Presently, there are 3.5 billion smartphone users in the world, and the number is growing very fast. And, it is hard to believe that 2.57 million android apps and 1.84 million ios apps have been developed for the users till now.
Nowadays, every company is aware of the on-demand mobile apps benefits. Because apps are generating revenue of 462 billion dollars across the world.
However, monetizing from the app is quite difficult. App Monetizing is the process of converting your customers into revenue.
App monetization is very important because it’s more common to find apps that are free to install. Therefore, the app business model needs to be adjusted according to the requirement of the business. Developers must shift their revenue model to generate cash after download.
Here in this article, we are going to review the adequate ways to monetize your mobile app for your business.
In-App Advertising
In-App advertising helps to find the right balance across different factors. The name in-app advertisements suggests that apps are displayed in the mobile app. These can be a sponsored post or tweet on a social app, to a banner or autoplay video in a game.
There is no simple one size that fits all approaches to in-app adverts. Each app executes the advertisement differently. There are some general types of ads which help in-app advertising and monetize the business are listed below:
Banner Ads
These are very famous adverts for any free or paid version. It is a quick way to generate revenue for the free ad version. The ads are so small that they can fit on any mobile screen and don’t get much space in the mobile phone.
Interstital Ads
These ads help to show the full advertisement on the full-screen ad to the user. It works on separate user flows. Hence the name interstitial. The best time to deliver an interstitial ad is at the end of the game. For instance when a level is complete in a game app. It is a good idea to utilize interstitial ads when the app is loading. This gives time to users to understand the ad and think about it.
Native Ads
Native ads are the best for the engagement of the users. This is because of the seamless feature of the apps. The key is to make the native ad look and feel ‘native’ with a clear indication to the user that the content they will land on is an advert. Twitter does this well on mobile.
Affiliate Ads
Affiliate ads are a method of app monetization that allows apps to generate commission from other apps, products, and services by advertising them through your app. It works because people like to be referred to something. If they trust the source, then this method can be quite useful in converting.
The In-app advertisement has realized that protecting the user experience is vital to ensure the survival of apps.
Email List
Using an email list is the best way to get more engagement from customers which turns into leads. Generally, users don’t change their email address and this makes the marketing easy.
Emails help to keep your brand at the forefront of a customer’s mind. This makes them more likely to buy from your business. The social media advertisement stays for only a few hours while an email lifespans are more than ten days. You can gather those email addresses and add an email subscription form to your app.
If you write the regular newsletter and have a blog component on your website then you can promote the email.
This keeps reminding the users they can read all the content you produce on their mobile device.
SMS Advertising
Sending SMS to users is the best way to monetize the app. But for that, you need a mobile number of customers. SMS marketing is an efficient source of marketing. This way you will be able to stay in touch and communicate with your customers.
So if you want to do a promotion ask for feedback through SMS. This will build your brand loyalty. You can send reminders, promotions directly to your customers by text messages. This is the best way to strengthen your brand and keep coming users back to your app.
Partnership
A partnership can significantly step up your monetization game. All you need to do is to find a partner with a similar customer base who can add something to the experience of your users.
For example, if users on another app see your brand logo, and maybe find an interactive element typically in your app appearing as part of the app they’re currently using. This can convince them to go download your app.
The key is that the partner can really benefit your customers and with an integrated experience. If you find the right partner, this can be a great source of revenue.
Multiple Payment Gateways
There are many users who saw the utility in spending an extra amount for the added value of access to both print and web subscriptions.
If you’re monetizing through subscriptions giving multiple options then this can convince the users. A similar pricing strategy can help you convert more and at a higher value by adapting to your mobile app’s core offerings.
Give users an option to sign up and to be billed monthly or quarterly, and they’ll receive all of that new content without having to remember to buy it.
For monetizing your app, consider offering separate options and including one subscription package combining all the services together as a premium package. This way your app could become much more profitable as a result.
Data-Driven Strategy
The robust analytics helps to collect the behavior of the users. This is best for driving monetization.
This method helps to figure out who is spending the most time and money on your app and place a primary focus on those users instead of spending all of your development time on new user acquisition.
If it gives you the ability to learn why users are leaving your app upon registration and compare their behavior with loyal users, you can gain information that allows you to further optimize the user experience.
To make sure you get the highest ROI, you must always know which of your efforts are most successful with your target audience.
Target on efforts, your app will prove more beneficial to your customers (and your business!) than ever.
And remember – whatever knowledge or information you collect has value outside of your own business. Behavioral data is always best for marketing. If your app is popular, then there’s a solid chance that a major analytics company may want to purchase that data from you.
Wrapping Up
By the above-given points, you are much aware of how awesome a mobile app can be for your bottom line.
This allows you to expand your brand and make connections with customers you might never have reached before.
So take advantage of these strategies for monetizing your mobile app, and watch your business to generate more app revenue than ever.
If you have any queries, feel free to ask in the comment section below.
Thank you for reading!!
