Creating a mobile app that wins is a challenge! It takes a lot of effort to come up with distinctive functionalities which excite your users to download your app. And this is just the tip of iceberg. You do not have any control over the uninstalls. While dealing with this chaos, generating a handsome revenue demands some smart app monetization practices from your end.
The above studies clearly state that Free Mobile Apps get more downloads than paid apps. The idea of paid apps works well for those who have a large and loyal customer base. For startups, it is advisable to keep the app free for installation.
But, with the right app monetization strategies, you can generate a voluminous revenue to repay your development costs and earn great profit numbers! Excited? Let's start with these easy 5 app monetization tips to extend your overall revenue.
Recognize your target audience. The audience is your sailor. To implement accurate monetization strategies, research your demographics data, study which kind of content they really like to watch? Answers to these questions will give your strategies a prompt way of optimization.
In-app purchase is an added facility for the app owners. In fact, it can be a vital feature after your app to achieve good number of visitors. In-app purchase can vary depending on the type of the app. For a gaming app, you can offer cheat codes, reward points and additional features to your business or an ecommerce app.
For example, Usain Bolt, the World Record Holder for 100-200-meter sprint was one of the fastest in-app purchases in Temple Run 2 game. Temple Run created quite a buzz and had millions of users. This way, they leveraged the in-app purchase in the best possible way.
This is one of the most popular monetization strategies. According to Sweet Pricing, 65% of the largest apps worldwide use in-app advertising method to generate revenue. Why? Probably, because it keeps the app true to its basic promise. It is FREE to use. Users do not have to make any further purchases. That's why in-app advertising would generate more income for your app. Now, the next question that pops up is...
At the end of 2018, the cost of Digital Advertising may exceed $70 million! And that's roughly 75% of money spent on all forms of digital advertising. This is one of the major reasons that can drive you to spend more money on this advertising platform.
Banner Ads are the most popular ad format for in-app advertising. They appear in the form of bar or box with ad text and images at the top or the bottom of the screen. In terms of safe and simple advertising, many prefer to use this.
These types of ads cover complete mobile screen. They run during the transition points of an app like when it's loading or during the closing period.
These don't look like an advertisement. Native ads resemble the organic content of the platform. They are a perfect way to increase audience without any interruption.
Native ads come in various forms and sizes. Based on your component, the publisher displays the ad as it fits the actual content of the app.
Sponsoring apps come into the picture when your app has a large base of audience. It entails partnering with advertisers, who provide reward points to your users after completing some pre-decided in-app actions. Sponsorship advertising model in the mobile applications works best only with your audience.
In the most cases, the below given perks encourage sponsorships:
Paywalls are meant for the content driven apps like Netflix, Amazon prime, Audible etc. Paywall or say In-app subscription model demands a purchase when your user wants to see certain type of content. At the start, you can offer some content for free. Remember, everybody is going to subscribe for free content.
Thereafter, it's up to you to earn those users. Make sure that your free part of the content is engaging. Display content like "Coming Soon "or "Go Through Our Premium Version" which shall encourage your users to make a purchase and you get to earn! Bingo!
Similar to the Paywall model, this works on offering an app which is free to download. In the business of Freemium Advertising, some of the features of your app would be available after the payment. You have to stimulate your users to purchase your premium features. For instance, the top grossing apps on Apple's store are free but offer in-app purchases.
If we consider the Statistica, as of March 2017, 75% of app developers stated that rewarded video ads were most effective. For the startups, it is always advisable to start with the blended models. Provide "Free to Install with Ads" and after some time, add features available in premium categories.
In this competitive world, it is wise to monetize your mobile apps and generate revenue. Mobile app Monetization Tips can expand your brand presence and can make connections with the customers beyond feasible limits.
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