How To Monetize Your Mobile App?

Mobile app development has grown tremendously over the last few years. Building an app can be a very satisfying endeavor, as you will be able to help people accomplish their goals more efficiently. In addition, you can obtain new customers for your business, which can result in a substantial increase in revenue.

Monetize your mobile app

Paid apps

Paid apps are probably the most straightforward revenue model. You, as the developer, publish the app on a mobile platform and sell it for a fixed price. The user pays upfront and receives a fully functional application. Using this model, you can set the price based on the perceived value of the app may be able to charge a premium price if you can demonstrate that it’s worth the higher price.

In-app purchasing

In-App purchasing refers to app features that require payment to unlock additional features or functions. In-app purchasing can be found in both paid apps and free apps. Free apps with in-app purchasing are called freemiums, which is a merging of the words “free” and “premium”. In this model, the app is made free to users and relies on in-app purchases for revenue.

Virtual currency

When an app user buys virtual currency, it sits in that person’s app account much like a credit. It is often purchased in bulk and remains available until the user decides to use it on app extras. This method is used heavily in games, in which various features can be unlocked, such as new levels, characters, or environments.

Unlocking

Unlocking is when the user pays a one-time fee to unlock useful features in a game or other application. Unlocking often gives the user access to upgrades that make the app a more pleasant experience or more useful.

Subscriptions

Using the subscription model, users pay a monthly rate for continuous access to certain app features. Subscriptions are often used in magazine apps, where the user makes payments to gain access to new content.

Display advertising

Display advertising refers to displaying a third-party ad inside an app. Using this model, the advertiser pays you to show the ad to your app users. This is a low-cost way of generating revenue because it doesn’t require you to develop any new app features. Types of ads available include interstitial ads, which temporarily take over the entire screen before the user exits the app.

Sales venues

Various sales opportunities are available to help monetize your apps. E-commerce involves selling physical products via a mobile app. If you don’t have anything to sell yourself, you can become an affiliate for others. When you link to their product pages, you receive a percentage if someone purchases an item via your link.

Promotion strategies

People may notice your app while browsing the app store, but if you really want to ensure your app’s visibility, you’ll want to implement a promotion strategy. There are many effective ways to use promotion as a vehicle to monetize your app. As discussed earlier, freemium apps can be used to recruit interested customers who you can then funnel to the paid versions of your apps.

Conclusion

Another great way to promote your app is via your own email list. You need to have a way to capture the email addresses of those who are interested in your product. These are the people most likely to purchase from you in the future.