26 Aug 2020
Updated on January 3rd, 2023
MOBILE APP MONETIZATION TECHNIQUES, YOU MUST PAY ATTENTION TO!
The mobile app is the final vision of your dream that helps you scale higher. But do you know that a mobile app that turns vision into a reality is just the beginning? And there is much more to be captured within and out.
Yes, you got me right, am referring to app monetization; that is the inevitable part of your app’s success plan, and even decides the future upkeep of the app. Selecting the right method for this approach can be a bit demanding and daunting, but this is where we step in and help you to identify the best method.
This post works as your quick guide to help you generate income from an app.
What is mobile app monetization?
As the name suggests, mobile app monetization is all about generating revenue from an app. A mobile app needs to be monetized to serve its purpose, but one constant fear that comes along with and keeps banging in your head is that what if no one would download the app if I try to monetize it.
A great question, but you would be surprised to know that app monetization is not done in one way only, but there are multiple ways which can let the app to initiate its revenue cycle.
How can you Monetize your mobile app?
This is the most asked question, but much before getting the answer to this question, you need to understand your users and their journey. You need to study your user-behavior and identify the best way to monetize your app.
There are many ways and methods to monetize your app and make money out of it. Below we have mentioned app monetization techniques that can be picked, fitting your app genre.
Let’s take a look at what kind of monetization methods are available for mobile apps. So you can pick one of the best to make money out of your app portal.
This is a very clear method, asking users to pay for the app. This is a straightforward method to earn from paid downloads but can be a risky element as well, as users must know the advantages offered by your app. Therefore, you need to start with some low amount fee as an introductory offer and invest a good amount in marketing, so other channels will start speaking good about your app. This leads your users to pay for it and make them more loyal and engaged with your app platform.
Well, this model is indeed a great choice to promote other products and encourage the purchase further. But here, you need to take care of the fact that your app needs to be functional without the additional purchase as well. You must let the users get access to critical features or content. There can be a great deal of profit to be incurred from the in-app purchase and even enhances the user-experience while boosting their loyalty to another level.
In-App Subscription is quite similar to in-app purchases, where users need to pay a certain amount to unravel another app experience. In this league of subscription, the only difference is that it brings users a very basic, and much slimmed-down version of the app, and helps them to get the paid premium upgrades to unlock their further user—experience. Within this, there can also be a feature to remove every type of ad for the uncluttered app interface. It is a great choice for news sites and other blogging portals, having a strong readership. It makes the content receive popularity and encourages readership.
This is another technique that is used by marketers to get revenue out of the app solution. It makes the apps completely free to use and still, money can be made out of it. However, you need to be extra careful while using this method, as it can be a little irksome as well. And can clutter up the user interface and distract them from the actual user-experience. Hence practicing it with the right way must be taken into consideration, else it can backfire as well. Also, you must ensure to showcase the right ads that are relevant to your app only. For instance, if your app deals with women’s health then showing the ads of relevant products can gain you better attention and trigger user-engagement further.
Different types of Mobile Ads
- Banner Ads
- Interstitial Ads
- Native Ads
- Video Ads
- Rewarded Video Ads
In a nutshell…
There are multiple ways to monetize an app; Paid apps or free apps are just the tips of the iceberg. But there is much more hidden beneath, and you can pick the monetization model, based on your requirements. You should remember that the selection of monetization strategy is genuinely reliable on your nature of the business, your target users, what you require the app to offer, and so forth.
To find the sound monetization strategy for your business app, you must discuss it ahead with our technology experts, who can bring you the most suitable solution to monetize your app.
Grab your phone and book your FREE 30 min app consultation with us today. We’re here to help you monetize your app and help it scale further.
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