10 ways to monetize your mobile app
Making a mobile app in this era is easy. But, If you don’t monetize your apps the competition become fairly difficult, given how dense the mobile app market is with plenty of free options and potential users unwilling to pay.ou are looking for ways to monetize your app because you have already developed it, now your customers can interact with it. If you want to make your app work more than just a tool, then you’ve reached the right place.
You are looking for ways to monetize your app because you have already developed it, now your customers can interact with it. If you want to make your app work more than just a tool, then you’ve reached the right place.
By the time you’re done reading this post, you’ll know 10 ways to turn your application into an income-generating machine, quoted by the entrepreneurs of YEC.
Follow these steps to Monetize your mobile app:
1. Email Lists
If you have a newsletter, push it through your app. There’s nothing wrong with having an app that drives consumers to your website. It may not be the easiest thing to track, but it works. Remember that your app is just another leg of your brand chair. It does not have to survive on its own but does need to add value to your audience. – Brendon Schenecker, Travel Vegas
Despite developers adding in-app purchasing and subscription services to their applications, users prefer to get a service for free, and only a small percentage of users will ever pay real money. Diversified ad products with multiple units of different sizes work the best on mobile. Pair these ad products with an eye for data and metrics, and you can command great CPMs and CTRs. – Catherine Cook, MeetMe
3. Sponsors and Partnerships
Partner with a company that has a similar customer base, and find ways to integrate their offering into your app for a referral fee. The key is that the partner can benefit your clients and that you can create an integrated experience. If you find the right partner, this can be a great source of revenue. – Randy Rayess, VenturePact
4. Creating Strong Code
If you build an excellent app and get enough traction with a free model, you can license your code to other developers and make money without disrupting the experience for your users. Nobody likes in-app advertising, so it’s a great way to turn people away from your app. On the other hand, if you build something powerful and useful that has enough users generating buzz, you’ll attract the attention of other app developers. You can deliver value to them by helping them save the time and effort of writing code for what your app already does. – Dave Nevogt, Hubstaff.com
5. In-App Purchases
In-App purchases are enticing and compelling for some app users, while subscription and gated features push others to make a purchase. Instead of focusing your efforts on just adding a ton of in-app purchase options to your app, or only adding in-app advertising, try to blend a mix of a few different monetizing strategies. Include a few advertisements; some gated features and some virtual goods that can be purchased, and see how differently each user reacts. This is a great response to the fact that some users hate in-app purchases while others are addicted to them. This way there’s something for everyone. – Miles Jennings, Recruiter.com
6. SMS Marketing
Part of your app’s strategy should include asking for your customer’s mobile numbers. SMS marketing tends to be very efficient. Plus, you’ll be able to stay in touch and communicate with your clients. So whether you want to showcase a promotion, a contest, ask for feedback or build your brand loyalty, SMS marketing will help you. – Nicolas Gremion, Free-eBooks.net
7. Free/Premium Versions
As mentioned before, “freemium” apps cost nothing to download, but they typically include in-app purchases that make money for the developer. But there’s another method of generating revenue – creating an entirely separate version of your app with features that add up to a complete experience.
Having a free/cheaper version allows users to get a sense of what your app can do for them. Think of it as a teaser. Soon, after using the free version of your app, your customers will realize that the app can serve a significant role in their lives that they simply don’t want to live without.
Then, if they enjoy what your app offers and want a better experience, they might be willing to pay for the premium version.
8. Secure Content Strategies
If you’re going to take the time and effort to develop a mobile app, you’re going to have to put just as much effort into maintaining and populating it with great content/features. It’s often believed that you are done with your job once you’ve finished and released the app. However, that is only the beginning. It’s important to have a three to five-year strategy in place after the app is released. – Cassie Petrey, Crowd Surf
9. Multiple Payment Options for Subscription Services
If you’re monetizing through subscriptions or in-app purchases, give multiple options with one that’s asymmetrically dominated. The way The Economist did this with its subscriptions was: Option 1) Web Subscription: $59; Option 2) Print Subscription: $125; Option 3) Web and Print Subscription: $125. Readers found to offer the most subscriptions on Option 3. A similar pricing strategy can help you convert more and at a higher value by adapting to your mobile apps core offerings. – Rahul Varshneya, Arkenea LLC
10. Data-Driven Strategies
All too often, mobile app marketers are so focused on user acquisition that they lose sight of their strongest lever to drive monetization: re-engaging their current user base. In mobile gaming, the top 2 percent of users tend to be the biggest spenders, hitting over 90 percent of an app’s revenue! According to a recent study by Localytics, 20 percent of users churned after using an app once. If you can leverage your in-app user data to improve retention and grow engagement by strategically targeting your current users with the right messaging, it will be much easier to monetize them cost-effectively. – Farzana Nasser, Gallop
The end lesson here is: don’t just do what others have done before, adapt and monetize your app wisely to make it work for yours. In this post, we highlighted the standard methods to generate revenue with your app, but only the creative and courageous app marketers make it rain money.