realize that life was too bored and extra simple without these applications. There were hardly 2-3 apps (gaming, music or video player) available in your simple device and there was no app available to download.
Unlike that, nowadays smartphone is less used for calls and message but maximally optimized for personal tasks just like hiring a taxi to travel, watching movies or shows online, shopping, finding a destination to eat and much more.
The smartphone adoption trend is on the rise and many businesses are moving towards app development to establish their foot for good income. There is a sheer competition noticed in mobile app development. Having an app for a business is so influential that people can better market their brand through it.
Businesses of all sizes are demanding the well-functional apps to fulfill the needs of their customers, workers and internal bodies etc. In such a stiff competition among apps, it is not enough to have an app only; even your app must be capable to generate greater revenues for you. This is termed as app monetization.
As per Gartner report, 102 billion apps were downloaded, 89% of them are of Apple and Android. The expanded customer base is helpful for creating large opportunities and rising in the sales.
One of the biggest tasks in achieving app monetization is to determine the right strategies. Let’s understand how you can generate strategies to obtain great ROI on your app –
It is crucial to understand your app structure, functions, its user base, and the idea behind its development because you have to present wider face of your business model. Figure out the following questions to get insights of applicable strategies:
- What is the price of your app and what value does it provide to the users?
- What type of revenues will you track?
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Now take a look on some of the common strategies of app monetization which maximum people follow.
Showing ads in the mobile apps is the most popular concept of reaching the potential users. Many of the small-scale apps are exist due to in-app advertising. You can monetize your apps with ads. Third Party ads include banner ads, short video ad, and third-party app push notification. You can expect your earning according to your audience and partner.
You have to build your network of advertising space first. You can have the normal budget to invest in this type of strategy and reap maximum benefits.
The concept of freemium suits to some of the major level businesses. A well-functional app that is developed after the huge demand of audience, which is download for free but its additional features like upgrade options or exclusive are available to you after buying, falls under the category of freemium.
Freemiums are the good way to earn with the help of the single application. You have to focus on the development only and let the app start earning itself with the help of its awesome features.
You can try this conventional method by asking users to put their email id in the app. It is the coolest way of engaging your audience which can enhance chances of generating leads. It is one of the successful methods because people do not change the email addresses regularly and they check their inboxes frequently. Hence, there are chances that many people will look into your content and use your app services more.
4Strong Content Strategies
Content can do all for you. Work on the quality of content and provide best to the free or paid users. Because after buying, if users are not much satisfied with the provided content, they may abandon your app or will not buy freemium in future if they have to use the app.
Provide the latest posts like any feature of the app is updated, make it available on your blog and have some fresh news always to engage users. It will sound good to retain users for the long term. Moreover, the users will never feel bored and will stay more in touch with the help of informative and app related content.
Text messages directly influence users because it is something which is directly received on the text box of the device. You may swipe it earlier but, maybe in free time, you will have a look on it. So, in order to boost your brand with your app, ask phone number of users.
Strategies may vary as per the requirements but what you should keep in mind is to understand the opportunities and customize your strategies according to it. Let’s take a look at some quick tips before you implement any strategy.
6Understand Current opportunities
Do thorough research on some of the top and successful monetization project. Understand the app market and observe the opportunities. Figure out some suitable among them as per your app structure.
7Pick the Right Monetization Model
Among various business models, you have to choose one which is closely suited for your app and the user base as well.
8Select Your App’s Target Market
Picking the market may be a typical task but try to make it easy and start from the ground. There is a huge difference noticed in monetization in different regions because not all the countries are same for all type of apps. Learn the markets of densely populated countries like India and China to get the idea about investors and their revenues.
Let’s Wrap Up
App development companies are diligently preparing the monetization models and help you in picking a right strategy to cater various enterprise needs with the help of their in-house experts, so that, you can generate better revenues in future.
By this post, you are well aware of an app and its importance. It can allow you to create and expand your opportunities in the app market. Just focus on your app idea, business model, and the required market, rest of the things will be easily achieved.