Top 10 Monetization Strategies You Need To Consider For App

If you have a mobile application, there are chances that you spent a lot of time trying to understand how to drive revenue from it. The customers are flocking to mobile, but the money is not following, isn’t?

Generating an income stream from your mobile app is essential to its success. Even it is just an add-on to your business; it will still need an ongoing support and maintenance so you need to think about monetisation. Often monetising your application is forgotten in the early stages, however, it is crucial to success in the long run. Here are top 10 monetization strategies we believe are the most effective:

1. In-app purchases

In-app purchases

Don’t think that just because you are offering the consumers a different purchasing path doesn’t mean they will take it. Its existence is not enough to push the customers over the finish line. The whole experience needs to be more convenient, seamless and enjoyable than other channels to drive sales.

In-app purchasing options range from installing paywalls that unlock new content to selling goods and services or features within the app. Experiment with different offerings in order to see what your customers respond to best.

2. Sponsors and Partnerships

Sponsors and Partnerships

This is another strategy to monetise your mobile applications. It involves finding a sponsor or partner who believes in your idea and will support your design and android mobile development of your product financially, in return for a percentage of the end profit or promotion of their brand. Once you have found them, it is important to make them understand what their role in the project to make sure there are no disagreements.

3. White labelling

White labelling

While creating an application, if you didn’t go the white label route already, then this revenue is worth looking for. Building a great app is expensive and time consuming, so people have begun to white label and package their app’s structure to sell to other businesses. If an Ionic app development company buys the code to your application, they can insert the appropriate branding and ship it off to the customers.

4. Email marketing

Email marketing

Another way to monetise your app is by email marketing your registered users. Approaching companies and individuals in this way is quick and if your app is free, most people are willing to register and give an email address to use the app. You should have a reason to ask them to register. The best thing about email marketing is that people check it on a daily basis and it ensures that they will see and engage with the content. So make sure you have an existing subject line.

5. Subscriptions

Subscriptions

Subscriptions are one of the best ways to build up a reliable and consistent revenue stream. But the key to success with this is to keep the content fresh. The customers will not see the value of subscription if the content is not updated frequently. Shortening the app’s update cycle can provide more value to the customers. So entice users to visit your app frequently and encourage people to spend more time in the app.

6. Data monetization

Data monetization

Keeping the privacy laws in mind, there are legal and lucrative avenues for selling the customer data you collect. If you still don’t sell your data directly you can use it to influence non-mobile business decisions and create hyper targeted marketing campaigns for existing customers.

7. Charge for Installing

Charge for Installing

Though this strategy is not optimal on the surface, but few iphone apps like fitness, health and wellness and productivity can benefit from it. The most valuable asset for driving paid application installs is your website. The app stores don’t give a lot of room to create enough value for the customers to pay for installation. However, your website can be a robust as you want it to be. By creating a good value proposition for the users to download the application on site will drive them to the store to make a purchase.

8. Crowdfunding

Crowdfunding

Monetizing the mobile app through crowdfunding is a new thing. Many believe that it is just a source of money to develop and launch the app, but there are many crowfunded applications that make far more than their monetary goals. It is an excellent way to build your user base before it is available. It helps you to level up after the app hits the market as your users will be built in and allow you to develop a monetization strategy ahead of time.

9. Freemium opportunities

Freemium opportunities

If you want to make your application free, but also want to add ‘pay to use’ structure, freemium is the perfect monetization strategy. According to a study, 64% of the freemium players make a purchase every month. The users will have access to some of the features and to get the full access, they need to upgrade to premium. Dropbox and LinkedIn are a few examples of freemium applications.

10. Strong Code

Strong Code

If you can develop your code from the ground up and proves to be successful, then other brands can approach you and offer to re-skin your app. By licensing the code to other like swift app developers, you can make money without disrupting your user experiences. One more thing with code sharing that you need to consider is the app’s endgame. After your business has got the enough value and ready to move onto the next step, you can sell it whole to a buyer who wants to use your framework to create its own app.

Every app is unique with its customer journeys and unique needs, it means mobile application revenue models are one size fits all. So to figure out what works best, first you need to consider what is least disruptive to your customer’s in-app experience. Whether you have a monetization strategy all ironed out or in the process of solidifying a strategy, keeps these points in mind as your business and app needs to evolve. Google Analytics, Flurry, Add Colony and AdMob are few services that can help you to monetize, expand and track your application’s customer lifetime cycle.