If you have created an application then you must be looking for ways to monetize your app. Many developers simply choose advertisements to monetize their app. They should know that in-app ads are not the only option to monetize your app. There are many ways to monetize your app.
Monetizing your app is simpler than one would think. According to Sensor Tower, app revenue on App Store and Google Play Store rose by 35% in 2017, totaling $58.6 billion. How can you be part of it? In this post, you will learn ways to turn your app into a profit-generating machine.
Subscriptions are a great way to generate regular revenue. Thought the type of your app matters. To achieve success in revenue model – keep your content fresh. Users will not love your app if you don’t give them updated versions.
Make your subscription model easy to access. Users simply have to sign up to be billed monthly or quarterly. Offer multiple subscription packages. You can give free service limited to a trial period. After that, you can introduce your subscription model. Subscription method will not work in messaging or gaming apps.
If you cannot implement a subscription model in your app then ads are a smart alternative. There are different types of ads are available for most apps:
- Banner Ads
- Video Ads
- Text Ads
- Native Ads
- Full-screen Ads
According to one research, people spend at least 90 minutes a day on their phone. Advertising in application improves communication between advertisers and consumers. Most of the users opt for the free app rather than paid one. Give your app free to users and to monetize your app – choose in-app advertising option. Make sure your ads don’t disturb your users. The better the user experience, the higher the engagement.
Sponsorship is a new way when it comes to monetizing your app. For sponsorship, you need a solid amount of users already using your app. All you need to do is find a partner with a similar customer base. Your partner can add something to the experience of your users.
There are many types of sponsorship like – buying in-app advertisements, a set of push-notification, a sponsor named feature or location-based offers. You can get in touch with the companies that are outside of the mobile app industry. They will get an app and interested users. This method can take ad personalization to the next level.
4. Freemium opportunities
According to one research, an average freemium app gamer spends $24.66 every month. Freemium model has become a dominant app monetization strategy. Freemium apps simply suggest – “try before you buy”.
Let me give you an example of a freemium app. A photo editing app offers a special pack of filters users can buy. Another photo editing app gives an ability to permanently remove watermarks. LinkedIn and Dropbox is a famous example of a freemium app.
In case, you have built an app which solves a specific issue, then white-label revenue model for your app. white-labeling means creating a copy of your existing app and using other company’s branding. You can white-label and package the structure of your app to sell to other businesses.
For example, any company buys the code of your app, they can insert appropriate branding and ship it off to their customers. There is one issue with a white-labeling method. There will be multiple slightly different versions of your source code on marketplaces. White-labeling can be a good option for earning revenue from your software. It will not affect your customers’ experience with your app.
Now you can start taking advantage of above-mentioned strategies to monetize your app. There are many types of monetization options. You have to figure out which strategy will work best for your app. With any of the strategy, your goal should be to enlarge your customer base. The bigger the number of users, the bigger the potential of monetization. Along with strategies, start focusing on making the app great. The above-mentioned revenue model will definitely help you to monetize your app.
Which method are you going to use to monetize your app? Let us know in the comment section.