When a mobile app reaches the App store and Google Play, what happens next? For some businesses, this moment triggers a huge revenue generation process. However, without the right monetization strategy, making money with a mobile app can be a challenging feat. Here’s a look at a few most effective and proven ones.
Ad-Based
This approach makes money from displaying ads and selling ad space within the in-app environment.
This year mobile advertising in the US is expected to surpass TV, radio and print. So, the strategy seems to be an efficient monetization option for a business owner to select.
Yet, when turning to advertisers as a source of revenue, avoid ad pop-ups without notice or those interrupting the user’s natural flow.
Freemium
The combination of “free” and “premium” offers basic features to users for free but charges a premium for advanced features. The big advantage of the technique is that it allows demonstrating an app value without charging an upfront price.
A successful free version will get users engaged and build enough trust so that they are willing to pay for enhanced experience.
In-app purchases
In-app purchases monetization strategy focuses on selling virtual or physical items within an app. For the user, this can include everything from purchasing extra lives or currency in games to additional filters in a photo app.
While the method makes sense for almost every type of business, make sure first that the UX is appealing enough to encourage your customers for repeat use without purchases.
Last but not least, those monetization tips just complement great software. Have a project ready for development? Let’s talk!
