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Nowadays, people spend a lot of their time on their mobile devices. It increases the chances of collection better revenue for mobile app owners.
But how?
This question haunts almost every Mobile App Developer these days, as all clients ask this in general.
The answer is – Monetize your mobile app correctly.
If you are not sure about which monetization model will suit your mobile app, read this article. We are going to talk about which type of app monetization is effective for which type of app. So if you are into Mobile App development or create your own a mobile app, this article is for you.
1. Advertisements
Advertisements are most commonly used by the app owners to monetize their app. It is considered the best strategy for earning money through a mobile application.
Why?
Well, there are 2 reasons:
i. It is simple to implement.
ii. Your app users are not paying the money, so it is not reducing the registrations or visitors for your app.
You can deploy text ads, banner ads, video ads, image advertisements, native app ads, and so on. AdSense can be used to get advertisers for your app. The more users you will have, the more are the chances to earn better revenue (though it’s not guaranteed because ads’ revenue depends on conversion in most cases).
2. Subscription or Paid Download
The subscription model is used to charge customers monthly or yearly. Some apps allow the one-time purchase or subscription for the lifetime too. For that, you will have to charge your customer for registering to the app as they download it.
If your mobile app is very famous and has a lot of users, you can consider making it a paid app or subscription-based app. It basically depends on the usability of the app or the buying capacity of its user base.
Before opting for this monetization model for your mobile app, make sure that your users are willing to pay for the app. If not, it is surely not a successful method of monetizing your app.
3. In-app Purchases
If your app is free and you do not want to degrade its user experience by running advertisements, in-app purchases make the best solution. These in-app purchases can be for a lifetime or consumable.
This monetization model is the best for games. It works well if your game or app is addictive and users want to pay for additional features or anything extra. You can also try creating packages with discounts to sell to your users.
4. Freemium Model
Freemium model is a mix of free and premium app monetization model.
In this approach, app owners keep some feature or levels of an app locked, while basic functionality is available for free. The idea is to prove the usability of a mobile app for its users by allowing them to try it for a while. Now if the user is interested in using it more, he or she will have to upgrade their membership.
5. Crowdfunding
It is not a very popular app monetization model, but it may work for free apps with a good audience. If your customers want your app to survive forever, they won’t mind funding your business. Try this model if your audience loves you and have faith in you.
Hire Mobile App Developer to ask if there are some unconventional, but benefitting methods of monetizing an app. So yes, there are some indirect ways.
For example, you can integrate SMS marketing or email marketing practices to your successful mobile app. As your app has a good number of users and their communication details, you can think of promoting your other services to them through emails and SMSs. The wisely you will do it, the more revenue you will generate.
You should ask your Mobile App development company to enable your mobile app’s backend for such campaigns. It will also help you retain your app’s users alongside letting you promote additional offers or services to a wider audience.
Mobile apps are gaining traction in the digital world and therefore, a good mobile app can prove a perfect money-making machine for you. Knowing what your users want, enabling those features in your app and intelligently choosing app’s monetization model are a few critical things to do before you launch an app. We hope that our suggested ways to effectively monetize your mobile app help you with that.
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