It is a no-brainer that any mobile app you plan to develop should be highly intuitive, filled with powerful features, and user-friendly to increase the chances of it going viral. But, what is the benefit of having a lot of downloads if you cannot make money from your app.
Of course, if you do the app development work for clients, you get paid for the work. But, your clients will only come back to you for similar app development work if the previous apps enabled them to earn significant revenue from the visitor traffic to their apps.
In other words, you need to have a mobile app revenue strategy in place. And, if you develop apps to convert any of your own wonderful app ideas into reality, your app monetization plan will have to be even more precise. In either case, your objective should be to ensure that when people start flocking to your mobile app, money starts flowing in as well!
So, how can you make money from your app? Let us take a glimpse at the mobile app monetization strategies that app developers like you could explore.
How to Strategize for Mobile App Monetization?
Initiate In-App Purchase Offerings
You can keep your app free and introduce in-app purchases to get some revenue flowing from your mobile app. Alternatively, you can make your app a paid one and then also offer in-app purchases, if you believe your shopping offerings are significant enough for your app users to consider!
So, you can sell products or services on your app. You can also have innovative in-app offerings which your app users can purchase to unlock more power (for game apps) or additional features.
However, you need to be flexible and explore the audience response with different types of in-app purchases. And, more importantly, you must ensure that the in-app purchasing experience is quick, convenient, and seamless. Doing so will go a long way in ensuring that you earn good revenue from such provisions in the app.
Create Highly Converting Mobile App Ads
As is done with websites, you can use advertisements to earn revenue from your app as well. However, apps are generally used to provide a more personalized experience to the users. So, it is important that the ads do not have a negative impact on the audience’s experience.
You need to introduce smart ways to capture data regarding your app installers and use the same to display highly contextual (targeted) ads to them. Such personalized ads about products or services in which your users may be interested will help to increase the user engagement.
Encourage Paid Subscriptions
If you are developing a mobile app which primarily focuses on content, then you have to ensure that the app is updated frequently. If the time between two updates is reduced drastically, the users will revisit the app more often. This will lead to the app’s target audience eventually spending more time in the app and getting more value out of it!
So, updating your app frequently can play a major role in ensuring a good revenue flow with a paid subscription feature. You give the consumers more content and value and they give you more money!
Offer White Label Solutions
As a mobile app developer, you would know that app development is a time-consuming and costly affair. It may thus sometimes be better and cheaper for your clients to opt for white label app products (without branding). In this way, the client can attach their own brand to the app, before selling it to the end consumers.
So, you can opt for a white label app structure that has been prepared by experts (after numerous failures) to avoid reinventing the wheel. You just have to white label the app’s structure, package it, and sell it off to other businesses. Doing so is a great way to reap monetary rewards for the work that you have already done, i.e., the app development work.
Licensing and Encouraging Retention for Cross Selling Other Products
You may not always want to sell directly from you mobile app. However, you can still continue focusing on your app as a platform that helps establish a good connect with the users and offers them more value. You can increase your customer engagement in the app which influences the licensing and retention of your clients’ other core products (or your other services).
You can try any of the above app monetization strategies or a combination of them for your next app, depending on its type. You will have to experiment a bit as there is no “one size fits all” strategy. However, the ultimate objective should be to ensure an intuitive and seamless experience for your app users, while you iron out the app revenue generating model.
We hope that the above discussed strategies prove useful for you in earning good monetary rewards from the different types of mobile apps that you develop. Since you work so hard to develop your app, the strategy should work doubly as hard to get income flowing. What do you think?
Please feel free to share your suggestions or queries in the comments section below.