Every second person has an app idea and several of them are really good. But most lack a well thought out app monetization strategy. So before you decide to chalk down the specs of your soon to be successful mobile application, you would do well to plan on how to make money from it. In our earlier blogs on Top 8 Tips to Creating a Blockbuster App and App Store Optimisation Done the Right Way, we focus on aspects of developing a great product and ensuring that it is able to cut through the noise to reach your target audience. Now let’s now ponder over the reason why you created the mobile app in the first place.
The Art of Monetization
There are many different options for monetization out there. The user experience is the most important aspect of any app so it is important that your monetization strategy compliments the type of app and the intended user experience. For Monetizing Applications, there are three main models: Pay per Download, In-app Purchases and Advertising (CPC& CPM). They all work incredibly well depending on your overall strategy and your app concept, but the way you apply each strategy makes a noticeable difference to your bottom-line.
Tip 1: Your App Monetizing Strategy should complement the type of app and the intended User Experience. Consider Average Revenue per Download (ARPD) as a benchmark.
Tip 2: If Your App Monetizing Strategy revolves around Advertising, strike the right balance between ad frequency and satisfying user experience.
Tip 3: Try less intrusive ad units also known as Native Ads. Over 60% of publishers prefer this format.
Tip 4: Use different monetization strategies for your App Store-based apps and your Google Play-based apps. Differences in technology, user behavior, and other factors play a critical part in this process, it is important to customize your monetization strategy accordingly.
Tip 5: Shorten the steps and time taken from an impression to actual conversion.
Tip 6: Get Creative. Leverage on some innovative monetizing models such as subscription and donation
Selecting the best optimized monetization model is fundamental to the success of your product. Experiment, measure everything and stay creative to differentiate your apps even in the way they are monetized.
Srishti Innovative offers end-to-end services for application development across all major platforms such as iOS, Android, BlackBerry & Windows. We are a team of experienced applications developers ready to take your digital offerings to the next level. We have created over 1700+ applications for our client globally across key verticals such as Healthcare, Financial Services, Retail, Travel, Media and Entertainment. We’ll help you brainstorm your idea, design your killer graphics and ensure that your app delivers on the promise. Do you want to work alongside a dedicated team to create your perfect application? Then Srishti Innovative is the right Technology Services Partner for you.