Guide to Mobile App Monetization
App monetization is a process where you can gain revenue out of your app users. This process is a little complex but can happen smoothly when the right strategies are applied to it. To understand how to go about making a good way to monetize your app, you first need to fully understand what is App monetization.
What is App monetization?
App monetization is a way you can make money from an app. These days, the amount of people using mobile phones is remarkable. Everything now is so digitalised that everything is operated just by an app. People spend nearly 3 hours daily engaged with the media provided by mobile apps. This makes app building and app monetization for a business very doable and highly profitable.
If you are somebody who thinks nobody would be downloading your app if you charged them for it, guess what? You can make money from apps even when they are downloaded for free!
How can I monetize my app?
In-app AdvertisingIn app advertising is a great way to generate revenue from you app. It is one of the most popular ways too. You can advertise other brands on your app in the form of banner ads, native ads, interstitials ads, etc and charge the brands for the same. This will make the respective brand popular amongst your users and this will yield you money for the promotion.
Subscription ModelA subscription model for an app is characterised by letting a user download the app for free and once they are used to it, charging them for it. This is strategy is doing very well for generating revenue from an app. A use, when is unaware about what an app offers, can download the app for free to know more about it. Once the user knows fully what the app is about and what problem it solves, the user would want to still keep using the app if they like it even if it charges a nominal using fee
Data MonetizationUser experience is very important for an app. This is because it is necessary to keep your audience engaged with your app. If you do not have an engaged audience, it will be very difficult for an app to sustain effective app monetization.
A large audience is very beneficial for your app because every user who uses your app, generates a form of data. This information is very crucial since it can be anonymized and then quantified. This provides the brand with valuable insights into customer behaviour and can eventually influence the sales aspect of the brand.