The major focus of most businesses is upon the development of mobile and web apps that could generate extensive sales. Mobile app monetization strategy is among the most important pillars of app marketing that needs a major focus. You can earn huge revenues that you never have thought of by just choosing the correct monetization model for your app. It’s not only important to launch a splendid mobile app on the play store that receives the user’s appreciation but needs a proper strategy to engage the user for long-term sales and revenues.
However, designing and development of mobile apps are not the only elements to be considered when it comes to the success of a business mobile app. There are several other components that should be your center of attention, through which your business can gain exceptional sales. In this article, you will learn about the top mobile app monetization strategies that help your business to conquer the market.
1. In-App Advertisements
In-app advertisements generate a model that displays ads within the mobile app. The advanced targeting techniques, reach the desired audience efficiently within no time. This monetization model is an extremely viable option available that a business owner can choose and completely rely on. The in-app advertisements should be relevant according to the targeted user, as irrelevant and poor quality ads can be harmful to retain users. There are several advertisement formats used by advertisers to accommodate the experience of users. Interstitial ads are a reliable and most preferred option for mobile advertising displaying creative ads over the entire mobile screen. Banner ads, Native ads, Rich Media, and panel or list ads are other forms that can be used for in-app advertisements.
Pay-Per-Download model is the oldest and easiest mobile app monetization strategy. It has the option to pay a one-time fee for app download, and then completely access the functionalities that are provided. Since revenue associated with this monetization model depends upon the number of app downloads, thus it can’t be considered as the most profitable strategy. Due to the uncertainty of the users about the app’s preferences whether it will satisfy their needs or not, it is really hard to convince the audience to pay for an app they haven’t tried. There are so many alternative apps available in the market that draws the attention of the audience towards them. Choosing this plan requires a proper marketing plan, exceptional app listing, and excellent reviews.
3. In-App Purchases
Today, most of the apps available in the market are free choosing in-app purchases as their monetization strategy. Within businesses that know the importance of a free one-time app download option, this model is highly popular. It allows the user to purchase items within the mobile app, ranging from physical to virtual products. In-app purchases allow the delivery of real value to the app users resulting in increased revenue and the satisfaction of customers. While this model is highly preferable by most of the businesses, it should also be kept in mind that not all app users will be willing for the items. Companies that choose this model ensure excellent user experience and keep customers engaged within the app prosing providing impressive in-app purchasing options.
4. Freemium Model
The freemium model allows free downloading options with the inclusion of additional features for premium users only. After downloading the freemium app, if the user wants to use more exciting features, they can switch any time over to the premium one by paying a certain amount. This strategy is perfect to gain the user’s attention by offering some free features and the option to enhance their experience by using high-end functionalities. This monetization strategy holds a huge advantage that allows the users to try the app before purchasing it unlike pay per download model. Driving revenue from this model depends upon the user engagement, experience, and quality of the app. Freemium apps are successful in gaining user’s trust as they offer features without requiring anything from the users.
The subscription model is similar to the freemium one but focuses on the content instead of features. This strategy allows users to download the mobile app free-of-cost and gain access to limited content. It’s like a free trial for the users so they can choose whether they want to continue using blockchain app development company services by paying some amount to switch to another one. By paying some amount, users will be allowed to enjoy unlimited access to the content available on the app. However, it also needs some deep research into how much content should be accessible for the users in the free version. This type of strategy works really well with the news and entertainment mobile apps that display limited content and ask for a subscription for unlimited usage.