Category : Mobile App Design & Development
|Free apps generally outnumbered paid apps in terms of sales and download volume. Most persons ask how money can be made through these apps. You must have asked the same query to yourself as well.
You didn't get the correct answer to that question? This post is here to provide you with the perfect answer and acquaint you with strategies that can help you manage the app market like a master and veteran in the field.
According to a recent study, the proportion of paid apps has dropped to 38% from 76%. The mobile app market can still generate billions of dollars. So if you think free apps are not that profitable anymore, let us acquaint you with the fact that around 98% of global revenue comes from free apps in the store. Therefore one has to think effectively about the monetization strategy.
It is also claimed that more than 90 percent of the apps on the market are free, and revenue from paid-to-download apps is expected to decline in the coming years.
If you want to research how to make money from your application, then you have come to the right place. But before that, here are some differences between free and paid apps that you should be familiar with.
So, you can see that there are many different ways to make money through app development, but what options are available? How can people make money from apps through these techniques?
To put it simply, free applications generate revenue using the following strategies mentioned by us:
• Advertising: This is probably the most common and easiest way to make money from your applications. This is also done through a third-party ad network. Using commercials to monetize the app and earn money is a pretty straightforward method. The owner of an application merely has to show commercials in their mobile app or is paid for by third-parties.
There are a total of 4 types of advertisements that are shown by app owners for monetization. However, as the owner of the app, you might want to know if your target customers find these ads entertaining or ends up blocking them.
1. Interstitial Ads: These types of ads are full-screen pop-up windows that are displayed for a specified period of time. Users can close these ads using a close button available in the upper left or right corner.
2. Banner ads: These are advertisements that are of various sizes and types and are displayed at the top or back of the application screen. These are usually small or less distracting and allow users to conveniently use the application.
3. In-App Videos: These ads are displayed automatically and are generally used as a reward video for some in-app Rewards.
• Subscriptions: Subscriptions can be improvised and utilized as a monetization strategy. App publishers can choose to provide free content in their apps for a limited duration of time and thereafter charge a subscription fee that allows users to access the entire content without any interruption or restriction. This type of strategy is adopted by video and audio streaming and online news services.
• Sell merchandise: Another way to attract the attention of a target audience is by selling merchandise through your free mobile apps. Many e-commerce organizations create free versions to promote and sell products like Shoes, T-shirts, etc.
• In-App Purchases: These kinds of purchases are made from free mobile applications and this is generally a fairly simple and straightforward process. These are generally used to promote additional features related to a product or service.
• Sponsorship: This is one of the less common monetization methods, but it can be used efficiently and be instrumental in maximizing profits. In simple terms, sponsorship for your mobile apps can be a powerful method when the application is developed in the right area of interest, designed to cater to a specific target audience, and launched on behalf of the company.
How do I choose the optimum monetization method?
1. Understand the type of application: Before completing the conclusion formalities and finalizing the application monetization models, you must develop an intricate understanding of the nature of your application. Once you have developed a clear understanding of the app, you can choose the app monetization approach for your app on the app store.
2. Analysis of your competitors: The process of competitor analysis is also extremely important. With a proper study of the characteristics, functionalities, and design of the applications carried out by your competitor you will be better suited to develop your app which serves better in the concerned equivalent parameters as compared to the app developed by your competitors. With the proper study of your competitor's strengths and weaknesses, you can easily draw conclusions as far as the practically implementable monetization strategy for your app is concerned.
3. Know Your potential customers and their needs well: In order to use app monetization strategies to successfully generate income online, you need to conduct research about your audience, identify their needs and chalk out plans accordingly. What are their priorities? How much and to what extent your customers are in a position to pay? Besides many other factors need to be considered before finally concluding about your optimum monetization method.
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