Building a mobile app is not an easy thing. Sitting down with your team, brainstorming different ideas, and then doing the rounds of fixing the bugs is all but difficult. Therefore, you must think about getting the return of the effort you deserve by monetizing your app.
Most people think that app monetization is tough. However, the good news is that you can monetize your app without learning something new or spending months figuring out the monetization strategies. Keep reading this article as we are going to share with you the mobile app monetization format!
Table of Contents
1. The advertising process
Gone are the days when the only way of running ads was using the traditional TV, Radio, or the newspapers. Mobile app ads are a great way for advertisers to promote their products and services the right way.
You can easily make money with your app by running ads on it. If you succeed in growing the number of users of your app, you can make good money by running ads. Platforms like Google AdMob are effortless to set up in your app and allow you to make money by making a ton of effort.
2. Premium version of your app
People know how important it is to pay money to the app developers. Unless the developers are paid, they will not continue to build apps that bring value to the users. It’s easy to make money with your app by selling a premium plan if your customers are willing to pay for it.
Most apps come with a basic and a premium version. If you are starting in the industry, then you don’t have to push your limits. A better option will be first introducing the basic version of the app. And once people start installing your app and like what you are offering, you can switch to the premium plan.
3. A proper subscription plan
Some app owners provide a subscription-based model instead of pushing the premium version of the app. This approach is also good as it doesn’t intimidate the users of the app about the price. Instead, they enjoy the basic plan and switch to the subscription if they find it useful.
Most famous apps like Spotify and Netflix provide a subscription-based plan, and doing so allows them to stay connected with their target audience even if their users are not paying them money. You can also offer a free trial of the subscription service, so the users are more receptive to your offerings.
4. Smart In-App purchases
In-App purchases are the most beneficial for mobile app developers. Instead of providing your app for a fixed amount or selling a subscription plan, you can still make money by selling little goodies in the app that enhance a user’s experience.
These types of offerings are super famous in the community of gamers. Certain objects come at a fixed price in the games, and if the users want to use those items, they first have to pay the money for them.
Like the subscription plan, you can also offer a limited time to all the users to try the In-App purchases without paying anything.
5. Find a sponsor
What if you don’t have time to plan things like In-App purchases and subscriptions plans? The good news is that you can still make money without worrying about anything by finding a sponsor. One of the biggest benefits of having a sponsor by your side is that it saves you a lot of time.
Instead of making new strategies about your marketing plans, the money you get from your sponsor allows you to bear your expenses and invest in your app.
6. Focus on affiliate marketing
Affiliate marketing is a marketing strategy that doesn’t limit you to the traditional ways of marketing. You get to earn money through referrals without buying anything or setting up the warehouses as people buy products from your reference.
Promoting products via affiliate marketing is super easy when you are doing it with your mobile app. You can guide your app users to buy products according to their liking by putting their desired products in front of them. Affiliate marketing is easier to set up, and you don’t have to work hard to find a sponsor for your app.
7. Launch a membership campaign
If you don’t want to pursue the path of pushing In-App purchases or selling affiliate products, then a simple option for you is setting up a membership plan. You will be given special access to a selected group of people who pay you monthly to continue your work on your project.
The good thing about membership plans is that you don’t have to work hard to establish one, as you can use the help of crowdsourcing or membership platforms. It may, however, become difficult for you to find members when you are starting in the industry. Therefore, it’s better that you focus on Ad strategies when you are beginning your career.
8. Sell your merchandise
People love to buy the products that are sold by their favorite teams or app developers. If you don’t want to stress planning marketing campaigns and want to earn money simultaneously, you can start selling your merchandise to interested users.
The best thing about merchandising is that it takes minimal time. Several solutions are available in the market that take the problem of designing and selling away from you. Once you start selling your merchandise, it will no longer be difficult to make money through your app.
9. License your code
Some of the apps have become so popular that their lookalike apps have also become super-hit in the market. If you see that your idea is getting used by other people the legal way and you want to make money from it, then the safest option for you is licensing your code to other developers.
You will be charging a fixed amount whenever someone approaches you to get access to your code. Doing so will allow you to make money with the code that you have built the difficult way.