It is true that mobile apps are highly popular among the masses these days but still monetizing a mobile app or earning from a mobile application is not as easy as it seems. In spite of the fact that there are millions of mobile applications both free and paid available for users on app stores, there are only quite a few applications that have been successful to grab the maximum attention from the users. Candy Crush Saga, Angry Birds, Pandora, Skype are some of these. After mobile application development when the app is launched, one needs to cleverly plan for a monetization strategy in order to get the best income possible from it. However, just planning is not going to help, even proper execution of this plan is necessary in order to determine the financial success of your mobile application.
Here are a few interesting monetization strategies that can help you plan your mobile app revenue.
1. Allow Ads within Your Mobile App
One of the best strategies to earn revenue from your mobile app is to allow the advertisers publish their ads within your app. But the question here arises that how advertisers will learn whether the app is relevant to their ad or not. For this, you can initially place your app free to download and try by the users for limited period of time. This will get impressions required by the advertisers to learn about the popularity of your application and hence, if they find your app to provide highly targeted audiences for them, they will certainly like to publish their ads within your application. You can even promote for this on various social media channels and hence get publishers to learn about your application and posting of ads in it. Most of the applications these days earn profits from apps in this manner. So, why not try out with this to drive your mobile app revenue.
2. Free Initially Followed by In-App Purchases
This second monetization strategy is similar to the test-drive model where the app publisher initially allows the users to download the app’s basic version and use the basic functionality in it without any charges. But for more sophisticated features and functionalities the users are prompted to pay. With this strategy one can find loyal customers for their apps who are really interested in the application and won’t mind paying for it. So, once you are done with your smartphone application development, you can very well start earning from it this way as with this strategy you could certainly engage huge number of users with your app until they are willing to pay for its advanced features.
3. M-Commerce or Mobile Retail Strategy
M-commerce is the mobile version of ecommerce where the users can make purchases through their mobile devices or smartphones via mobile applications. This strategy of selling goods and services available at a retail location within mobile app can work effectively with affiliate programs and partnerships to drive revenue. So, it’s a great strategy to monetize on your mobile app that extends your retail channel to mobile platform and hence, drives better user engagement. Moreover, native mobile app for your retail business will drive more sales than a retail website or even a responsive website available on mobile browsers. So, it is a good strategy for businesses looking to plan revenue through business apps.
So, whenever you opt for smartphone application development, make sure you go with one of these strategies in order to plan out a good return on your investment.