You just have developed and launched a wonderful app that can make your business reach target audiences and become popular. It might also become the chime in the deepest silence of the market through this app. But, the question still arises – how you can make money for your business through it.
This is where you can think about the ways to monetize your app and increase revenue by at least 30%. Apart from a business tool, it can become a perfect money-making asset if you utilize it in some beneficial methods.
On a certain note, marketing experts predicted a steep growth in the revenue generated by the apps from 2014 to 2018. Most people think that paid apps are comparatively more profitable than free apps. But this isn’t the reality, Google actually reported 95-98% revenue generated through free apps.
If you stick with the right ways, you can definitely bring money to your account through app monetization. Let’s focus on them:
1. App Advertising & Promotion
Including ads in your app can be a perfect way to increase revenue for your business. Digital advertising is one of the trending ways to improve ROI and conversion rates. Implementing this concept with mobile apps can give more opportunities to get your business clicked as the number of mobile users is increasing every year.
As people spend more time on smartphones, the chances of downloading your app will increase as compared to paid apps. When they see your app is a better alternative than others and free of cost, they will prefer it over others.
There are various methods to implement mobile app advertising campaign:
Notification Ads
These ads generally pop up on the user’s status bar, making your ad’s presence visible on top of their device. However, you need to know that these ads aren’t much likable by these audiences. Make sure you consistently manage business reputation effectively.
Banner Ads
These ads are generally present at the top or bottom of a device’s screen. For these ads to be successful and impactful, you need to focus on the relevancy and quality of the content. Make sure they don’t irritate your audience due to simultaneous pop-ups.
Full-Screen Ads
These ads expand on the full screen of the device during the navigation from one page to another. As they don’t pop-up during user’s interaction with different links in the app, so they have better chances to be clicked without causing any frustration for them.
Overlay Ads
These types of ads are a part combination of capture form and full-screen ads, so they provide better experience and interaction. In simpler words, these ads are generally more clickable than other ads.
Capture Ads
These ads capture the interest of the audience and give points or rewards on entering email addresses. These ads are generally found on mobile games and strategic apps.
2. SMS Marketing
Another effective method to prompt your target audiences and earn money from them is to use SMS. Using these messages, you can drive their attention and gain better outcomes for your app monetization app.
There are various methods to use SMS marketing and generate revenue opportunities, such as app updates, alerts, promotional offers, and contests. Getting these messages straight to their inboxes will help to create more impact in terms of money.
3. Strong Content Strategies
Content has the power to impress audiences through quality information and engaging data. If you have a good strategy to implement it, you can earn easy money for your business. Blogging and social media content sharing is the best method you can use. Sharing news through different channels can also help you to make your audience engaged with your app.
Sometimes users lose interest in utilizing one ap again and again, so they uninstall it for a better option. However, to reduce this factor with your app then you need to keep the consistency of your content maintained throughout its updates. When they get some scope about your app, they will look forward to downloading it in the first attempt.
4. Paid Downloading
Despite having paid criteria to use your app, you can still get better opportunities to increase downloads as well as revenue. However, you need to give a strong reason to download your paid app as there are so many free apps and people won’t hesitate to find your alternative. Moreover, you can offer a free trial or demo period to create an impression in their minds and get better outcomes.
Thi monetization model will work if you have a compelling and effective idea to meet the requirements of your target audiences. Just tell your mobile app developers to upload an engaging app video, descriptions, and convincing content to get their attention.
5. Introduce Subscription Packages
By listing some features as paid or under a subscribed pricing model, you can limit the usage of your app and offer paid as well as free services to users. When users start taking an interest in your app while exploring its limited features or other features for a limited time, they might look forward to buying subscriptions.
This model is generally used by magazine, gaming, music streaming, or other multimedia streaming apps. As they have a huge amount of content to share with the audience, they have the leverage to make them engage towards paid subscriptions. Some good examples of these apps are Netflix and Spotify.
6. In-App Purchases
Among various models, the in-app purchase allows you to give audiences additional services under a specific pricing plan. This model helps to enhance the user experience through an additional set of features. In-app purchase is currently the best fit for apps in major categories like gaming, lifestyle, branding, etc.
Though only 5% of smartphone users spend money on in-app purchases, the revenue generated by these purchases is 20 times more than the revenue created by pay-to-download apps.
Despite having a low utilization rate of in-app purchases, still, they can generate 20x more revenue for your business. This will scale up your overall budget score through frequent downloads. Just make sure to merge these assets with the right content on the major app marketplace.
Wrapping Up…
Monetizing your app is a really good idea to keep your business on top of the financial terms. In this guide, you will get the most effective ways that can lead your business towards success and create value for your brand. Since some brands take monetization as an iterative method, so it might take time to know the right strategy for your business.
