Mobile applications are developed to make things easier and convenient for the people to have access to services or to buy products. However, that is not the sole purpose of mobile applications. Surely, the number of smartphone users is so huge that there is no point of having a website and not catering to those on mobile.
It has become critical for businesses to have their mobile applications as there is a substantial shift from desktops to smartphones over the last few years. No matter what type of industrial sector your business belongs to, you have multiple purposes behind developing a mobile application. The monetary aspect of it is always there, and it is always significant to figure out how your mobile app is going to earn money.
Before proceeding further with the process of developing mobile applications, the technique you will use for monetization should be chosen. It not only enables you to examine your app’s performance according to the benchmark you have created. In fact, it also shows that end-users are interested in paying to book your services or buy your products that will solve their problems.
So, there has to be some or the other way to monetize the mobile application as you cannot continue your business without generating revenue. However, the fact remains, not all mobile apps make money and if your mobile application is not reaching the predetermined targets then here are few ways to make it work.
Start as a Freemium to make it Premium
Perhaps the most popular way to monetize your application if you are new to app business. It has all the probabilities to generate great revenue but it all rests on the marketing and user acceptance. A freemium app is available for free to every users, but it comes with a set of limited feature. It is only with the in-app purchase the en-users can avail the full advantage of application. Here, end users can have access to the premium version of a freemium application in which they can use additional features.
Users are also supposed to buy the premium version in order to get updates on a monthly basis. The freemium app eliminates the price point as an obstacle for end users to install an application. This way developers render fair chances to show how significant their product is. One more way to monetize an app is to supply a free version of your application in order to get quick sales and enable end users to purchase additional features for a certain amount or a subscription fee on a monthly basis once they think it is worth it.
Placing in-app Advertisements
Though a risky way to monetize your app, it does not require end users to pay in order to use a mobile application. It provides end users with a free application but features advertisements. A lot of mobile applications utilize this concept of monetization. Such mobile applications run advertisements while the app is being used. It may annoy users to some extent, but strategic ad placement may help you to find the best possible way to make money out of in-app advertisements.
When a huge number of end users install and utilize your mobile application frequently, there is a high chance you can make money out of advertisements. There are plenty of advertisement networks that generate high revenues for mobile applications, such as Adsterra Network, Infolinks, AdBlade, Undertone, Clicksor, and Vibrant Media.
If your mobile application is meant to solve a problem that users face frequently then it will be used often by users.
Pay for Pro
A unique concept of monetizing mobile application is Pay for Pay. It allows app developers to utilize this method by launching paid applications with some additional while keeping paid features aside for the future purchase. However, a lot of people have criticized this way of monetizing a mobile application.
Most users have the habit of downloading free applications and they think it is really unfair to pay in order to have access to each and every feature of a mobile application. Therefore, it requires immense efforts to monetize your app using this particular method.
Make it Paid
End users pay to install mobile applications, but all the additional features and updates are estimated to be freely available. If you want to develop a paid application and launch it then it must be impressive enough for end users such that it compels them to pay and install. There is no option of generating revenue repeatedly from currently existing end users.
Utility applications, generally, belong to the category of one-time paid applications. Therefore, it becomes highly important to look out for new users for generating revenue. The majority of paid applications deliver the main value in the first installment, which in turn, is followed by small changes or modifications. Few paid applications that have become a success are Nova Launcher Prime, Pocket Casts, Fenix, Shuttle+, and iA Writer.
Getting sponsors is also a feasible way to monetize your mobile application. When the monetary aspect is taken care of, it allows you a liberating scope to enhance the brand integrity. The most compelling factor is the aspect of marketing and creating websites. It guarantees a good online presence and aggressive traffic.
Sell your App
Selling your app is a new trend and it has led to the development of app marketplace. Platforms like Flippa allow developers or mobile app development companies to sell their apps through auctions. Flippa requires you to share your auction with others so that you receive as many bids as possible. You need to be highly interactive throughout the process of auctioning your app on Flippa as you need to spread the word to make it popular and address a broader audience.
Sell your app’s source code
One more way to make money out of your mobile application is by selling its source code. App marketplaces are a great source of assistance for mobile app developers. They offer opportunities for mobile app development companies to earn a little extra money by selling source codes of their mobile applications at competitive prices.
Without figuring out what method you will use to monetize your app, there is no point of launching your mobile application as it is impossible to grow your business without earning money out of your mobile application continuously.
There are various methods that mobile app developers can use to make money, such as freemium apps, one time paid applications, paid apps with paid features, sponsors, and advertisements. Of all the given methods, what method you will choose is dependent upon the type of services or the type of products you offer and the industrial sector type you belong to as both of these factors determine your target audience.
Shahid Abbasi is a big time tech geek working with one of the top mobile app development companies, Peerbits. He has a proven efficiency over designing mobile apps for the enhanced UI/UX for websites and mobile apps. Moreover, he likes to share his knowledge over a series of technical blogs to make himself more resourceful globally. Over the weekends, he transforms himself into an awesome cook.