With so many mobile apps in the market today, app development is becoming more profitable than ever before. It is the fact that you are not building an app just for fun. Building an app is a business and you need to earn money to keep going. Developing an app is costly and the business owners have to think twice before getting an app developed, if they decide to build the app, they have to think how to get back what they invested.
Every mobile app is built in order to enhance the revenue of the business. Mobile apps are preferred to be the best way of marketing as they provide return on investment. There are a number of options available for the monetization, but it is important to apply the correct tactics in order to make profit. If you launch your app keeping in mind the monetization strategy, you have a greater chance to earn more. Well, it’s time to reveal the truth behind the app monetization magic. With no further delay, let’s unveil the main advantages of creating the mobile apps and most efficient monetization strategies.
FREEMIUM APPS or In app- purchases
Free apps that have a paid component to provide access to additional features are referred to as “FREEMIUM” apps. There are various ways to approach a FREEMIUM app. We can also monetize from the in-app purchases. It is important to know what actually in-app purchases are. In-app purchases mean the purchases of goods and services from an app on a mobile device such as a Smartphone or a tablet.
Offering in-app purchases or FREEMIUM apps to the users actually means giving the free version of your app, which includes additional, optional, paid features. This feature can be seen the gaming apps, the users are encouraged to purchase the new levels, gears and other items. In-app purchases are used by many other businesses.
The free app provides the paid feature also. You can offer the free version of your app with some reduced features and can ask the users to pay, if they want more features in their app.
In-app advertising actually means the advertising that appears on mobile devices such as the smart phones, the tablets or the devices having wireless connection. There are various ways of advertising; it can be as text ads via SMS, the banner advertisement that appears in the downloaded mobile apps and many others. In-app advertising comes in a variety of sizes, positions and placements in the mobile apps.
The amount of revenue a business generates from the in-app advertisements depend upon the way of advertising. There are various advertising networks catered for the mobile app that offers a variety of models and formats within the in-app advertising strategy as well as metrics to keep track of how the ads are performing.
One time paid app can be another strategy of earning from the apps. In these types of apps customer need to pay while they download the app, after which they expect the updates and other features to be free of cost. If you wish to launch the one-time paid app, the app should be compelling enough for the users to pay at the time of downloading even without considering the amount. One-time paid app can be an effective way to earn for a business. The businesses can make the app design so attractive that the user may not swipe without downloading the app.
The businesses can also use the option of providing subscription, in order to make money from their app. The customers who are interested in the app can apply to the subscription. The time duration for which the customers subscribe, depends on them, it may be one week, one month, quarter, six months or for the complete year.
The business can use various techniques to motivate the customers to subscribe for longer time duration. Let us once think from the user’s perspective. The users always want more in fewer amounts. The same technique can be applied in this case also. By offering various attractive deals to the users, like charging less for longer time duration, so that the users prefer it. In this way businesses can earn more with the help of the mobile app.
Another option for app monetization is the paid app with added paid features. This is a hybrid monetization model. It’s tricky for the businesses to build on this, but if done cleverly with a value proposition, it can certainly work, and has been, going by the numbers.
Paid apps with added paid features can actually earn a business much more, but it is important for the mobile app to be worth paying. If a customer is paying for the download as well as for the features, then the customer might be expecting a lot from the app. It is important to fulfill the expectations of the customers, in order to expect from them to download and use the paid app.
There are a lot more monetization strategies, on which the businesses can work while developing their mobile app, like the target customers, user preferences, the platforms and much more.
While there are many other options to monetize, the way to achieve any kind of the revenue growth through the years is, through repeated transactions from the existing customers as much as through the new ones. Make sure you focus and refine your monetization strategy to your business goals, your market and your users. Whatever strategy you implement, keep the track of your own data and monitor it to ensure your assumptions. In order to have the mobile app involving the best monetization techniques for your business, you can contact FIFIUM the mobile app development company in Denmark. FIFIUM ensures to provide to the clients the best app monetization strategies while developing the app for their business.
You can reach Fifium at:
Email – email@example.com
Contact No – +45 50 89 89 89
Skype id- christoffermartini