Strategies for Mobile App Monetization
You’ve followed the best design practices, engineered your app to outperform all competitors and even the number of users of your app is steadily increasing. But it just isn’t pulling in the kind of revenue you expected it to? Don’t worry – this easy-to-follow guide will help you achieve your ROI targets by using effective strategies for mobile app monetization.
But before diving into the specifics, here are some facts every app developer should be aware of. About 64% of adult American today own a smart phone out of which 34% people use their smart phone as the primary tool to go online and use social media services. On average, people spend almost 3 hours per day on their smart phones and tablets. And this number is expected to rise in the near future.
With such a large, lucrative market, all you need to do is study the various successful app business models and choose the right one for yourself. So, let’s take the first step towards that direction with these strategies for mobile app monetization.
Earn from Your App with 6 Simple Strategies
Offer In-app Purchases
Offering your users to buy products or services within the app is a great way of increasing your revenue quickly. This technique has been long used by game app developers who offer users otherwise locked features of the game for a small fee. But you can do so much more. Many apps have surpassed the virtual realm and even sell special merchandise items to users from within the app. Talk to your marketing team today and see what your users may be ready to spend on.
Advertise on Your App
Many app developers cringe when it comes to using their app as an advertising platform. They feel that ads will only hamper the user experience and drive people away from using the app. However, it doesn’t really have to be so. Many free apps have successfully earned big bucks by creating smart ways that don’t hamper the user experience, but still manage to get the sponsored message through. You may also want to consider high converting mobile ads like cross-app video advertising.
Many small businesses are constantly looking for a cheap but effective way to get their app made. You already have a well-functioning app. Do you see where I’m going with this? Erase your branding and sell the basic structure of your app to such small businesses who can later add their own branding and offer the app to their consumers. This is a good way of increasing your revenue without using any further resources – financially or otherwise.
There are several completely legal avenues that will be willing to pay you large sums of money in exchange for your consumer data. They may later use this data for activities such as interest-targeted advertising. However, it is highly recommended to sell consumer data only after studying your state laws carefully.
App subscriptions are a fantastic way to increase revenue. However, just like in the case of magazines, people will only continue to subscribe for a longer period if the quality of the content being offered is high and updated regularly. For instance, a pop music fan will only continue to subscribe to a music library app only if the app is regularly updated with the latest pop songs.
Get a Sponsor on Board
Instead of advertising multiple products/services, get a relevant brand to sponsor your app. While it increases your revenue, it guarantees the sponsor that no other product or service will be featured inside your app. However, it is necessary that the sponsor is offering a product or service relevant to your users’ needs. If not, the sponsored ads will just end up annoying your users, eventually driving them away.
Stop waiting and act today by implementing these effective strategies for mobile app monetization to maximize earnings from the app you worked so hard to build.