A prominent problem that app publishers struggle with today is how they could generate revenue through their apps. So, if you’re a publisher who frequently asks the “How to monetize An App” question, this will be a great read for you. This article discusses some effective methods that can allow you to monetize your app and generate a consistent stream of earnings. Here are 5 amazing ways you can do so.
Begin with a Plan
Your business success is highly unlikely if you don’t develop a monetization strategy during its infancy. You must understand the fact that monetization and app development are supposed to be associated with an identical strategic plan, this strategy should also be able to fit your objectives as well as target audience. At this stage, following are some of the questions you need to answer:
What revenue goals do I have?
Which is my target audience segments?
Should I raise my reach into a specific demographic?
In-App Advertisement
A leading app monetization practice that today’s developers and publishers make use of is in-app advertisements. But, you will come to terms with the fact that instead of helping more with generating monetary benefits for your business, it causes more frustration for the users. The rare apps that are known to effectively utilize this practice give a lot of their time figuring out where to place ads and how it could affect user behavior.
Let’s take Trulia as an example, it displays an area real estate agent’s contact info when a user goes through listings that are inside precise ZIP codes. Furthermore, such an ad is viewed as an implementation that enhances a user experience, and not intruding on them.
Freemium
A freemium model is basically a downgraded form of the original app that can ideally meet up with majority of the user’s requirements, a premium version of the app offers extra features that can increase engagement. In an ideal scenario, enough amount of users will opt for the premium version to counterbalance the development cost but a drawback of this monetization strategy is that a great number of users that own the free version will end up with an average service.
Referrals and Affiliates
Referrals and affiliates can go very well, conditioned with the fact that they are rightly executed. With this strategy, it is imperative that you match your offers with existing users.
Note: In case an affiliate program is set up with a product that fails to seem right to the target audience, then the outcome will not only be zero revenues but also a loss of users.
The matching of user profiles with referral offers can change your app into something that pushes sales and this is one of the reasons why this app monetization strategy is gold.
In-app purchases
Such purchases can act as an additional resource in an app, users can be given the option to buy items such as drinks, computer accessories, stationaries, or any other thing that can enhance the experience with the app. Here, success lies in the fact that just the right amount of free app access is given to the users, so that they are propelled to make in-app purchases.
Sponsors and Partnerships
By partnering with a renowned brand, you can drastically raise your monetization game. With this strategy, you should search for a partner that already has a customer base identical to yours, who can add to the experience you’re offering the audience.
Consider this, the audience of a different app or business are witnessing your brand logo, or also an interactive substance that can be available in your app, which presents itself as an element that they can utilize. This may propel the users to seriously think about opting for your app.
Unconventional monetization practices
There is no harm in trying out something new in your attempts to make money. For instance, you can make a special subscription model part of your app that offers behind-the-scene functions to your users. There is no doubt that majority of the users who enjoy using your app will seriously think about opting for such elements. And if they like it, they may also recommend others to opt for it.
These are some great strategies that can be implemented in your app to monetize and generate earning.
About Author: Rameez Ramzan is a Digital Marketing Executive at Cubix, a leading Software and Mobile App Development company based in Washington, DC. He has a Master’s degree in Marketing and routinely contributes to media publications.
