Money -producing Application On Android – Mobile apps are a great way for business owners to improve their companies. These are also perfect platforms if you think your app idea will be the next big hit like Instagram or Snapchat.
Whatever your reason for building an app, I’m sure you have something in common with other potential developers.
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You all want to make money. However, before you start app development, it is very important to define your app’s revenue strategy. Without identifying your app’s monetization models, you can waste time and money.
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First of all, I appreciate you doing your research before building your first app.
I have seen many people who are naive enough to think that just by creating an app they will automatically earn money. This is not true.
In mobile app development and other similar businesses, everything starts with an effective monetization strategy. Don’t know where to start?
Well, you’ve come to the right place. As an expert in the mobile app industry, I have the knowledge and experience to point you in the right direction.
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Throughout this guide, we’ll cover the best app monetization strategies and show you some examples. But generally, apps pay in the following ways:
Unless you’re selling a product, service, or subscription, you’ll likely rely on some form of advertising or affiliate programs to monetize your app. If your app is free and you don’t charge users to download the app, you can still make money with these methods.
The key is how to choose the perfect app that will increase user interest and ultimately increase downloads.
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Therefore, before investing all your money in the idea of your new application, you need to make sure that it will make a profit.
For those who already have a business, I assume your company has a website.
Websites that are not mobile friendly drive away visitors; So if this is not something you do, it should be a priority.
Now let’s discuss customer experience and how it relates to buying habits. This will play a big role in your app monetization strategies.
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Think of your app like any other business. The easiest way to make money is to make customers happy and keep them coming back. That’s why you should make your website app.
In-app purchases of free mobile apps are charged directly to the customer’s credit card associated with the app stores (Google Play Store or Apple App Store account). This is convenient for app users because they don’t need to enter credit card information to complete in-app purchases.
See how easy it is to make in-app purchases if your customers have Apple Pay connected to their devices.
We’ve already mentioned that speed is a factor, but let’s say your mobile site is already running fast.
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Their card or account will not be linked to your mobile site, so they will need to enter all their information.
Plus, typing all this information on a small screen leaves room for mistakes which can slow things down even more.
Don’t get me wrong. I’m not saying your mobile site shouldn’t have a landing page or ways to make money with credit card purchases.
Although iOS has a higher average purchase, Android dominates in terms of total users.
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However, 16% of Android developers earn more than $5,000 per month from their mobile apps, while 25% of iOS developers earn more than $5,000 in app revenue.
To sell groceries successfully through an app, you need to put yourself in the mindset of a mobile marketer.
79% of smartphone users have purchased something online in the last six months. This number is increasing every year.
You don’t need to be the next Amazon. Let me show you an example of a little-known company that knows how to use mobile apps to increase sales and make money.
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If you also sell a physical product, you can follow their lead and apply their strategies to your app.
70% of the company’s total sales come from mobile devices. About two-thirds of these sales come directly from the app. So how do they do this?
When you can focus on customer acquisition and customer retention at the same time, this is the formula for success.
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They use a simple navigation screen. Customers can easily browse and search for interesting items.
When they find something they like, they can click on the product to learn more.
If they like what they see and read, they can add it to their shopping cart with one click.
If you are already selling products on your website and mobile site, creating a successful affiliate app can generate more revenue for you.
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Another thing you should consider is whether you can charge users to download your app.
This may seem like a good way to prevent profit, but you may be driving people away when they have to pay.
Paid apps are a great way to get more loyal customers. If they are willing to make the initial purchase just for installation, they are more likely to use it and make additional purchases.
But if you’re an established brand with existing sales channels and existing customers (like Touch of Modern), offering your app for free might be in your best interest.
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People download these apps so that they can save money and get discounts instead of spending more money to get the option to buy.
So instead of paying for your download, customers realize they can find something similar and better for free.
If you offer a free app, you can find other sources of income. Check out this Statista data:
You can get a lot of downloads with free apps, but user interest may decrease. If they don’t pay, there’s no promise. They might download your app, try it once, and never use it again.
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Sure, you love active users, but at the end of the day, it won’t hurt your company.
If you are undecided about releasing a free or paid app, I recommend the free download.
So if you can sell ad space on your app, definitely make some money here.
If you have tons of daily active users and your app is gaining popularity, you can negotiate a higher rate with advertisers based on those numbers.
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Earn free app currency. You can always use the popular free mode of the launcher and game apps. In this way, the free version of your app can include display ads, pop-ups, sponsorships, video ads, banner ads, or other ways to generate app revenue from your target audience. You can earn money by receiving monthly sponsorship fees from top advertisers.
But then paid versions of the application offer premium features such as removal of mobile ads. The ad-free version offers a better user experience.
Some of the most successful apps make money by offering premium app content to earn money. Others have a free app version and another version for paid apps.
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Here is an example. Let’s see how a popular dating app achieves this on its platform. I’m sure you’ve heard of Tinder. Users can download the app for free and use the basic functions. However, they offer premium content and functionality on a monthly subscription.
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Based on their location and preferences, they find photos of other users who match their search criteria (age, gender, etc.).
Anyone who downloads this app can access these features for free. But there are some limitations. If users search multiple profiles during the day, they won’t be able to keep browsing for 24 hours.
Another way to monetize a free app is through updates and subscriptions. The subscription model is perfect for recurring revenue.
The upgraded subscription comes with other bonus features like location switching, browsing and an ad-free experience.
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You can apply the same business model and pricing strategy to your app. Let users download and use the app for free, but save the best features for users who are willing to pay.
Displaying in-app ads is another popular monetization strategy. This is one of the easiest ways to start making money from the app right away.
If you’re not an affiliate marketing partner, showing your ads through a third-party ad network is the game here. These ad networks automatically show ads to their users and you get paid accordingly.
The exact monetization model will vary depending on the type of ad and your contract with the network. For example, you charge a flat fee for ads based on the views they receive. In other cases, you may receive a larger payout if a user clicks on an ad or takes an action based on the ad.
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