On an average, 90% of the total mobile usage accounts for using apps. This alternatively suggests that people across the globe have a greater tendency to be occupied over smartphones while using apps. Seeing such massive app trends, mobile app development companies now strive towards earning money while leveraging traffic and converting them to sales.
Nowadays, monetizing mobile apps is not a tough task. There prevails plentitude of methods and services which when deployed in mobile apps provide monetary benefits. Be it the in-app purchases or the ads, opting for premiums or subscribing for pro services, apps have the ability to convert their traffic to sales. Long before prevailed a fallacy that app development mandates monetization, however, that's not true. Until and unless, do you employ certain measures that loop towards monetization, will your app generate revenue.
If you are also looking for techniques to monetize your mobile app, then here you are, in the right place. We draft down a few ways that help you earn money with your mobile app.
No doubt people across the globe love to spend time over smartphones and when you are bound to have a huge traffic at an app, why not dig gold. Let’s move forward and read several strategies that help generate revenue from mobile apps.
One of the best and most effective ways to convert your app traffic to sales is inducing the option of in-app purchases. Basically, for gaming apps, one can have the option to buy a service or unlock next level, purchase coins for playing, all act as in-app purchases. Additionally, when a user pays for something in-app, chances of them revisiting the app exponentially rises and there increasing the rate of user retention.
The gaming industry is seen to drive maximum benefit from such in-app purchases. What they do is provide a free trial version and later for higher levels, they seek payment. However, there is a need to keep a balance between the free version and the paid version. If your app needs higher payment, then you might lose on a user. So be careful.
Nearly all app developers rely on in-app ads to generate revenue and in a way turn out to be successful in mobile app monetization. However, timely placement of ads is largely important to strike monetization effectively. In case, ads appear every now and then, your app traffic is expected to decrease dramatically. Also, keeping track of user reaction is crucial while placing ads. Abrupt ads and too much of them reflects a negative impact on the user and they are more likely to leave your app.
Mobile apps have entered the world of maturity and so the company you choose to deploy ads determine how effectively can your app gel with ads to monetize them.
Premium apps seek money at the time of installation and have less chance of finding a place in the users mobile. App developers have now adopted a different media to generate revenue. Freemium app models allow users to freely access the app for a considerable amount of time. This in a way increases the session length and promotes app usage among users. Till the time comes, when the user is expected to pay, the same has now adjusted itself with the app and would not find it hard to pay for the premium version.
This is one of the most successful ways to turn your app into a gold digger.
Few app developers use the feature of in-app currency for mobile app monetization. This might need them to buy currency to pay for premium features. Here again, the gaming industry is striking the rod hot. Consider paying around $50 to purchase 100 coins while playing games and then you lose. Yes, you lose but the app owners, they are working on a clear win-win strategy. And so do you as the app developer.
Another excellent way for mobile app monetization is giving users the access to the app for a dedicated amount of time. But later, lock the app and compel them to subscribe for further usage. Apps such as Netflix follow this idea. A one-month free usage is given to all the new users but what after that. Simple, subscribe to catch your web series next episode. This additionally has greater chances of users paying for the app. Once they get engaged, they are likely to stay longer.
So, you see there are multiple ways to monetize your app. All you need to do is to choose the right strategy and implement. Also, as a developer do not rely on a single app monetization techniques. Induce various methods to ensure stability monetarily. However, trends of mobile apps keep changing and so do the method. Keep an eye on what is trending when to make the most from your app.
If you are looking for a mobile app development company that would help you not only build an app but also suggest means to monetize it efficiently, we are happy to help. A team of skilled developers that stay up round the clock to deliver market centric services.