As you buy a new mobile what is the first thing you look for?
Ever wondered, there are plenty of free apps, but how do they earn money. Here is how they make money, even when they provide free services. Here we have collated data on the monetization of apps which most popular vendors put to use.
Various App monetization methods:
- 1. Advertising: If you notice, most of the free apps are loaded with ads. It is the convenient and easy way to put up in the app by any third-party tool. Various kinds of ads like Interstitial ads that just pops up on the screen, Banner ads that appear on a screen in smaller sizes, in-app video ads which give you information on various offers etc and the native ads which become the part of the apps and appear without interrupting the user activities.
- 2. Subscriptions: An effective way, that lets the user access the app in a limited way over a limited period. After which the user is charged a nominal fee for usage. Most cloud-based and music apps etc. use these kinds of subscriptions.
- 3. In-app Purchases: These are mostly seen in gaming apps, where the user gets to purchase gaming currency, powerups and even other game features, which are provided in-app through the game. This tactic generates a huge revenue, as the user is driven to purchase it unknowingly.
- Affiliate Marketing: Most common nowadays that requires endorsing a third party to increase your revenue. Basically, calculated based on clicks or views or even install. There are several of them who offers affiliate marketing Google Admob, Flurry, Amazon etc.
- Sponsorships: Even though not so widely used, it is also a popular means of monetizing. For this one need to do some groundwork looking for sponsors who address similar clients like the ones your app does. Once that is done to approach them and request for sponsorship and request to publicize your app along with their brand.
- Merchandises: Everyone loves gifts and is an effective way of marketing. Along with the apps, merchandising is perfect by offering gifts like T shirts, gift vouchers, discounts etc. probably communicating through emails or even messages.
- Collection and selling of data: As most of the Mobile apps, take control of the data submitted to them, they can sell the basic information like names, social media accounts, their buying patterns etc. With these data, other apps like Amazon, Flipkart etc. can advertise more precise data on their apps, when the user logs in.
Now how do we go about choosing the right app monetization strategy
As we went through various techniques to monetize your app, how do you choose the same? Here are some ways one can easily choose the right app monetizing strategy:
- 1. Define the target of your app: Every app is unique, hence choosing the right kind of approach to monetizing your app, is important. For example, if you are using a diet app, then advertising is best, as you can use it to show the popular dietary supplements to be purchased, even subscriptions can be used.
- 2. Find the right target audience: In order to publicise, one needs to know the genuine audience who are interested in the app. Hence deciding on it, can help you focus on the right users with the right monetization plan.
- 3. Keep your eyes and ears open for competitors: Every app will have a rival company. If you need to outshine them, then work on the aspects where you are weakened. In this way, you can work on your shortcomings and win over.
Even though there are plenty of free apps, you find everywhere, it is quite confusing, which to choose and which is better. The main aim is to find apps, that give you the finest user experience. To market your app well, ensure you use hassle-free advertising technique that will never encumber the user experience. Get more detail about free mobile apps, AIS Mobile apps always help for you!