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How can you make money from free apps?
Have you completed your app development process and are now looking for app monetization strategies? If so, now is the time to make one crucial decision before you put it on Google or Apple App Store. Also, are you going to put it there for free? Or, are you going to charge for your app?
One of the major reasons people charge for their applications is because they are unaware of app monetization strategies of making money from those apps. They think that after spending so much money on the development, charging money for the app is the only way to get the return.
Guess what. They can never be more wrong. In fact, free apps generate real money. You just need to plug the right app monetization strategies. And this is where I presume to give you some suggestions on how to earn tons of money using monetization strategies.
Let’s jump into the details!
Understand Your Users!
To employ effective app monetization strategies, it would be best if you start with some research. Think about the people who are likely to use your app; the demographics of your app users will mirror your current customers. At the same time, you have to understand how these people think and behave.
For example, you’d be amazed to know that the operating system of your app affects user behavior. Android and Apple users both behave quite differently. For instance Apple users spend more than Android users. To know your users better, ask yourself these questions;
- Who is using the app?
- How are they using it?
- What are they using it for?
If you have answers to the above questions, you can move forward with the development.
Figure Out Your Competitors
Competitor analysis can help you find out the strengths and weaknesses of your opponents. Yet many fail to understand its significance.
You should identify your competitors and, as you move forward, analyze the components of their operations. For instance;
- Know how they’re using different platforms
- Identify who your competitors are on social media
- Know which social platforms they’re on
- Understand how well their social strategy is working
If your competitors are doing something similar to you or offering the same services, assess if they are doing it better. If they are doing great, then it is a practical and realistic approach to apply their methods to your mobile app monetization strategy.
On the contrary, during your research, you may find some of your competitors are doing poorly. You just have to take notes from their mistakes and try to avoid those in your strategy.
You are halfway through. You are done with the preliminary basics and now let’s move on to the real stuff that is the core of app monetization strategies. The money is basically generated in one of the following ways:
- In-app Purchases
This means that you should apply both of these methods to your application to reap greater benefits. Let’s discuss both of them for you.
Considered one of the most important app monetization strategies, In-app purchases offer your users additional options and more features. It also increases user engagement and consequently user experience.
Between iOS users and Android users, the former spends more money in making in-app purchases. Simultaneously you have to make them buy the upgrades. For instance, gamers often buy upgrades for exciting features.
These are pretty self-explanatory.
You get paid by the number of impressions and clicks. Also, the ads on your app affect the pay rate as well. For instance, it is understandable to charge a company more for a video as compared to a banner or image.
All in all, you have to decide what sort of ads you want on your app. You just have to make sure that these ads are not intrusive to the user experience.
After going through my guide, I am pretty sure that you have learned how free apps can help you generate more money. If you are about to launch yours, follow these tips to obtain more value and benefits.
So what have you decided? Are you going to charge your users for the app? I guess not now! You can now make money from free apps with these app monetization strategies.
Need more guidance on mobile app marketing strategy, reach out to the experts at Nextbridge.
tagged: app monetization strategies, make money from free apps