5 Effective Mobile App Monetization Strategies
You developed an amazing app that meets the need of its audience and engages with them. The next step you take into consideration is making your app a source of income. Mobile app monetization is the ability of a particular mobile app to produce a revenue. Because of harsh competition, it becomes harder and harder to make an app profitable.
The main question here is how to monetize your app. You need to understand that app monetization is not charging it for a download. Of course, you can consider making your app paid to monetize it but today it is a very hard way of being profitable. There are several ways for app monetization however it is really hard to choose the right one for your app.
Before learning about these ways to monetize your app, there are a couple of things you should consider. First, you need to know your app. You should be aware of the value it provides to find successful best mobile app monetization strategies. This will help you to find what to monetize your app.
Second is about your buyer personas. You should know your user’s needs and their experiences to give them what they want. You can’t just monetize everything you want. Listen to them and watch them to find the right things that will make your app profitable.
In-App ads are what a mobile app’s user is experienced while using an app. This is one of the best ways to generate app monetization.
According to Chad Gallagher, Director of mobile at AOL: “In-app mobile ad spend is really the future of the mobile advertising category. Considering that people with access to a smartphone or tablet now spend an average of three hours on them per day and 84 percent of all smartphone time is spent in-app, in-app engagement is increasingly critical for brands, advertisers, marketers, and agencies.” This is why app owners and indie developers need to consider in-app ads while getting prepared to monetize their apps.
Mobile In-App ads are smart choice if its implementation is done correctly and it will enhance with time with the better user experience. One has to make it highly personalized to get more revenue. This strategy should be handled with attention and care to ensure user privacy.
Like the in-app advertisement, in-app purchases is similar way of buying and selling while the using the mobile apps. This is also a smart way of monetizing your mobile app. The implementation of this strategy will turn the mobile app into another sales machine and directly generates the revenue. These in-app purchases are not limited to the retail items only but the large variety and big brands can also retain larger profits.
This strategy will enhance profit margins with lesser risk and virtually buy goods will lead to higher levels of growing monetization.
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Freemium Business Model
The freemium app policy will allow you to download the mobile app free of cost while the advanced and premium use of the app may require the payment to unlock them. So, basic features and functions are free to access while charges are applied for additional features.
Mobile app monetization will accumulate more revenue with the premium version of the mobile app. Games app are more benefited with this strategy. Don’t forget that longer sessions will increase user engagement. If you want to monetize your app via freemium strategy, remember to provide a great free app experience and don’t just save the good stuff for paying users.
Generating a subscription service for the regular customers will increase mobile app monetization. This will make them come again for the services you provided. Sign up for the user must be billed monthly or yearly for better access and ease.
If your app provides contents like articles and videos, you can consider subscription strategy to monetize your app. It is mostly used to give premium content to users. Magazines and news apps mostly prefer a subscription model for monetization.
Sponsorships are one of the newest mobile app monetization strategies. With sponsorships, you agree to become the partner with the advertising company in terms of rewards division or profit sharing. Sponsorship strategy should hold:
- Always prefer out of sight as well as rewards-drive monetization arrangement
- Make a smart reward generation option for an in-app activity
- Come with new and unique ideas
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Here we conclude saying that making money is not easy at all. Proper planning, as well as tolerance, will help you increase your mobile app monetization by making a large revenue profit. Just keep an eye on your target audience and prepare the strategies accordingly before starting and choose the best one(s) to monetize your app.