Apps are the way of the future, especially since then more people than ever are using mobile devices more than they use desktop computers. In truth, you can make an app for almost anything, which means you can also make some cash if the app is valuable or offers real services to its users.
Not sure how to make money from apps you design and build? Let’s break down some of the best ways you can get revenue from your mobile platform right now.
Free vs. Paid App Monetization Methods
Building an app can be intense and expensive, but it doesn’t have to be. If you don’t know How do I create an app? You can always get help from app development platforms. You can achieve your vision pretty easily and your app will be live in no time.
However, as you work with these platforms, you will be faced with many questions about the development goals and end users of the app. Sooner or later you will be faced with a big question: will the app be free or paid?
This isn’t a question with a sleek and dry answer. It may be tempting to use a paid app to recoup the initial cost of app development. However, it isn’t necessarily more profitable to build a paid app. In fact, statistics show that Free mobile apps are downloaded more often than paid apps, indicating that free apps may provide access to a larger number of paying customers.
With that in mind, there are moneymaking strategies that you can pursue for both paid and free apps.
Paid app monetization methods
Paid apps are great platforms for ads, but you need to be careful not to irritate your user base. Lots of people buy apps that they expect to be ad-free by default. So make sure that ads are understood as part of your customers’ purchase, or make your ads relatively inconspicuous or neatly tied into the actual product so that they don’t advertise. t annoying.
Single payment purchase
Of course, paid apps can also help you make money by requiring a single purchase when downloading. Whether or not a single payment purchase fits your app’s development goals and overall user base depends on what you want the app to deliver to those users.
A far more common moneymaking tactic is the subscription model. Most paid apps these days start with a free trial agreement. Afterwards, users may have to pay monthly subscriptions regularly if they want to continue using the functionality of the app.
This also applies to games, fitness apps, communication apps and more. However, you need to be careful that your subscription price is not seen as exorbitant or unfair. People need to feel like they are getting a deal by paying for a regular subscription in order for them to even be able to download your app.
Free app monetization
As with paid apps, you can add ads to any free apps you develop. However, unlike paid apps, users expect ads to be part of a free app bundle because they don’t have to spend a penny, at least initially.
Hence, if you are trying to make money from a free app, you can be a little more aggressive with your ad campaigns. Advertisers are always looking for new free apps to place their ad campaigns on because they know that mobile marketing can be extremely profitable if done right. All in all, your advertising should be targeted and all ads should be placed carefully to get as many users as possible to your ad partners.
In-app purchases / activations
Many free apps also generate income by offering various in-app purchases or activations. Some of the best examples of this are game unlocks for mobile entertainment apps.
For example, many mobile games have artificial barriers that prevent free players from reaching their end or at least making slow progress compared to players who pay in the app. This is a great source of income if you can design a fun app with logical prices that don’t seem unfair or unbalanced.
In-app unlocks may also work for general app functionality, depending on what exactly your app is designed for. Many people may even prefer this payment method because they can only buy what they need instead of having to buy features of your app that they would otherwise never touch.
If your app is based on some type of financial service like stock trading or banking, you might be able to add a transaction fee agreement to your platform. Transaction fees are small fees that are accepted by people to use your platform or service for an overall low cost.
Lastly, you might consider looking into merchandising agreements. Goods can extend to anything from t-shirts to coffee mugs to other memorabilia or jewelry. It’s a great strategy for making money when your app is primarily for entertainment and you’ve already built a solid brand for your business.
Additional strategies for making money
If you own your app, you may be able to find a sponsor who wants to capture the same target market. Sponsorship puts either your app or the competing app along with brands and a brand under the other’s bigger business, allowing both app owners to enter the same market without lowering profits from tight competition.
Note that this moneymaking strategy will require you or your competitive brand to change certain aspects of the identity and aesthetics of your app, such as: B. the logo and / or the functions.
Another good strategy for raising money is this Affiliate marketing. In short, your app adds value and you offer some revenue from purchases in case your customers are from affiliate marketing sources like bloggers and content creators.
With this revenue model, mobile advertisers own the apps or platforms in question and partners advertise on their behalf, e.g. B. weaving affiliate links via WordPress blog posts or other marketing or content creation methods.
As you can see, the sky is the limit when it comes to making money from apps. The only thing that could limit you is your imagination.
The best thing to do is to think carefully about what your app will offer your target users and determine how you can make money with your target audience in the most efficient and sustainable way. For example, you don’t want to switch off your target group with unpleasant advertising or high initial costs.
Try one of the strategies above to find the perfect moneymaking methods for your app. Hopefully you will have great success.