The application world is booming and will continue to grow as for this decade. The growth is not expected to haul anytime soon now. As different businesses are stepping into mobile apps to keep up with the expectation of their product/services consumers, the number of mobile apps are growing at an astounding rate.
So as much as the mobile apps are important for any online business now, every app owner or an aspiring one should know the number of ways in which they can make the most money through it.
In conversation with Application Developers of a highly experienced web and mobile app development company and training institute from Chandigarh India, I came across different means one can adapt to monetize their apps. Here are all of the possible approaches:
These apps require payment beforehand to enable users to download them. However, this approach is slowing losing popularity in the area and they work only when you have an immense following of your brand. Only if the products/services that you are delivering through your app are famous enough or the marketing done for your app is large in scale, then only you can expect the monetization through paid downloads.
However, this is still a hard shot as most of the apps available in the stores are free and the monetization approaches are used differently in most.
This is one of the popular ways of monetizing your app which enables the user to make the free download of your app. However, to enable all the features of the app, users would have to pay a certain fee. The features should have to be convincing enough to pursue users make a purchase.
Else the users stick on using the free version and never pay for the premium ones. So a good planning and strategy are to be thought of while developing your app as to which features you are going to keep the free one and which will come in the premium one.
Example of it would be TInder, Most popular dating app giving users a number of Swipes and Superlike in the Free Version and to Enable the unlimited swipes and other features, users are paid a certain fee and people do pay up in this scenario.
Similar to Web sites, you can monetize your mobile app through a number of advertisements on each screen. It works the most in informative apps which the users download to learn what your app has to offer. This is also one of the popular means of monetization among mobile apps.
However, you still need to make sure that you are not filling up the entire screens with such ads frustrating people to end up uninstalling the app. You should always go for as much as 2 ads per screen and the content/services you deliver should also be up to the user standards. You must not compromise with User Experience while placing ads and the app should be carefully designed.
So it is also similar to point 2 i.e. the download for such app is free of cost but the difference between the two is that in the above approach, content is partly chargeable while in this, the user has to pay a fixed amount of fee monthly/yearly to access all of the content. This is also very popular strategy as this makes up for customer loyalty towards your app.
Above discussed options are the most common ways to monetize your mobile apps. However, to decide which one to adopt, you should consider the background or the genre of your app. The adopted approach should be suitable to the nature of your mobile app so that the monetization process is efficiently entertained. If you still have trouble with deciding the right approach, you should consult an experienced mobile app development company which can rightly guide you to the path of success.