The mobile app industry is one of the largest revenue collectors in the market. According to estimates released by Statista, the sector is projected to collect 188.9 billion U.S dollars by the year 2022.
As the market grows, mobile app development has become an attractive venture to many developers. In fact, Statista reported that as of March last year leading app Google Play had 2.8 million apps available. Apple Store came in at second place with 2.2 million apps to offer.
You can only expect that these figures have since gone up so the competition must be tough. The ball then remains in your court to develop a mobile app that is attractive to a larger group of people. The ball doesn’t stop there though, you have to ensure that you generate income from the mobile app. Below are a few tips that will guide you in monetizing your mobile app.
- Create a Strategy
Monetizing your mobile app should be a part of your strategic plan from the word go. You need to evaluate your revenue goals when planning on developing an app. This will help you play around with the content as well as the target audience.
- Charge for installation
One way of making money with your app is by having your customers pay for installation. This method can prove to be challenging for some niches. For instance, it would be hard for a person to pay for installation of a gaming or a dating app. The same person would gladly pay to install an app for health and fitness or personal development, however.
- Use the Freemium Model
How about getting the audience’s attention through the freemium model? Allow the users to download your mobile app for free. Be sure to have some free features, but put a fee on extra features and functionalities. Once they sample the content, they will be compelled to subscribe or purchase extra features. Subscription options work well for apps in niches such as music, videos, news, and financial updates among others. In-purchases work well for gaming apps.
Another great way to make money through your game app is to host advertisements on it. This method is especially great for the apps that are free to install. As discussed above, the aim of offering your app for free is to create a large audience base. This user base will be the consumers of the ads that you will decide to host. Be sure to sample the ads to fit the needs of your audience. They also have to be exciting to attract users to click on them. You can also increase the value of your ads as the app users grow.
There are so many methods that you can adapt in monetizing your mobile app. The market is open to emerging techniques that can help you create a steady stream of revenue with your app. The above tips are helpful but it is also advisable to keep your eyes and ears open to stay updated with the industry. Getting professional advice can also help you optimize your efforts in monetizing your app.