While app development can be time-consuming and costly upfront, the benefits are practically limitless. If you have your app right, you could make millions in in-app revenue; after all, the Apple App Store earned $72.3 billion from developers last year, while Google Play apps created $38.6 billion.
Here, we have rounded up some Mobile app Monetisation Strategies that will give you a way to monetize your app with ease.
Monetizing Using Ads
As users spend more time inside apps, the in-app advertising market surpassed $90.7 billion in 2020 and is projected to reach $226.4 billion by 2025. If they’re playing sports, catching up with friends on social media, or working on business plans, almost every app in the App Store Top 100 is supported by advertisements, and ads might be the perfect monetization tool for your app.
The following are the most popular forms of advertisements:
- Full-Screen Ads: Full-screen ads are immersive and interactive, and as a business owner, you can charge a premium for them. They’re most widely seen in games and “freemium” items. However, it degrades app accessibility, can irritate users, and has a negative effect on app retention and uninstall rates. If you’re going to use full-screen advertising, A/B checking is a good way to find the right balance.
- Banner Ads: The cheapest choice is banner ads, which are simple to incorporate into your app. You can use an ad management service like Google AdSense to have ads appear on your app without you having to do anything, and you’ll get charged per click or 1,000 impressions. Banner ads, on the other hand, are distracting, divert users’ attention away from your core product, and can be obtrusive, particularly on smaller screens; use them sparingly or risk disgruntled customers.
- Native Ads: Native ads have a more professional appearance, blend smoothly with the current user experience, and provides familiar experiences. If you run an eCommerce app, you might, for example, allow other brands to advertise their goods in your SERPs and be paid when people buy. Such advertisements, on the other hand, are more costly to create and maintain than banner advertising.
Introduce consumable material, which are add-ons that can only be accessed once or have a short lifetime, as another in-app monetization technique to consider. Consider in-app currencies, points, and power-ups that give you access to limited-time features and benefits. Consumables work well in mobile games because they’re cheap (Normally less than £1) and built to encourage repeat purchases. If you make them appealing, sales will follow.
Non-consumables, on the other hand, enable you to have indefinitely usable features, access, or functionality. They’re especially appealing at a time when many customers are wary of paying for yet another service or piece of software due to subscription fatigue. There are several ways to incorporate non-consumables into your new app, whether you’re selling filters, stickers, papers, files, or access to a “VIP Members Area”.
In-app subscriptions or monthly rolling contracts are becoming increasingly common monetization strategies for app developers — software as a service is big business. If your app solves a problem and makes customers or professionals more efficient, there’s a good chance they’ll pay for it. A subscription-based model is one of the easiest ways to monetize the app because it provides consistent monthly revenue that you can reinvest into new functionality, whether you’re providing tools, online courses, or even next-day delivery.
Virtual Tip Jars
Finally, never underestimate the value of a strong group. If you don’t want to use ads or in-app purchases, you might instead encourage users to donate to your company or charity via a virtual tip jar. The emergence of community platforms such as Patreon, which enable fans of companies, brands, and influencers to pay for exclusive content, has proven the business model, and it can easily be adapted to your app. The emergence of community platforms such as Patreon, which enable fans of companies, brands, and influencers to pay for exclusive content, has proven the business model, and it can easily be adapted to your app.
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