1. Partnerships and Sponsors
Have you seen the kind of traffic social media influencers generate? They are worthy of influencing millions of people. Now imagine patterning with them. This model is known as influencer marketing and it benefits both parties. For this model to work in your favor, you should…
• Find the right influencer that does justice to your app.
• The influencer should have a decent number of followers. Usually, over 150k followers serve the purpose.
• Make sure that the influencer markets your product well. Provide them with a few guidelines.
• Giving them the freedom to express their views about the product well will showcase the uniqueness of the brand.
• Provide a promo code under the influencer’s name as it gives you an idea about the number of followers they are attracting.
• If this results in more downloads, keep renewing the partnership.
In some cases, influencers include advertisements featuring your apps. This move is highly beneficial for your product. Because if the user clicks on that ad, it pushes them straight to your app. This process is known as click-through rate (CTR), and if you are lucky enough this rate can reach up to 12.5 per cent.
2. Email listings
We know this is one of the age-old techniques of monetization, but you’d agree that this is one of the most effective ones. Adapting to the email strategy with your app surely will help keep your product alive in the hearts of the users for years to come. You can provide attractive features to get users to sign up for your email subscription. This kind of engagement allows the users to know more updates about your applications and it’s the best way to keep in touch. A study by an organization reveals that the life span of an email is 12 days, as opposed to a Facebook post which is barely a few hours, while a Tweet lasts for just over an hour. Hence, integrating this method will surely have a long term benefit.
3. Licensing your code
You know your code speaks volumes when your application has become the talk of the town and with that, you have developers and companies eying your application’s code. This is the power of creating a strong code. This method is one of the best ways to make millions of bucks and licensing your code to other developers not only keeps your code alive, but it also proves to the users that your work is worthwhile.
There are several marketplaces where you can buy and sell app source code. Sell My App and Code Canyon are two of the most used marketplaces for this purpose. Meanwhile, you can give this a thought too – some developers would want to buy the app as a whole and use your framework to create their application. Whatever the scenario is, you will end up making a lot of money, but the only underlining condition is that your app code must be impeccable.
4. SMS Marketing
Whatever medium motivates the customers to check out your application should be your top priority. SMS marketing, although is a slightly old marketing technique, the kind of reach and awareness it creates is beyond imagination. You can keep informing about the application through text messages. Information such as promotions, app updates, contests, reminders, etc., can divert the user’s attention to your application. Using this technique, you can learn more about the customers, broaden your reach, create brand awareness, increase customer engagement, gather data, and in all this, your brand will surely reach new heights of success.
5. Hard-hitting content
Good content will never seize to fetch you good and loyal customers. This technique converts users into loyal ones and the loyal ones into paying users. The only reason your users will visit your application again is because of the hard-hitting content. Publishing two blogs a week about various updates gives the users a chance to analyze your growth and what you offer to them. This will indirectly help in increasing in-app purchases. Keep your concept simple and relatable, update your blogs regularly, and give the customers what they are looking for.
6. Data monetization
The right kind of data retrieved can either make or break your reach. Now, there are several ways through which you can obtain data about your consumer. However, the data will be useless if you don’t make the utmost use of it. Data monetization provides better insights about your users and optimizes the use of data whilst enhancing your understanding of your user. In all this, this data analyzed will help you make the right decision, reduce operational costs, strengthen your bond with the user, and most importantly help your organization in business development.
Freemium is like offering something good for free but something great for a nominal amount. For instance, applications can be downloaded for free from the Store however you can use some of the features or upgrade the app for a cost. According to a survey by Tech Jury, 9.98 per cent of Google Play’s revenue comes from freemium apps. Providing your app for free allows the user to understand it better and make a sense of what you are offering them. In all fairness, this model is like any other movie trailer which garbs the attention of the people and later people spend their money to watch it.
8. In-app purchases
Here is why in-app purchases are the most common and used model by the developers…
• Studies suggest more than 79% of game developers prefer the in-app purchase and the in-app ad revenue model.
• According to app revenue statistics, Candy Crush generated almost $1.2 billion in 2020.
• Play Store made about $8.8 billion in mobile gaming apps in Q4 of 2020.
This type of model is mostly used to develop mobile games. You can allow your users to purchase some features, avatars, updates, lives, etc., with your virtual currency. This method attracts a lot of crowds, keeps them engaged, and helps the app grow leaps and bounds.
9. In-app advertising
While in-app advertising is not a sight for the sore eye but a person who stops advertising is someone who stops the clock to save time. Statista believes that by 2023 the global app revenue will be around $935 billion and most of this revenue will come from in-app advertising. Choosing your ad content rightly will do wonders for your app. In-app advertising increases in-app purchases, and offers a great user experience, further providing an immersive experience to the users.
10. App Transaction Fees
This method is favorable for the ones who have a marketplace. Apps can fetch money through a commission fee when the transaction takes place between the users.
How to pick the right app monetization model?
1. Define your app’s goal
Point out what is the endpoint of your application, its focus, target audience, etc, this provides a clear picture of what to expect from the monetization platform. Before you select the model, keep an eye on the following points:
• Check if the model fulfils your needs.
• The build of the model is critical. Understand how the monetization-build is integrated.
• Jot down which ad networks the platform works with.
• Does the platform offer mediation?
• What sort of plan does it offer for user acquisition and customer support?
2. Recce and research
Without research choosing a platform won’t yield any result. Spend enough time knowing the monetization platforms. There are a plethora of options to pick from. Select the one that works best for your app. Once that is done, ensure that you:
• Don’t sell the offers at a higher rate.
• Keep updating the model’s content.
• Provide value for the user’s money.
• Continuously learn the latest market trends.
• Understand the users better to upgrade the model.
• Acquire the data and make the utmost use of it.