After launching an awesome Mobile App and connecting with your customers, you may be wondering what else you can do with your App. The answer is of course that you can use your App to make money. But how? Let's take a look at some great app monetization strategies.
In-App Purchases
A great tactic of getting customers to buy from the App is In-App Purchasing. The user downloads the App for free but is given the option of making purchases while using the App. Items purchased in this method are bought and used within the App. But with this method of monetization, you have to ensure that the In-App purchases are adding value for the customer and that the customers will return for more purchasing in the future.
In-App Advertising
In-App ads appear on the screen while the App is being used. The objective of placing ads in the App is to engage the user. The final aim is of course to sell your product, but the first step is to get the user to be interested enough to click on the ad and see what you’re offering. Another thing to watch out for is that you don’t annoy the user with your ad instead of generating interest in your product.
Freemiums
A good way to tempt consumers to purchase a paid version of your App is to offer them a free version first and then ask them to upgrade to the paid one to access premium features. The benefit of this monetization strategy is that the customers get to use the App first before deciding to get the paid version.
Pay-Per-Download
This method is pretty simple. The user pays once when downloading the App. This strategy can, however, backfire because, in the era of free Apps, it may be difficult to convince users to pay for an App that they haven’t ever tried before.
White Labeling
If you create an amazing app and acquire many users with a free model, you can authorize your code to new developers and earn through it without disturbing the experience for existing users. You can bring value to other developers by assisting them in saving the time and struggle of developing code for your already-functioning app.
Subscription
The App download is free but the user can access only a certain volume of content before being urged to sign up with a paid subscription. Subscriptions work like a free trial. But the tricky part here is to keep adding content that is new and useful for the consumers so that they don’t lose interest.
Now that you know some awesome ways to make money from your app, go ahead and try them out to see which one works best for your business.
