More than 40% of small businesses have a mobile app, and that number is growing. These businesses have many reasons for turning to apps, including providing a better customer experience, increasing sales, and growing their brand.
Other businesses developing an app as an additional revenue stream. Of course, all the businesses like to develop the next billion-dollar app, but the competition is fierce.
It is still possible to generate revenue through your apps but you need to develop an effective mobile app monetization strategy.
In this guide, you will discover four popular mobile app monetization strategies:
In-app advertising
Freemium mobile app
Premium mobile app
Subscription-based mobile app
1: Goals for Monetizing Your Mobile App
Before deciding how to make money with your mobile app, clearly, define the goals for your app by asking yourself 3 questions.
What is your mobile app’s value proposition?
What are your competitors doing?
How will you attract app users?
Mobile App’s Value Proposition
Defining a strong value proposition is key to monetizing your app. What problems do your users have? How does your app solve them?
Your value proposition says how your app benefits users, not which features it offers.
Important Tip. Users are searching for benefits, not features!
What Are Your App Competitors Doing?
Studying your competitors’ app offerings may reveal how you can differentiate your app: features, value proposition, and monetization model.
Do your competitors have apps? What monetization model are they using?
For example, if reviewers on your competitors’ app complain about spammy ads, that’s a sign that you could offer a better user experience with a different monetization method.
How Will You Attract App Users?
Defining your user acquisition strategy is a key step in generating revenue with your app.
A survey of app development firms from around the world recommends using social media (37%), paid advertising (28%), and app store optimization (ASO) (21%) to attract app users.
A plan to market your app and attract new users likely will include a combination of marketing tactics such as ASO and social media or advertising and incentives such as rewards or points.
2: Choose A Mobile App Monetization Model
App user’s today are increasingly unlikely to pay for apps: Only 35% of mobile users paid for an app in 2018.
Making money with a mobile app used to be simple: You had free apps with ads and paid apps without ads. But, as in-app advertising falls out of favor, what methods for app monetization can you pursue?
Here are three of the most popular app monetization strategies:
“Freemium” mobile apps
Premium mobile apps
Subscription-based apps
3: Track Mobile App Use, Purchases, Sign-Ups
After choosing and implementing a mobile app monetization strategy, carefully track your Key Performance Indicators (KPIs).
Your KPIs will include engagement, activity, and revenue metrics:
App usage
Time spent in the app
Number of in-app purchases
Number of subscriptions and sign-ups
Track your results, and experiment to see what works best for your app and your users. You may find that a combination of tactics, such as pairing a premium app with a freemium app is best for generating revenue. Or, you may find that a different monetization tactic is more effective than the first one you tried.
3 Steps to Make Money With Your Mobile App
Step 1: Define goals for monetizing your app
Step 2: Choose a mobile app monetization model
Step 3: Track app engagement and revenue
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