Having a mobile app for your business can bring in a whole slew of benefits, including brand visibility, higher customer engagement, and personalization. What many brands don’t realize, though, is that a mobile app can be more than just a tool: it can also be a feasible source of additional income.
Being able to monetize your mobile app is a critical part for the future upkeep of your app. The good news is that it’s never too late to start monetizing an app that has been live for some time already!
Whether you’re still coming up with a stellar mobile app idea, or if you’re looking to update your existing app, here are four smart ideas on how to monetize it:
Selling ad spaces in your mobile app is among the most common ways to monetize your app. The usual case is to make your app free, and then use in-app advertising to add in more streams of income for your brand.
However, all too often, in-app ads can be quite intrusive and bothersome, bringing down the overall experience of app users. Two things are key here to make this strategy work for you: the relevancy of the ads and their placement/timing.
When including advertisements in your app, make sure to partner with brands that are relevant to the nature of your app—for example, if you have a mobile gaming app, you run ads about other mobile games. Next, steer clear of pop-ups and banner ads. They aren’t well-loved and are annoying at best. Consider interstitial ads—those that are positioned at natural pause points such as when transitioning from one menu to another. These types of ads are less intrusive and are much more likely to generate clicks without annoying your users.
2. Offer Premium Features
In the same vein as the previous point, you can opt to create two separate versions of your app: one free and one paid.
The latter version should offer premium features that will greatly benefit your target audience—for example, being able to turn off ads, import/export files from or to your SD card, remove watermarks, or have more customization options.
The essential consideration here is to make the premium version of your app worth the effort to buy it. It should offer something of great value to your target audience that they cannot get from the free app. Of course, it cannot be stressed enough that both versions of your app should offer great user experience and valuable content—you just need to make sure that if your customers decide to buy the premium version, it should be worth their time and money.
3. In-App Purchases
One thing to consider about paid apps is that the Apple App Store and Google Play Store may take a sizable percentage of your profits. And sometimes, users are simply resistant to upgrading to a paid version of an app.
With that said, if you want to continue going on the free app route, offering in-app purchases can be a better option. Utilizing this strategy also boosts customer loyalty, all the while being able to use it in conjunction with other monetization options.
In-app purchases are fairly popular in mobile gaming apps, but it can certainly be utilized in other types of apps too, such in the case of news apps. Some great examples of in-app purchases are buying tokens/coins, game skins, theme designs, paid subscriptions, and more.
4. White labeling
Another uncommon yet still a great way to make money from your mobile app is to “white label” it. This means licensing your app’s code to other developers and allowing them to “re-skin” your app, either to improve your current version or serve their own purpose.
A classic example is the popular mobile game Temple Run, which was re-skinned to Temple Run Oz by Disney as a film tie-in.
There are, of course, drawbacks to this strategy: the first being that the resulting re-skinned apps would only be slightly different versions of the original. However, offering your app’s source code as a framework for other developers is a good way to establish your brand’s reputation in the industry and is still an excellent approach for monetizing your app without disrupting your users’ experience.
Need help with your mobile app?
Conceptualizing and developing a great mobile app is crucial for the success of your mobile strategy. A strong factor to this is your partnership with a reputable mobile app developer that truly understands the value of your brand and what you offer.
If you are in need of a mobile app developer, Lykwyz offers affordable yet high-quality mobile app development and design services for startups, enterprises, and everything in between
If you want more information, or for Lykwyz to help you with your mobile app development needs, send an email to email@example.com.
Categories: Mobile Apps