6 Quick and Easy Ways To Monetize Your Mobile App
Here are 6 Quick and Easy Ways To Monetize Your Mobile App
1. The first strategy is Advertising
Check out the long list of ad networks that you can consider.
You can list your app as part of these ad networks
These ad networks have a large advertiser base and would allow you to make a sustainable income out of their advertisement on your app.
- First is the Google Admob which offers high CPM.
It also provides you with the benefit of being associated with almost 40 other third-party ad networks.
- Facebook Audience Network is the second biggest ad network.
Facebook has extended its network to mobile devices and now advertisers can extend their campaigns to mobile devices as well.
- Then comes InMobi which studies how the user interacts with your app,
resulting in eventually better CPC along with better offers.
It is one of the largest mobile ad networks targeting over 1.5 billion users.
2. Paid and Free Version
This is a very simple strategy that we see very often.
In this strategy, you release a free version (with limited features) with a trial period
and then a paid version if the trial expires (with full features).
For e.g, Checkout an app PowerAmp on the play store.
It offers a trial version of the app on the play store for 15 days.
If the user wishes to continue using the app, he or she has to purchase the full version on the play store after 15 days.
In this way,
the user gets a taste of what the app can do and whether its serves
the user’s purpose or not.
And if the user finds the app useful in the trial period, he or she goes ahead and buy the paid version of it.
3. Also, you can opt for the In-app Purchases or Freemium model
Developing both the paid and trial versions of the app is one of the best ways to sell your app,
however, it can lead to decreased user retention.
A user may go for uninstalling the app after the trial period.
There is a higher chance of app uninstallation if the user is not finding it useful.
In this way, you lose your app user and all the possible future revenue!!
To prevent this,
The play stores have come out with a better solution known as the in-app purchase.
An in-app purchase allows the users to pay for some extended feature that they wish to buy.
These features are present in the app while making use of the base version.
For instance,
an in-app purchase could help the users
to eliminate all the advertisements from the app,
thus leading to a better app overall experience.
By making the user utilize the base version
So, this type of freemium model is an excellent thing for keeping your users engaged
while hoping that they might pay for the extended feature.
4. go for the Rewarded Ads
The rewarded ads are a way for the developers to integrate ads into their apps.
The users can choose to watch them
In exchange for points.
This is a win-win situation for all the parties.
The advertisers get their value for money.
The user checks the entire ad in order to get the benefit.
In a world where people look for freebies,
this is one of the greatest strategies.
The developer wins eventually!!
Due to the higher engagement rates with the ads,
the ads become costly which leads to enhanced earnings for the developer.
5. Get huge payoffs with the Sponsorship
Although this is quite unconventional,
I believe it has a good potential
and can have huge payoffs
if it is done in the right way.
I have seen how the sponsorships actually work in youtube videos.
I have seen it work through “Influencer Marketing”.
I have seen it work through “Brand Marketing”.
However,
it only works only if you have a huge user base or
if your app gets a targeted audience in a particular niche or Industry.
For example,
a fitness app will receive sponsorship only from the fitness bands manufacturer.
Even though the app may not have a large user base,
but each user will be considered to be a potential customer for that company.
6. Lastly, include the Donation button
The Donation category includes everything,
right from the Crowdfunding donations to the PayPal donations.
Honestly speaking,
advertisements do not offer a great User Experience.
if it is overdone.
So, if you may choose not to integrate the ads at all.
You can always try other options including donation via PayPal.
So, all you have to do is to create a PayPal account and create a donation button.
The user can choose to donate any amount they like to keep their business or charity going.
P.S.
Follow me on medium, I write on topics like SaaS Marketing, Online Business and Growth Hacking Strategies.
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Thanks,
Ritesh Osta
I help Tech & Online Business Scale Fast.
