So you developed a great application that meets the needs of your audience, and they are actively using it. The thing you need to do now is to turn your app into a source of income.
The main question here is how to monetize your app. And before getting to this, it’s necessary to understand some important points about your app:
- Value. You need to know your application and understand its value to find the best monetization strategy.
- Buyers. You need to know the needs of your users and their particular behavior. Watch and analyze your users, in order to eventually learn everything and meet their needs more accurately.
The following are some of the ways you can monetize your app:
- In-app Advertising
Advertisement – one of the best ways to generate monetization in an app. People that have a smartphone or tablet, currently spend an average of three hours a day on them, and 85% of that time is spent using some sort of app. This brings an increasing importance for brands, advertisers, marketers and agencies. That is why owners of applications and third-party developers should consider in-app advertising as the basis for future monetization.
This could be most effective once everything is properly set up and personalization is used. At the same time, we must not forget about the privacy of user data.
- Free-Version of the App
Creating a free version of the app, as absurd as it may sound, will contribute to its future monetization. Once a user “tastes” the free version of the app with limited functions, users will want to expand their capabilities over time and take advantage of the premium version, which they will want to pay for. This scheme brings large income through apps such as games.
Creating a subscription service for regular customers will increase monetization. This will make them come again and again for the services you provide. User registration must be renewed monthly or yearly for easy and convenient access. As a rule, the subscription is made to provide premium content to users who are happy to receive exclusive and limited information.
This is only a small part of monetization strategies that can be used in a mobile application. Options can be vast, but the bottom line is that proper planning, patience, and counting a few steps forward will help increase the profitability of the app. The one method that you can use in any field – observe consumer behavior. The actions of the target audience and their preferences will largely determine your future strategy on the road to high income.
If you are thinking to promote your app, check out our Guide for Mobile App Promotion for tips and useful tools!