18 Aug 2022
Updated on August 26th, 2022
Want to Create Your Own Money-Making App? Take These Drastic Measures
Launching your application and making it available for downloads will help you generate a lot of income.
Is that what you are thinking?
If yes, you will be in a deep pitfall because the app will not turn into a profit-generated tool unless you apply some strategies and tactics to promote it among different users.
You could end up wasting all your time and efforts if you don’t consider monetization models for your app’s growth and success.
A business does not bring profits immediately after getting launched; you must build many plans and activities to reach the progressive milestone; the app demands to be functioned similarly to reap multiple benefits.
Want to learn further?
Move ahead and gain insights into how you can make money with a mobile app startup.
How does an App make money?
As the introduction says, building an app is insufficient; you must go through lots of steps.
So, are you ready to take a deep dive into these?
Nothing is built overnight!
However, our continuous efforts can create success overnight. So, if you are ready to be on the roller-coaster ride of challenges and efforts, move towards the next section.
Analyzing Market and Competitors
Without analyzing the market and competitors, you may be unable to build an effective solution that helps you grow while beating the competitive edge. As new trends and innovations are built every day, keeping an eye on each one of them is vital.
Moreover, you will indeed find high-graded developers that have expertise in the field and will let you bring success-driven products. To maintain a high competition level, you must build products that create a difference in the world. Hitting the bull’s eye seems easier and more convenient once you find the best mobile app development company. However, you need to be very dedicated to finding the same.
Just suppose you have successfully turned your dream into reality, it does not provide you any revenue or income even after 1000+ downloads. What would you do?
- Here are two monetization models for you to consider. Ensure to keep reading for further insights!
1. Direct Sale
It indicates the way in which applications will be available for downloads only after meeting the subscription fee. The users cannot access the app until they make the relevant payments.
Then, how does the company reach out to the targeted consumer?
The app’s screenshots, videos, descriptions, and reviews on Appstore or Google Playstore prove to be an excellent source for attracting users worldwide.
While looking for their perfect digital solutions, they prefer to download only apps with the best reviews and ratings.
So, this is about the Direct Sale model! Now, let’s move and gain insights into the second model of monetization.
2. Indirect Sale
It represents the method in which apps are available for free until the user uses or accesses the upgraded features. This method is quite popular in the industry because of benefits like turning new customers into loyal ones.
You will definitely make the most of this and bring excellence to your business and startup.
Indirect sales let you generate revenue in some incredible ways.
Here is a complete list for you:
- SMS marketing: It lets you connect with your audience effectively and efficiently via instant delivered messages.
- Sponsorship: You can align with other brands and attract several users to the mobile applications. A very high response you can have on your application with this method.
- Advertising: It is one of the most innovative strategies for app monetization today. You will be paid to run some ads on your application.
- Push-notifications: All kinds of reminders, alerts, and texts about updates, new arrivals, offers, discounts, gifts, or rewards fall under this mobile app marketing. Several big brands like Zomato and Amazon have favored integrating them into their mobile applications.
- Freemium Upsell: The gaming and Saas industries are most frequently using this method to attract new customers with the basic features at no cost and re-engage the existing ones by charging a premium or converting them into paid users on their applications.
- Another app Collaboration: It is yet another dynamic strategy where two applications collaborate to get the ultimate reach of customers on their tech-driven solutions.
- In-app purchases: The user must make in-app purchases to buy the extra content inside the app.
- Email marketing: It lets you target a specific person to whom you can send an email on their birthday offering cashback deals, discounts, and other offers.
Translating to more robust results would no longer be a dream once you have adopted the most profitable strategy that suits your business needs and clientele.
How to Decide the Price of an App?
Till now, we have discovered top ways to promote indirect sales. Although, you should be very well aware that these tactics would not make a profit if you have determined the incorrect price of the app that does not correspond with the features inside.
So, how to decide the price of an app?
Let’s discuss this frequently asked question quickly.
The mobile app is your product that will add to your revenue only when it consists of every feature that justifies its worth and price. Your customer may ignore its usage if it is not worth the penny.
So, to avoid that pitfall, you must think like your consumer; you must ask yourself some questions and analyze the competitors’ monetization model preferences.
Thinking, which questions to ask?
- Which domain does my app belong to?
- Does the price justify the features?
- At which cost do my competitors promote it?
- Will the users use it frequently?
- Does it provide a simpler way to cater to the user’s needs and requirements?
Once you start thinking like your customers, you will easily get insights into each drawback and benefit that your own digitised solution can bring.
Which Domain to Choose for Building a Money-Making App?
To achieve excellence in your business, it is vital to figure out this question. Moreover, one should not neglect the study of the trends and the market world because it gives us reasons why opting for a particular industry would be profitable.
However, don’t be worried if you do not have the same expertise as there are lots of emerging industries that will let you generate a money-making tool.
Want to learn further? Here are some of them:
- Online shopping
- Social media
- Magazines and newspaper
- Social media
- Money lending mobile app
- Sport, health, fitness
- AR & VR
- Artificial Intelligence
You can shift your focus toward the one that you have the knowledge of and help you capture the most part of the market.
Pick the platform: Android or iOS
How much money you can earn with your mobile app also depends on the platform you pick to make it available for downloads.
Therefore, it is vital to choose the best among all.
But, how to use it?
Again, market analysis can help you gain insights.
To help you a bit, we are also here with some research. So, let’s unveil the facts.
- The cost per install or CPI is 60% elevated in the App Store than in Google Play.
- The cost per in-app purchase or CP-IAP is 30%, and the cost per registration (CPR) is 73% higher on Apple devices.
- Besides, it is believed that 25% of iOS developers and 16% of Android developers can make up to $5000 monthly.
- While 38% of Android users make purchases online, only 47% of iOS users consider it.
However, choosing the right platform can tackle most of the tasks of making your app into a profit-generating tool. Still, you should not forget that it requires continuous research per your app’s core features and the industry it belongs to.
To Sum it Up!
So, it depends on your monetization model, platform, industry, technology trend, and the price of an app to gain insights into how much money you can earn with your own mobile application.
The better your approaches are, the better you can move mountains to make your app a profit-oriented object. Gaining insights on the cost to develop a mobile app is also essential so that you can initiate further to translate the estimated revenue from the digitalized solution.
We hope that all the tech geeks get immense help from this dedicated post. However, stay tuned for more updates on tech news. Also, consult with our experts at Techugo if you have any more doubts or queries.