By adopting a few creative and effective strategies of mobile app monetization, you can earn a lot of money like a number of application developers do all across the globe. If you can design an app that is entertaining and useful for a large number of smartphone users, you can surely attract a huge audience. However, all users do not pay for an app most of the times due to the nature of the app economy and even if they do, it is often a small amount which cannot generate sufficient profit. Therefore, making enough money without compromising on the quality of an app remains extremely challenging.
You can adopt the following 3 techniques to achieve success and monetization with your mobile app:
Paid Downloads
This method is one of the basic ways of generating money through your mobile app. You should look to charge users before they can even access your app. Despite the fact that a massive chunk of smartphone users are always looking to use free apps, this technique can be extremely successful when it comes to popular contents like games, productivity tools, music apps or books.
Yes, you are getting guaranteed and predicable revenue per download but keep in mind that there are some risks involved by charging a user before he/she even uses the app. Even if the initial fee of the app is just $1, customers will set extremely high expectations and meeting those standards can be difficult.
In-App Advertising
In-app advertising is a recommended option if you are looking for a potentially more ascendable kind of monetization, although it is a little less reliable. Running advertisements in an app can have an adverse effect on the user experience; however, this is just the right technique for social media or news apps, where there is a lot of fresh and new content. If you are confident that your app will keep users engaged and will not lose their interest quickly, it can be an immensely profitable strategy.
In this technique, you have to focus on getting more and more ad impressions than generating more downloads. Ad click rates vary between half a percent to six percent, depending on the popularity or the potential of the app.
In-App Purchases
This is another extremely popular and useful method of mobile app monetization. Some developers intentionally keep the price of their app low in order to encourage more and more downloads; however, they offer different in-app purchases which help generate immense revenue. These in-app purchases allow users to have a better app experience. For example, if a user struggles to finish a task in a game, a pad cheat or a power-up can help him or her to achieve the goal.