Designing and launching a mobile app can take blood, sweat and tears, but now is the time to focus on its monetisation part if you have managed to accomplish it. This is the only way to keep going and make more out of it. A mobile app is much more than just an app because it can open a whole new revenue stream for you. Isn’t it just amazing?
In this blog, we will share some fabulous tips to monetise your app easily and efficiently. But before you move to the monetisation part, it is important to make sure that you use the best app development software for android and ios that can support all the advanced features. Now, let’s get started!
How to monetise a mobile app?
You need to create an app monetisation strategy that works for you. Some options work best for free apps, while others work well for paid apps that you need to figure out. Whether you are launching a paid app or a free app, the below-mentioned options will work perfectly well for you.
1. In-App Advertising
If you don’t include ads in your app, you can miss out on a phenomenal monetisation opportunity. Digital advertising in mobile apps can drastically improve consumer and advertisers’ communication. This is mainly due to the crazy amount of time (at least 90 minutes per day) people spend on their mobile devices.
However, the temptation to download an app drastically drops if it is paid. Try to make your app free, and use in-app advertising. Advertisers realise the value of mobile apps over those SMS or embedded in-browser messages. Here are five kinds of native ads that advertisers can consider using:
- Interstitial/full-screen ads
- Notification ads
- Capture form
- Advanced overlay
- Banner ads
Your selection of ads will depend on your focus area. Your ads need to entice the user and not turn them off. When incorporating advertisement into your app, you must consider your target audience’s user experience and preference. Depending on your brand, the advertisers can pay you a hefty sum to host their advertisements. Your decision can make a huge difference, so choose wisely.
2. Create a strong code
If you develop your own code from scratch and it gets successful, other brands may approach you to use your code for their purpose. By licensing your code to other developers, you can earn extra income without even disrupting the user experience.
Once you have got everything out of your app and planning to take your business to the next level, you can consider selling your app as a whole. The buyer can use your existing framework to create their own mobile app. They can consider taking mobile app development services for the same.
“White labelling” your code involves selling it from the ground without selling off your IP. The only problem is that various versions of your source code will be available in the market. So make sure you are ready for it.
3. In-App purchases
Most app downloads are unpaid nowadays, but that doesn’t mean the users never get any opportunity to spend within the app. In this scenario, app purchases emerge as a good option. In-app purchases can help you make enormous money with your free app and allow customers to interact directly with your product.
This is an essential part of free apps where users don’t pay any upfront cost but pay for gated features. This is an intelligent strategy that works well for most businesses. Make sure you create an app using the best mobile cross-platform framework. This way, you can allow users to buy products directly from the app. You can even integrate a payment gateway to make the entire shopping experience smooth and hassle-free.
4. Sponsors and partnerships
Try to collaborate with another brand to step up your monetisation game. You will need to find a partner with a similar customer base who can add something to the experience of your users. A partner or a network of partners can benefit your business and customers alike, especially if you focus on creating an integrated experience.
Imagine users seeing your brand logo on another app, or maybe some interactive element found in your app is placed on their app. This can potentially persuade them to download your app. If your partner includes advertisements featuring your apps, there is a high chance their users might click on the ad mentioning your app. This is known as the Click-through rate (CTR).
Consider the partnership option due to the benefits it can offer.
5. SMS marketing
By using in-app prompts similar to the ones used for collecting email addresses, you can send reminders, notices for app updates, contests, and promotions directly to your users’ text message inboxes. This marketing method is one of the most effective ways to market your app because it drives users back to your app.
There are many brands that achieved success through SMS marketing. If you want to enhance customer engagement, then this is a viable option.
By now, you are well aware of how excellent a mobile app can be for your business. With the help of a mobile app, you can expand your brand and establish a stronger connection with your customers. By choosing the above methods, you can lift your revenue considerably just by a mobile app, which can act as an additional revenue stream. Isn’t it just awesome?
You can take the assistance of a smartphone app development company for further guidance.