How To Make Money From Mobile Apps
| Making Your App Profitable
Most people building a product have the vision of pulling in a huge number of users. Recent studies have shown that by 2023, the revenue generated by mobile apps will reach $935 billion; a monumental amount for the mobile app market. Approaching the development plan and business strategy when building a new app will often come to head with the recurring question ‘but will it actually make money?.
Understandably, this is often the burning question when putting your time and effort into most projects, but when it comes to making money from mobile apps, you need to be on top of your game and know the best techniques. Whilst the use of mobile apps in 2021 is a rising trend with owners of mobile devices accessing multiple apps every single day, the competition is vast. With two of the biggest app shops including the Apple app store and Google Play Store, individuals find themselves scrolling through millions of apps and passing similar products each day before downloading the best fit for them.
| Your App Monetization Model
App monetization refers to transferring app users into paying customers to generate revenue. There are many strategies to follow for monetization, and this can depend on the type of app you are selling, and whether you are placed on the market as a free mobile app or paid app to begin with. Your method may also differ depending on where you sell your app, such as an IOS app on the Apple store or an android app on the Google Store. The benefits, of course, are the generation of income for your business, however, some strategies may affect the user experience of the app; this needs to be thought about when approaching the monetization game plan.
| How To Make Money From Mobile app Development
- In-App Advertising
Integrating in-app advertisement enables you to generate ad revenue per impressions, varying on your ad network. Depending on the genre of your app and audience, there are different styles of which you can incorporate these in-app ads. A few options include banner ads, video ads, rewarded video ads, and offerwall ads. Most apps, especially gaming apps, are using in-app advertisements nowadays. However, this can ruin the user experience of an app; people often hate cluttered ads appearing at the top of their screen. One way around this is with use of native ads, which blend into the user interface to match the function and flow of the app.
- Freemium Upselling
Another monetization strategy includes freemium pricing. This involves offering a free version of your app, with the vision of serving premium features to upgrade to the paid app. Users can then experience the basic features of your app and get a feel for what you are offering, encouraging them to take action with the paid app install. People selling mobile applications often find this monetization method successful, as people are able to experience and try the product for themselves before making any app purchases. Rather than pestering the user, they have actually valued your app and want to spend money on it, which also increases your opportunity for retention of the user. Retaining customers is vital to your monetisation plan, as this will result in long term success and a steady income of revenue.
Subscriptions are one of the leading monetization strategies, with some of the biggest brands today making huge incomes from this method. Users are offered multiple set packages, of which they can pay for with a certain time frame. This changes depending on which level of features they are able to access, and can alter depending on monthly or yearly fees. Subscriptions can also be offered with discounts, which is a great strategy for encouraging users to make use of your product, and then having the option to purchase once their time frame has finished. Subscribers also become some of the most loyal customers, dividing up the app costs into their own financial plans and having access to the most prime offerings of your app.
There are many crowdfunding platforms available such as AppsFunder and Kickstarter, where you can pitch your app to the world for the opportunity of receiving funding. These have proved successful for the beginnings of many app developments, with hundreds of thousands raised for apps in the past.
To get the most out of this method, build a firm, powerful promotional plan. You want to make your app stand out, with incredible copy to communicate your app’s vision across. Don’t forget to add visuals and videos to give funders a real feel for your app in full action; this is highly effective as it provides individuals with the trust that you are really passionate about the app you are creating. Individuals who fund your app may also then follow your journey in development, and be keen in downloading your app on completion as they have contributed. These users will often then become loyal users, resulting in a larger amount of retained customers.
| Make Money From Your Mobile App With AppTailors
Whether you are looking for product design, mobile development, or web development, AppTailors are here to help. Our passionate team builds incredible digital experiences, fueled by beautiful designs and incredible functionality. Having worked with huge clients such as The Telegraph and MetOffice, we have vast experience in app development for the masses. Interested in working with us? Let us know about your goals, major milestones, and how you would like to use our expertise to build your product. Get in touch with one of the team today about your app vision.
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