5 Successful Tips for Monetizing a Mobile App

If you’re in the business of creating a mobile app, then you realize that monetization is essential. The ability to continue developing and innovating intriguing apps can hinge on whether those launching the apps can generate income. Such funds can be used for research and development and other costs. Certain monetization strategies can boost user retention, thereby increasing the chances of success for app developers. There are five valuable ways you could monetize a mobile app. You may use one or all methods to improve your mobile app’s revenue streams.

1- Integrate In-App Advertising

When someone uses an app, they could be given the option of paying for it or accepting user agreements to watch advertisements. Many will choose to see the advertisements; someone can advertise on an app in several ways. Video displays and voiceovers provide a multimedia effect, while traditional banner ads present clear visuals. The strategic placement of these ads could enhance the user experience rather than detract from it.

2- Provide In-App Purchasing

In-app purchases can be an easy and convenient way for customers to expand their user experience. A common example of in-app purchases is in gaming, where a player could purchase additional “gold” for accessories. There are other more expansive examples, such as the ability to purchase a premium version of an app that comes with additional features. A user might not take advantage of an in-app purchase offer right away but could choose to do so later. Someone using an MP3 converter could eventually find more use for the app, and a premium purchase would make sense.

3- Employ Subscription-Based Deals

Mobile apps offering a subscription basis provide a monthly income to the developer. The platform hosting the app would collect the payment, removing a burdensome step from the developer’s duties. Additionally, there could be more than one subscription available, and offering a one-time annual purchase at a discount with an automatic renewal at the end of the year is another strategy. Many apps from multi-million dollar companies utilize subscription services, highlighting the potential profitability of subscription-based plans.

4- Offer Free Plans

The free plan concept connects with offering subscription-based and expanded purchases. A free plan is more than just a way to give someone a chance to try out the app. Of course, providing a 7-day or so free trial of a subscription-based app is a solid marketing strategy. Someone who likes the app could become a regular user and subscriber. Others may prefer the free version, which might be the only appropriate option for their budget. However, even long-time users of free plans could become paying customers if circumstances or needs change.

5- Consider Affiliate Marketing

Business-to-business partnerships are not uncommon in the app world. An app developer might sign a deal with another company to present their advertisements in the app on a commission basis. If someone purchases an advertised product, the advertiser pays the agreed-upon commission. Developers who may have difficulty finding advertisers willing to pay upfront could discover several opportunities available for them on an affiliate basis.

When monetizing a mobile app, be sure to research so you are certain you are doing it properly.