In the times that we live, just a click of a button has saved us a lot of travels, efforts, time and most of all money thanks to the little innovations called mobile apps. The world we live in used to be imaginable just a few decades, and mobile apps has contributed to the futuristic features these times displays.
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Looking by how mobile apps have come in handy to millions of people around the world by helping carry out a different task in a breeze, it is fitting enough for the app developer to take pride in their work and even capitalize on the opportunities their apps brings along. Making money out of it is one way, unless when an app is developed for charity.
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And just like other prosperous apps like Uber and Spotify, there are pointers need to be considered in order to successfully monetise your app.
1. In-App advertising
Off the top, one of the most common methods is ads. This is a no-brainer because in order to find people to use your app, one must first reach out. You could strategically make ads show when the user is on the app. Like any other strategy, there is a good way to do it and a bad one.
Do not use disruptive ads. No one likes it when a video pops up and you cannot continue until it has finished playing. Heck! there are even apps developed to prevent them. When advertising, your end-game should be getting customers and thus inviting them rather than agitating them with pop up ads.
If the ads are placed strategically, it is more likely that the user will click them. Ads about eateries, ride services, hotels, and other related things are bound to have more clicks. Correctly finding users to click and watch your add equalities to 65% chances of them buying or subscribing to your app. Hence, your app will eventually make more money because of this cutting-edge marketing strategy.
2. Introduce in-app purchases
You can use in-app purchases to monetise your app. Offer additional services or features that the user pays for to get one-time, periodic or lifetime access. Unlike the pay to install method, in-app purchases allow the user access to the app, get to see the benefits the app provides in real-time and ultimately want more. They can also be presented as upgrades, which offer the user more convenience after making certain purchases.
In-app purchases offer repeat sources of income, thus will generate money continually. Take the case of “freemium” which offer clients free installations but additional features that require a paid installation that may either be one time or subscription based.
Note that while selling apps can generate a considerable amount of money, they are one-time deals that have a limit to how much they can raise. A good approach is to consider the 90-10 approach. This means that ensure in your portfolio, less than 10% of the apps rely on paid installations as a source of money. Never rely primarily on paid installations.
3. Integrate your app with the latest technology
While it is good to go your own way, following market trends and integrating the latest technology offers a certain level of stability. When considering the latest trends, make sure they align with your goal for the app is and the user base. For instance, gaming apps, in-game monetization has become an important source of raising money. Users purchase a certain number of coins that are applicable in the game according to the gamer’s preference. With this trend in the market, if you develop an app with this feature, customers would not be as reluctant to spend.
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4. Diversify
First, if you want more users to spend on your app, make it possible for more people to be in a capacity to do so. Giving a one off package worth a standard $70 dollars may make money. However, for a buyer who has $40 it would be impossible to acquire what you are offering. Creating a package that suits this amount and several others will mean more people will be able to afford it.
Another way to go is to have a wide array of applications. You can always aim for that iconic app that will be your Facebook or Microsoft. However, it does not harm to have more sources of income. Develop a large portfolio of apps that will help to build your brand and make you more marketable. They will also be able to target different customers hence reaching a wider market.
5. Cross-selling your apps
For developers with many apps, use them to build a larger presence in the market. You can design your portfolio such that the apps are used to market each other. For instance, through a free app, you can offer deals on others that have to be bought.
Cross-selling can be made more efficient if the apps are complementary. This would then mean having a suite of apps that can be linked to achieve a wider array of functions. The fact that the customer experience is improved would increase the likelihood of making the purchase. User experience also builds brand loyalty.
6. Market your app
For any monetizing method to work, an app has to be popular, to begin with. Make sure you attract a good number of users if you are to make enough money from your app. How do you do this? You can reach out to your audience and introduce your app and its benefits. You can use various platforms such as social media or even other apps in your portfolio to create the needed awareness.
You can focus on targeting free mass usage and secure sponsorships after reach this target. Sponsors will then advertise on your app after seeing the influence it has. For this method, you should have a good strategy to make your app influential. This approach offers stability when you want to make your app a long term source of money.
Some apps have been known to advance some of the benefits from the sponsorships to the users. Reward systems help to extend the user’s association with the app. Social media site, like
7. Paid apps
I know you want to make money. However, a one off deal will rarely generate more money than a continuous stream. If you want more money, you need to think big long terms. Therefore, do not set prices that will discourage your users. Make sure they are able to afford it and that the value you offer matches the amount paid.
Furthermore, ensure that your product is of quality. Users have to able to notice the reason they are paying for the app. This is the only way they will be ready to part with their money without feeling cheated. Quality will always keep customers around. Therefore, your app will be able to keep making money for you for longer.
Now that you know of the important things to consider when monetizing your app, you can select an appropriate method. Remember, however, that there will still be other intricate tips you will pick up along the way.
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