Building mobile app requires a significant investment of time as well as money. It may happen that your mobile app is a great success, however, it is not generating the kind of revenue expected. If the users of your app are interacting well but you choose not to invest in mobile channel because it is not generating ROI, then you will miss great opportunity.
There are six major ways for earning revenue from an app and get a balanced ROI approach.
What are those six strategies, let us discuss:
- In app purchase
According to mobile phone app development experts, in app purchase converts the app in a way like a sales channel. However, if you think giving an additional path for doing purchase cannot itself entice users, then you are wrong!. For making users get attracted towards the app and make purchase, the experience offered by the app should be absolutely seamless, convenient and more enjoyable than any other channel to drive better sale.
In app purchasing ranges from selling goods and service to installing paywalls that helps in unlocking new content or features within the app. You can go ahead and experiment with various offerings to see what customers respond best .
- Subscription
There are various kinds of app with different approach, however, subscription is a great way to build a very consistent and reliable revenue source. Experts believe that the key to get more revenue in terms of subscription model is fresh content. It is very obvious that customer will have value from subscription only when the content is fresh and useful for them or they will prefer to leave the subscription. You can consider shortening the app cycle which can provide good value to customers, allure them to frequently visit your app and encourage users to spend more time on the app.
- Ads
In case your app doesn’t suit in app purchase or subscription then ads is a good alternative for gain revenue. Developers from android app development Miami suggest while implementing ads in the app, it should in the mind that customer experience should not be disrupted due to ads. Ads are a good source of revenue, app owners can collect data and show specific ads to targeted customers for better response. Showing irrelevant ads cannot bring specific result and can also lead ad users to bounce out.
- Sponsorship
If ads has not yield great result for your app or you refer to go a little different then subscription is just the right thing to try. You can always reach out to advertisers to sponsor your app. In sponsorship, advertisers give app users some specific rewards when they complete certain actions within the app. The revenue which is earned through reward redemption is the revenue which is shared between the app owners and the advertisers. Sponsorship takes the ads to next level by highly personalized ad offerings. This in return helps in better engagement and revenue earning along with giving customers some real value.
- White labelling
It is obvious that creating an app is a act of time and money investment, so people has begun with white labelling and package the app structure to sell to some business.Once the coding is sold, the company then can insert relevant information of the brand and in return give a huge sum.
- Data monetization
There are many legal and privacy policies involved and keeping those in mind selling customer data can be a good way of generating revenue. In case you don’t sell the data but still it can be used to influence non mobile business.
Conclusion
Every app is unique with different customer needs, thus, the revenue model will change as per the app. In order to find the best one, consider which model affects the least of your customers. The above mentioned six revenue option can help you in making better decision.
Thank you for sharing this valuable information.Since The mobile app development and it's market share has been increasing day-by-day, week-by-week, month-by-month and as well as year-by-year.. Even if your mobile application is live it’s not yet late to monetize the application. Thus, App Monetization refers to the process of getting revenue through an application.
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