Mobile App development has been quite a ride where it has taken some real quests from development to mobile app marketing and of course mobile app monetization.
As this business is a serious take on strategies and approach, monetising it play the paramount importance as well. But again, it is easier said than done. Making an iPhone app and finding the place in iTunes itself is a back breaking task, forget about monetization!!
But yes, monetizing your app cannot go unignored. If you have a serious business of mobile app development and have managed to make or build one seamlessly with results on the plate, you can go ahead and try to make money from it.
Yes, a well-planned app that has the potential to reap humongous results can be monetised by using some well proven iPhone app monetization tactics:
- Make your app available for free:
We live in a world that loves freebies. That said if your app is for free more users will look forward to downloading it. However, there are some potential users who are ready to pay but that account for a segment which is pretty less. Seeing that, if you make your iPhone app available for free, you have more shining chances to let it stand.
Asking for money directly from the customers does not make much sense and not many turn up to your app.
At times free app strategy may work when business look for sharing information with the pool of customer network. On a longer run, it is not an economically feasible model. Though you can always fill your pockets with further app updates and improved versions.
- Sponsorships for an app:
Sponsoring other products and services through your mobile application can also add brownie points to your app business. Here, your app works as a supporting platform that displays other products and services and ultimately you get paid for the advertising by the third party. It is a serious strategy to earn revenue through paid advertising.
But here, what takes the turn is finding the target audience. Yes, your app should be compatible to get sponsorships from potential third party clients to run their sponsored ads or services on your app.
For example, an athlete based app can support ads and services for clients like Reebok, Nike and Adidas. From company logo to displaying their sports shoe category on the app accounts for the advertising. But again, the content so displayed should be marked as sponsored content/ads; otherwise your potential audience may feel deceived.
- Support ads:
Another rewarding app monetization tactic is to make your app ad supported. That said, the user can install your app for free but later the users will be showcased ads for which the mobile app developer or app publisher is paid for.
An ad-supported version of an iPhone app can support others services, promote a paid version and likely to expand the user network.
It is simple to say- More the customers to use your app, the more you can thereby make from your ads.
- Selling in-app features:
This is another popular method to get money from your app. Here the initial version of the app is free to install but in order to get access to some additional features in the app you are CHARGED. It is one of the most common yet effective platforms for monetizing your app.
For instance, in gaming app, a user can unlock more features and get more lives but this time that further access is not free.
- One time paid apps:
One time paid apps are most common that lead users to pay once while installing the app from the app store and later everything that falls from updates to feature additions are generally free.
But that also points to the question- why one download free apps when there are bountiful of free apps present?
However, it is beneficial if your app is compelling enough and serves the need of the market that is not fulfilled by other free apps. As there is no consistent customer network, each time the hunt is on for new customers.
It has been seen that most one time paid apps inculcate the core value and features in the first download itself.
- Monetise through Upfront Purchase:
Monetizing your mobile app through upfront purchase works for almost all platforms, but for iOS, it is even better. This particular strategy is for the mass market and for a niche product.
The mass market approach needs a huge targeted audience and often comes in the form of novelty apps, games, and small utilities. Here Angry Birds is a fine example of mass market.
This approach needs to be for hit apps and a significantly low price is made up for a volume of large audiences.
For apps that do not fall with mass market or do not have a huge audience appeal, niche product approach works. It sells unique and compelling value in spite of having a small audience. This needs a clear and compelling value proposition. E.g. iTeleport Remote desktop – VNC & RDP- iTeleport Inc.
- Classic online marketing methods:
To mark an engaging move and convert customers, classic online marketing is still very much alive. For instance, email lists have a potential to convert potential customers into paying clients by making sure you are right on the pitch to attract the customers. More to it, your product quality should be at par.
- Video ads:
Less talked but highly beneficial, this is certain to take the online marketing industry by storm. Incorporating it in the app may require mobile app optimisation but the results are highly applauded. It requires a completely new approach of how you market your products.
Taking the biggest names in the IT industry, video ads definitely will be one of the most effective measures to convert the customers into clients now and the years to come.
So for an effective mobile app monetisation look for video ads that adds a futuristic approach in app monetisation strategy.
So, we’re Saying…
It’s not about only app development and putting it on the app store, taking the heights from there and finding significant measures to monetize your mobile app is also a serious concern. Now you have some key app monetization tactics in hand, implement the one that fits your shoe and take a leap.