5 Effective Mobile App Monetization Strategies
The latest survey held in 2016, says that the mobile apps have crossed the figure of 179 billion and approx 93% of them are available for free to download. If we talk about earnings from mobile apps, a majority of these apps failed to make enough money to sustain as a business. Paid apps make consistent money in comparison to most free apps. So, it is difficult for me to write off any single app monetization strategy right now. There are positive and negative points on all sides and to ensure consistent ROI from the mobile application you must identify a strategy that works for your target audience. Let me tell you that no monetization strategy can guarantee overnight success. You need to adopt a mixture of different monetization strategies for achieving desired targets. Let me now explain to you 5 effective mobile app monetization strategies.
1. In-app purchase
In-app purchases enable users to add more value to their experience. Let’s take an example of this in gaming apps. When playing a game the player can purchase certain tickets or can avail an extra life to participate in the game, etc. An addicted gamer of the game very likely to go for this purchase and make the game more enjoyable. In app purchases can also be found in content rich apps. By purchasing, a user can increase cloud storage memory, download music files or explore other features of the app.
2. Freemium Model
Most of the developers launch two versions of the same app, the free and basic app and the premium app with extra features. This approach is called as Freemium. This model increases users interest in downloading the app with full features ensuring more functions, ease and quality of content.
A free cloud storage app can offer more storage with the premium version. Similarly, A free game can come with the option to upgrade to the premium version with next steps and more life lines for more enjoyment.
Affiliation with a same type of company that shares the same target market can let you do many profitable things. For example, you can integrate the call-to-actions into your app just for a referral fee.
4. Content Strategy
App content is not a direct strategy for monetization, but it can have its great impact on it. Without engaging content and heart winning features it’s very difficult for an app to find any chance of download and sale conversion. If youâ€™re going to spend quality time and effort in mobile app development, as an app publisher you must consider that without user engagement through features and content, you cannot achieve your earning goals.
5. Incentivized Advertising
This is one of the latest features of the mobile apps world. With this monetization strategy you need to link up with advertisers who are ready to market their product in your app. Â Thus, they offer you an incentive of this so you can always demand a share of the revenue generated by users.