The basic purpose of every business is to make money and entrepreneurs try and explore all the possible avenues to do so. From physical stores to the web and mobile, every lucrative selling channel has to be identified and covered so that the business can maximize its profits. Mobile apps make an excellent customer touch point as a majority of them are available on these devices. Now before you decide to hire a professional mobile app development company to help your business build a presence on this channel, there is a need to look at the monetary aspects of the investment. After all, banking your money on a mobile app will be worthwhile only if you are able to generate revenues in return. Let us find out ways in which your business can make money with mobile apps:
In-app purchases
The last decade has witnessed an unprecedented increase in business apps as sellers want to supplement their business websites with mobile apps. These apps serve as a phenomenal selling channel as shoppers love to access the sites and shop on the go, without having to sit on their desktops for the same. Of course, they can shop via mobile websites but apps deliver shopping experiences that are far better. Besides speed and convenience, it is the simpler checkout process that makes mobile apps score better.
In-app ads
Another strategy to source revenues from mobile apps is by in-app advertising. By choosing this measure, your app becomes an affiliate tool that advertises the products of your affiliate. When a user interacts with these ads, you get paid for the same. The revenue model may be designed as cost per click (CPC), cost per view (CPV) or cost per install (CPI), depending on the terms agreed between the app owner and the affiliate. A majority of ad campaigns run on iOS and Android devices as these are the most popular platforms.
Subscriptions and partnerships
The app monetization game can be stepped up by securing sponsorship or partnership with another brand. Having a partner with a similar customer base can be a plus for your business as well as the partner’s business. This can extend the reach and build credibility for both the businesses simultaneously.
Email Marketing
By opting for email marketing as the money-making strategy for your app, you ask the users to share their email ids and later send promotional messages to them. With more of such promotional efforts, you can fetch more customers for your business and make more money for it.
Mobile social sharing
Mobile social apps are an excellent option for the businesses that want to leverage the power of social media to extend their outreach. These apps encourage the users to propagate the brand and its products via their social accounts. The business is, thus, able to grow its base and make more money without having to invest much effort in the form of marketing.
Freemium versions
The recent years have witnessed the dominance of freemium model as an app monetization strategy. With this model, users can access a free version of an app and try its basic features before they graduate to the paid, premium version that comes with additional features.
Conclusion
Seeing the extensive monetary benefits that mobile apps can bring, investing in them is an attractive proposition. Engaging a professional iPhone and Android app development company is the best thing to do as it will help you leverage the customer base on both these platforms. Mobibiz is a name you can trust for delivering world-class mobile app design services and development services. Connect with us to get a money-making mobile app for your business.
