7 Ways to Monetize your App
You finally did it – you created an amazing mobile App for your business. Your customers can now interact with you like never before, and the data you’re pulling from the App is allowing you to think of all kinds of new ways to market your brand. However, if you monetize the App, you can raise even more revenue for your business. Your App can be so much more than a tool to reach clients. The App can also be a good source of additional income for your business.
You’re curious, aren’t you? Good.
By the time you’re finished reading this post, you’ll have learned 7 ways to turn your App into a profit-generating machine.
Despite developers adding in-app purchasing and subscription services to their applications, users prefer to get a service for free and only a small percentage of users (about 9%) will pay for an App. Diversified ad products with multiple units of different sizes work the best on mobile. You can create a variety of types of ads for your App. The most commonly used are Interstitial/full screen ads, Notification ads, Capture form, Advanced overlay, and Banner ads.
2. Email Lists
If you have a newsletter for your business, push it through your App. There’s nothing wrong with having an App that drives consumers to your website. It may not be the easiest thing to track, but it works. Remember that your App is another leg of your brand chair. It does not have to survive on its own, but it does need to add value to your audience.
Partner with a company that has a similar customer base, and find ways to integrate their offering into your App for a referral fee. The key is that the partner can really benefit your customers, and that you can create an integrated experience. If you find the right partner, this can be a great source of revenue.
4. In App Purchases
In-app purchases allows you to offer additional good and services for a price within the App to enhance the user’s in-app experience. This model is fairly common across all app categories including games, productivity, photo & video, lifestyle, business etc. and has been popularly used by Apps such as Candy Crush Saga, Tinder, Magisto etc.
5. SMS Marketing
Part of your strategy for the App should include asking for your customer’s mobile numbers. SMS marketing tends to be very efficient. Plus, you’ll be able to stay in touch and communicate with your customers. So whether you want to showcase a promotion, a contest, ask for feedback or build your brand loyalty, SMS marketing will help you.
6. Freemium Versions
This is another popular strategy that works on the principle of ‘try before you buy’. The initial download of the App is free, but lock certain premium features that would need to be purchased so as to make the App fully functional. The goal is to give the user a taste of what is in store and then charge them to use the App in an unrestricted manner. This is another strategy which can easily be adopted across most categories and is therefore gaining a lot of preference. Examples of Apps that use this strategy are Evernote, LinkedIn and Dropbox.
7. Strong Content Strategies
If you’re going to take the time and effort to develop a mobile App, you’re going to have to put just as much effort into maintaining and populating it with great content/features. It’s often believed that once you’ve finished and released the App, you’re done with the job. However, that is only the beginning. It’s important to have a three to five year strategy in place after the App is released. Strong Content can help users maintain an interest and awareness of the App and continually use it.
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