Finally, you made it. You have developed a high-end mobile application for your business that is full of features. You have given a wonderful way to your customers to interact with you like never before.
Moreover, you can get huge help in thinking of all ways to market your brand with the data that you are pulling from the app. However, there are some different things that you can do to make your mobile applications even better for your business. Do you know what it is? You can monetize your application.
That’s true – your mobile application can be more than a tool as you can make it a source of making some extra income for your business. Now, you will surely think – how you can make money from the free application. Right?
In this post, you can read about five killer tips that will help you to monetize your mobile application in the easiest way. Let’s have a look at the tips to turn your app into a moneymaking machine:
Go with Freemium Model
Almost all the users prefer to download and play games that are free, but there are some users, who do not think much to pay to access premium features. What you can do is offer a free lite version of your application first and then charge your users for accessing a premium or advanced version of your application.
But if you are doing so, you should make sure that the premium version of your application offers some of the most interesting features and tools to your users. You need to make it worthwhile for them and mention the advantages of paying for the entire app. This way, you can create a temptation among your users.
A lot of mobile apps are there that did not get success with ads and looking forward to a new strategy to adopt. For such applications, it would be great to partner with advertisers to sponsor an application.
No matter what type of application you have for your business, you can ask advertisers to sponsor your app. With the sponsorship model, advertisers can give their customers pertinent rewards when they finish actions within your application.
Then, the revenue that earned through redeemed rewards would be shared between you and the advertiser that sponsor your app. Sponsorship is one such model that has taken ad personalization to the next level and help in improving customer engagement and revenue by delivering your customers with real value.
Give Your Users Novelty
Do you know that updating your application on a regular basis and keep providing something novel to your users significant for you? It will give your application a positive impact and ensure that your users will forever look forward to seeing what is new in your app. They would get bored of using your application.
So, it would be a good idea to deliver your app users with some extra features for customization. You can give some small rewards for sharing information about your application. This strategy will surely work for you to make some extra money.
In your application, you can include in-app purchases and any third-party advertisements as it will help you in making some extra app revenue streams. You can deliver appropriate advertising content to users as it will increase the chances that they would go ahead to make those purchases while using your app.
In-app purchases can ensure that you do not shell your users with lots of messages. It would only be counterproductive as it will depress them from your using app. You should strive to attain the right balance with this feature of monetization.
Apart from other ways of monetizing, subscriptions are also considered as an excellent way of building up a reliable revenue stream. The key to the success is subscription model is to keep content fresh and updated.
If you are not updating your content frequently, customers are not going to see the value in paying the subscription. So, you can shorten your application’s update cycle and deliver more value to your customers. Remember that you lure them to visit your application often and motivate them to spend more time in your application.
These are the five most advanced tips to monetize your mobile application and earn some of the extra money from your app for your business. However, if you want to customize your application with more advanced features, you can contact a trusted mobile app development company that has a professional team of mobile app developers.