With the mobile application development market evolving substantially over the past few years, mobile app developers are keen on making money from this growth in the mobile market. Click here to get in touch with our mobile experts.
It is a well-known fact that creating apps takes a lot of resources (time and money). The big questions: how can developers recoup these resources? How can they profit from mobile application development? Many strategies can be employed for the purpose of monetizing your mobile apps irrespective of whether they are paid and free apps, but even before that you have to make sure that your app is ASO ready in order to get users to download your app.
As a mobile app developer, you need to understand and implement smart options for generating revenues.
Here are the five best ways to make money off your mobile apps:
1) In-app Purchases and Advertising
Advertisements and in-app purchases allow you to make money off your apps. This option allows you to offer paid mobile features within your app. Also, you can generate revenue from CTR (click-through-rates) and pay per impressions from ads in your apps.
iPhone and Android apps offer paid access to additional features and auto-renewable subscription options using in-app purchases.
2) Focus on Growing Large and Active Users
Mobile app development companies need to make sure they build an active, large user base so as to improve chances of getting sufficient revenues.
Only a small percentage of your app users will not bring in profit if you rely on in-app purchases and advertising. It is one reason why you need to grow a large, active user base so that this percentage of users will increase and bring in profit. We here at Supreme Media help optimize your app to the very best in order to get it in front of a larger audience.
3) Research Market Trends, Users, and Competitors
Endeavor to carry out market surveys and examine strategies your competitors are employing for the monetization of their apps. Closely look into their system or techniques, identify loopholes or areas they aren’t exploring yet and improve on this to flat out better apps and boost your monetization strategy.
Cultivate a better understanding of what users want. Know what motivates or attracts them. Research the demographics of your app users and use this to present relevant advertising tailored towards specific needs.
4) Decide on The Best Platforms for Your Apps
You need to decide which platform(s) suit your app most. Apple’s platform is known to be the best for monetization as 25% of developers on the platform earn about $5,000 per month. Android is next with its continuous market penetration. About 16% of Android app developers make over $5,000 per month.
There are some platforms you should avoid at first. These platforms do not provide lucrative monetization strategies. The Windows OS and Blackberry platform lack market penetration, unlike iOS and Android platform. When your apps are profitable and popular, you can decide to develop apps on these platforms.
5) Tap Into the Power of Positive Reviews and Ratings
Reviews and user ratings complement in-app purchasing. More positive reviews for your app means more download and traction. You need to create excellent apps that will satisfy users and propel them to give positive reviews.
There are wide varieties of opportunities for making a fortune in the mobile app industry. You only need to familiarize yourself with the app market and competition, follow trends and leverage on all these to increase your revenue. Knowledge of your audience is also crucial to note, as this will enable you to cater for the right paid user experience. Always remember that without the users, all your monetization strategies will be in vein: it all depends on traffic.