Updated on : November 21, 2023
Nowadays, publishers and developers face issues staying on top of the industry with no access to funding. It’s hard to get traffic on your content and maintain a consistent return on investment.
There are a ton of strategies that can bring you significant benefits, but the problem is which one to apply to achieve the best results, as different apps need different strategies to run.
That’s why we have shortlisted strategies that can bring you revenue and meet the demands of the users. Stay with us to learn more!
Before you jump into the complex procedure, you need to understand the concept of monetization.
Mobile app monetization is the process that generates the profits from apps. Developing an app requires a considerable amount of capital from the investors, and developers need to acquire the money back.
If an app doesn’t gain revenue, it is prone to shut down as no app can run without monetizing.
As a plethora of free apps appear every day, users are hesitant to pay any amount to purchase the apps. Ultimately we have to change the strategy to achieve profit to survive in the competitive industry.
The above statistics show the top methods used by people to earn revenue from apps.
Here is a list of strategies to consider that can take your app business to new heights.
Promote other brands and place their ads in your app to gain money from it. It is one of the efficient ways that is commonly used by many apps. The mobile app format allows many types of ads such as:
Banner ads: A banner ad is an advertisement of an app that appears on the screen mostly at the top or bottom with a link attached to it.
Native ads: These ads are designed in a way to look native, easily blending with the app features and layout style. It increases the click-through rate as the user can’t tell it apart from the app display.
Interstitial ads: These ads appear in full-screen mode when the video or an action loads. The advertisers are willing to pay a hefty sum for them.
You can sell virtual goods and services to users. This is the most effective method because users tend to buy physical products more often.
For instance, if you run an app on casino online games, then you can put ads for gaming chips and products related to it. It can help you monetize your program. It is best suited for people who want to sell products but don’t have a platform to target an audience.
It increases engagement as people are willing to spend more time browsing for the products.
Subscription means charging the users to allow access to the application, be it monthly or annually. Many apps offer this type of model to the consumers, they don’t charge any fee for download but offer limited features. The user would have to pay a fee to unlock the features.
The above graph indicates the importance of freemium in revenue-generating in different categories of apps.
It is a stable mode to be certain of the revenue generation. You can easily predict your financial condition in the coming years.
Affiliate marketing implies the promotion of other apps to convince your customers to download the apps. It is done in two ways:
For the success of this strategy, you need to have a large audience to enjoy the benefit. That’s why working on user acquisition first can be a smart move before focusing fully on monetization.
Advertisers tend to be more interested in first-party data, which means the information and preferences of your users. They need this data to analyze the browsing history of the customers to recommend similar products.
This strategy works best if you have a prospering user base. While on the other hand, if you have a small audience the data becomes invaluable to the advertisers.
SMS marketing is ignored often by developers. People don’t know that users habitually check their messages every 5 minutes.
First, you have to collect the user’s phone number through the log-in process and ask for permission from the user to send personal messages regarding future advertisements.
After collecting the details, send messages about application updates and giveaway contests.
Note: Don’t send the messages regularly as it annoys the customers.
Email requires the same procedure as SMS marketing. Acquire the email address from the subscription process and send the emails about newsletters and blogs.
There are over 4 billion email users over the world which makes it a very effective approach. It gives a personal touch to the mail and establishes a bond with the customers.
You can gain monetary benefits from the apps regardless of the user count. Follow the strategies and implement them efficiently to earn significant profits.
Take help from experts if these strategies don’t work according to your requirements. Approach the specialized platforms for better guidance.