You finally tackled that challenge – created a fantastic mobile application for your business. Now, your customers can interact with you much better and the data that you get from your mobile app allows you to increase your income and find new ways to market your brand more effectively. However, you can increase your average income and monetize your mobile app. And in this insightful post, we’ll take a closer look at this issue.
If you want to turn your app into something bigger than just a tool, you have to bookmark this page as you’ll need this information. Experts from Sirinsoftware can build a powerful mobile app for your business, but you need to make sure you know how to earn money with it. In fact, a mobile app can be a fantastic source of income for your business. So let’s get down to the main ways of mobile app monetization.
Advertising
If you aren’t going to add ads to your mobile application, you’ll be missing out on a phenomenal opportunity for monetization. Statistically, people spend around 90 minutes per day on their mobile phones and it’s 23 days per year. Moreover, some people don’t want to buy a subscription but continue using mobile apps. To avoid this issue, you can make your mobile app free, but use in-app advertising.
So far, there are a few types of ads that are used in in-app advertising:
- Full-screen ads;
- Notification ads;
- Capture form;
- banner ads;
- Advanced overlay.
It’s up to you to decide what type of ads you are going to use in your mobile app.
Email Lists
An email strategy is a superb tool that allows you to receive more engagement with your targeted audience. And what’s more, it leads to money. The thing is that people don’t change their emails or do this rarely. That’s why an email marketing strategy is a simple way to check if your users engage with your content. Beyond this, regular emails notify users about your project and make them buy from your company. Statistically, the lifespan of emails is 12 days, tweets lifespan is one day, and a Facebook or Instagram post remains on the front burner for only a few hours. So add an email subscription form to your mobile app and gather the emails of your users.
Partnership with Another Brand
The thing is that partnership with another brand is a superb way to monetize your mobile application. So you need to find a partner that has a similar customer base. This can be beneficial for your users. When your partner has ads featuring your mobile application, there’s a chance your users might click on it and download your app. Overall, forming partnerships can strengthen your brand and increase your income.
In-App Purchases
It goes without saying that most app downloads are absolutely free, but this doesn’t mean that you can’t charge your users for extra services. They can download your application for free and spend money within it. The greatest benefit of in-app purchases is that they allow you to earn more money. For example, users download a free version of your app, but its functionality is limited. They use your app, test its features, and surely want to have more. And this is where you may offer them to upgrade an app and buy an advanced version.
However, there’s one shortcoming of this approach. Programmers build an app and give many useful features for free and the advanced version comes with only two new features. If you are going to use this monetization method, make sure you have the balance between free and paid versions. Users should understand what they pay for.
SMS Marketing
Using in-app prompts is a superb tool that allows you to send notifications for reminders, app updates, or promotions to your users’ inboxes. So far, it’s one of the most effective marketing methods that can improve your income and strengthen your brand. Overall, SMS marketing is a superb tool that can improve customer engagement.
We hope that we shed the light on this question and now, you understand how to monetize your app. By this point, you are well aware of these tips. So, now is the best time to use all these tips in practice and generate more app revenue than ever.
