Deciding with an apt app monetization model for your business app is of immense importance to get increased returns on your investments. An app monetization model includes processes and strategies on how user base can be leveraged to earn money through your app. In short, it’s a method of making money through a mobile app without charging anything for it. This trend has recently gained much importance with stiffly competitive environment on the Playstores with ample free and paid app versionson it. Businesses have evolved various app monetization methods to make money but it is essential for you to analyze the type of app you have for your business and then come up with some best methods which can yield you desired results. This post will offer some useful insights regarding the best app monetization method for your business app.
This is the most commonly used monetization strategy that works best for most of the businesses with any type of app. Allowing your users with in-app facility is great way to make money from your app. You must be clear with the idea of consumables and non-consumables in-app purchases. Consumable in-app purchases are temporary in nature while non-consumable in-app purchases are one-time purchases. For an instance, in most of the games, you are asked to purchase some special features required for that game using the gaming currencies which are limited in nature or for specific level of the game. On the other hand, when you unlock a gaming level, it’s a type of non-consumable in-app purchase which you have to do once.
Similarly, you have to decide your priorities right at the time of development phase and ask your app development company to provide such functionalities accordingly. The name and description of your in-app purchase is also a crucial factor to consider.
Offering Subscription Services
This is a proven way through which you can monetize your app even if it is a free-to-download app. Before setting up a subscription package for your app, ask your Android app development company to keep it as diverse as possible so that maximum users can find a suitable subscription package for them. A combination of an initial free service, then a basic subscription and then taking it to a premium subscription is a standard way to engage users and use your customized services. It is a sure-shot way to ensure that the app is generating revenue from each user in some or the other form. Moreover, users also get to choose their options where they either choose a hassle-free premium service or are exposed to ads.
This is another commonly used method to earn money from your app. Any Android app development company will guide you on these aspects if you discuss this aspect right before development phase. This method remains the most favourite for stakeholders to generate revenue through ads. To make maximum use of this methodology, you have to be familiar with some common terminologies and industry trends to approach advertising monetization.
You have to choose among Cost per Thousand Impressions CPM, Cost per click CPC, and cost per action CPA. Make sure that ads are relevant to your business products and services otherwise they can completely ruin your reputation before your users and you can have adverse effect. Working with relevant advertisers is also a crucial step that you must consider before finalizing the ads for your app.
Sponsorships & Partnerships
This is also known as influencer marketing where brands come to you to make use of your user base for promotional purposes and attract large target audience towards them. For this, you must have a significant user base or even in some particular niche. Exposing your users to some famous brands and partners will prove to be quite profitable both for your app and your business as well. For instance if you have a cooking app, and you have partnered with someone who shares same values, it can prove to be beneficial for both the parties.
Creating Robust Codes
You can ask your Android app development companys to develop strong codes for your app. In such scenario, other brands may approach you and offer to re-skin your app and by licensing your codes to other developers, you can easily make money through your app without disrupting the user experience for your own app. An iOS app development company can play a crucial role in generating revenue from robust code sets. “White labeling” is the exact term used for such process.
When in future, you don’t need the app anymore; you can even sell it on some popular marketplace that facilitate buying and selling of mobile apps.
It requires detailed and rigorous planning before you hire any app development company. Properly plan and prioritize the type of features and functionalities you want for your app and it will open several gateways to generate easy revenue through it.