Don’t you want your mobile app to go lost in the web of so many competitors on the app store? Head for a strategic and profit-oriented App Monetization plan to generate expected revenue. Follow different ways to monetize your mobile application and refer to several tactics to improve the model.
Mobile apps have become a life-changing technical product. Businesses and people rely more on apps to fulfill different purposes at different levels.
But mere development of a feature-rich mobile app is not enough to meet your objective of making more money. Look at the number of apps on Google Play Store and iOS App Store, there are millions of options available. That means, your mobile app has a high chance of getting lost in the crowd of so many applications.
In that case, how do you plan to monetize your app?
Need not worry. This app monetization guide will open the doors of revenue generation for your company. No matter, if you have opted for a Hybrid or Native mobile app development service. The monetization guide will take you through different ways of presenting your product and generate an optimum amount of profit.
So, let’s start our useful discussion with the following few pan points.
- What is Mobile App Monetization?
- Different Ways to Monetize your Mobile App
1. In-App Advertising
– Banner ads
– Video ads
– Native ads
2. Freemium Model
3. Free Trial Model
4. In-App Purchases
5. Paid Downloads
What is Mobile App Monetization?
You already know the fact that the app market is full of competitors with so many applications available of the same kind. Only a few get a chance to generate real-time revenue from the applications using different methods.
No matter, if your mobile app is free to install at the respective app store, there can be ways to experience app monetization. Thus, it is crucial for enterprises to follow diverse and strategic mobile application monetization strategies to generate profit.
Moreover, it is essential to keep the users engaged and intact with your mobile and continue to maximize your business profit.
Different Ways to Monetize your Mobile App
Now, comes the most important part of the app monetization guide. In what ways, you can generate revenue from your mobile app? Not one but several strategies are there to reach differently to users and generate an optimum value of profit.
So, here we have the following few strategies for you to follow.
In-app advertising is a common yet proven methodology to generate revenue. Under this method, users download the free mobile app and advertisers display ads on the app to generate profit. So, whenever users click on the app, information is transferred to advertisers who analyze the data and are willing to pay for the ads.
Such ads are of different types to place on your mobile app.
- Banner ads: Most common are banner ads that offer the lowest CTR and highest fill rate. Images of the ads are placed on the app that allows users to click on the same and advertisers pay you for the same.
- Video ads: The video-based ads are placed in between the app session of a user. It interrupted the users to first look at the video ad with a CTA and allows them to click on the same. Thus, this is a profitable app monetization strategy to offer valuable information to users in video format.
- Native ads: These ads look like a part of the app’s interface or content. Much like Facebook ads appear on the app screen and allows users to click on the same to redirect to another page.
- Interstitials: A kind of full-screen ad that appears on the smartphone screen of the users, whenever he opens your app. It is more like an interruption ad that appears suddenly on the screen when a user is accessing your app. Thus, the ads attract user’s attention to either click on it to go further or close it away.
As the name implies, the freemium model of the application is the one that allows users to download the app for free. The basic features of the app do not require paying extra. However, if a user likes to go for a subscription, support, integration, pre-personalization, or need other features, then charges need to be paid.
To adapt this model of the application, you need to be peculiar about the freemium model and then hire Android app development assistance or iOS. Thus, create basic free and premium paid features of the same application to increase revenue ratio.
Free Trial Model
One of the profit-driven app monetization models is the free trial model. In this model, users download a free mobile app and get access to all the features and functionalities.
But the real catch lies in the limited time period offer for users to access desired features of the app. Let’s just say an app that offers the users all the features for a period of 30-day. After this period, mobile app users have to pay a fee to access the desired functionalities. Thus, in a way enterprises earn a great deal of profit from this model.
One of the benefits of implementing this method is to let users feel the addiction to your app features. So, once done that they will definitely pay for the product at a certain point in time.
Therefore, it is crucial on your part to develop engaging and intuitive features of the app. For this reason, only it becomes all the more important for you to avail of result-oriented Android app development services from a reliable partner.
Another common way to generate business revenue via a mobile app is by developing a product selling model. Exactly like an eCommerce mobile app that allows you to sell distinctive products to customers.
Also, called the In-app purchases model for enterprises, these apps are divided into a different set of categories:
* Product Selling Apps: The most popular eCommerce-based mobile apps significantly increase an enterprise’s profit. Customers buy products directly from the app to generate their business profit.
* Gaming Apps: Free-to-play gaming apps that allow users to play the games by maintaining a balanced amount. These apps require users to cross different levels of the game by spending some sort of cash.
This is a direct paying model of the application in which users pay in advance for accessing all the features. Be it entertainment, gaming, productivity, navigation, news, or any other app. Under this monetization model of the app, users have to pay for the charges from the very beginning at the time of installing the application.
Mobile app monetization is no longer a difficult task for enterprises. With so many strategic ways available, generate the expected revenue to stay ahead of the competition. Built the mobile app strategically with the help of a reliable mobile app development company like Mobibiz. Doing this helps you find the right monetization model and implement the same to achieve desired objectives.
Frequently Asked Questions
Q. Is the App Monetization Model Meant for Native or Hybrid Apps?
The model of generating profit from the mobile app is meant for both Native and Hybrid apps. Be it like for Google Play Store or iOS App Store, you can develop a feature-rich app with a distinctive monetization model. All you need to care about is making a decision while availing of Hybrid or Native mobile app development services.
Q. Does the Monetization Model Works Only for Customer-Centric Apps?
No, the reach of the app monetization model is not confined to the limits of customer-centric apps only. Even, if you go for enterprise app development services to create an app for the business, then also, you can choose a favorable revenue model to generate maximum profit.
Q. What is the Cost Involved in Any of the Monetization Model in App?
The cost of monetization features on the app varies according to the chosen strategy, requirements, features, complexity, and overall budget. It is because one size does not fit all, so the cost differs as per the mentioned factors.