5 Useful App Monetization Strategies
By Leo Eigenberg
A high-quality app can take a lot of time and effort to code. In order to get a return on this time investment it makes sense to look at the different strategies to monetize the app. There are several different ways to drive revenue and the preferred choice is likely to relate to the type of app.
Here are a few of the best options to monetize your app:
In-app purchasing is a common strategy to monetize your app and gives a convenient solution to offer a wide range of services or goods, as well as installing a paywall that unlocks new features or content within the app. This type of monetizing method should be made seamless and enjoyable in order to increase sales.
The ability to use subscriptions can depend on the type of app. When subscriptions are a viable option, it is a useful way to create a reliable and consistent revenue stream. This method is most effective when able to keep adding the fresh content. Most users are unlikely to subscribe to an app if the content isn’t kept fresh and updated on a daily basis. The short update cycle is a great way to get repeat customers who are likely to visit your app at regular intervals.
For the apps where subscriptions or in-app purchasing isn’t a practical option, it may be worth adding the well placed ads. A major issue with using ads is to avoid impacting the customer’s all-round experience. The ads shouldn’t disrupt the basic use of the app. Most of the modern ad networks offer targeted ads which can significantly help to improve the potential income. The irrelevant ads can lead to a poor user experience and can even make the customer turn off.
One strategy that can be highly effective is sponsorship. This type of monetizing approach takes more effort compared to using ads because it is necessary to put in the time and effort to find a relevant sponsor. Sponsorship can be a very rewarding option and increases customer engagement and gives more control of the ads.
A revenue model that is worth considering is the white-label route. The process of thinking up ideas and building the apps is quite expensive and time-consuming. In order to benefit from this process, an app creator can package and white-label the app so that it can be sold on to other businesses. Any business that buys the code can add their branding and start selling it to their customers.
Article Source: 5 Useful App Monetization Strategies