A Complete Guide to App Monetization Strategies
Are you in the search of a perfect app monetization model? There are many strategies, allowing you to make money with your mobile app.
The demand for mobile apps are increasing with every single passing day and many companies are coming up with robust apps. However, you should not forget that you are not creating apps for fun. In fact, development of apps is a business and thus, you need to earn some money in order to keep going. Sensing this demand, there are numerous options available for app monetization. The key of making money with any application is to provide an app that attracts a large number of people. There is no exaggeration in saying that an innovative app will be able to grab the attention of potential customers quickly. App developers have the chance to sell their apps to small companies for a set fee or for the commission of the revenue that is generated eventually.
Opt For Paid Apps
Instead of offering an app for free, you can distribute the app for a one time fee. When you apply this strategy, users will pay up front for the ability to download and access the app. This is considered as an instant way of generating profits. You also have an option of using paid app with paid features.
Freemium Strategy For Apps
This is the most popular app monetization option. A freemium app is given at free of cost but with limited features or content. Users have the chance to access a premium version or additional features by paying a price. This model removes the price barrier to download an app and enable app developers to prove the value of their product.
Advertising
When there are no ads in your apps then you are surely missing the wonderful opportunity for monetization. This is because digital advertising through mobile apps has effectively improved the communication between advertisers and consumers. When they see a cheaper alternative then they certainly don’t want to pay for the apps that will incur high cost to the user. However, this model is chosen if your app calls for prolonged usage frequently.
Sponsorship
This is considered as the newest monetization method. This model allows you to partner with advertisers who are likely to provide your users with rewards when they complete some defined actions within your app. As per this model, you are able to make some money by taking a share of the revenue from rewards. This method can be adopted for almost any kind of app and has the potential to be better received by app users because of being highly relevant.
Paywalls
This strategy is quite similar to freemium, but the only difference is that instead of features, content is locked. You can view a specific amount of content for free and for the rest of the content there is a need to sign up for a paid subscription.
Bottom Line
Finding the perfect app monetization model that completely fits your app requires the complete knowledge of your mobile goals. In addition, you should also pay attention on your target audience. With the right model, you are at a higher chance to monetize your app properly.
This Article is originally published here.