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How To Effectively Monetize Your Mobile App?

The mobile app economy is booming. All the Top Mobile App Development

Companies are devising methods to come up with the best strategy to

monetize a mobile app.

According to a report by App Annie, the revenue generation from worldwide

in-app advertising and net-to-publisher store revenue is forecast to grow to

$189 billion in 2020.

Monetizing your app is not as challenging as it seems to be.

The key to mobile app monetization is to generate a decent stream of

revenue by maintaining a fine balance between the overall quality of the app

and the user experience of the app.

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While going ahead with a monetization model for your mobile app, if you

choose the wrong strategy, it has the power to impact everything right from

the number of downloads to revenue generation to UX.

If a user is dissatisfied with the mobile app, no matter what you offer he is

not going to come back.This, in turn, will affect the whole mobile app

monetization process.

Let’s have a look at some mobile app monetization strategies and why they

prove to be successful:

1. Email Lists

Email marketing for mobile apps is as lucrative as it is for websites.Why?

It’s because people don’t change their email addresses frequently. So, by

email marketing, you can be sure of the fact that users actually go through

your content and engage with it.

The best way to gather email addresses is to embed an ‘Email subscription

form’ in your app.

Once you have a compiled list of user emails try to send regular newsletters.

Also, send them exclusive offers, information about the new updates and

sneak peeks for upcoming launches.

Sending regular emails will ensure that your brand remains at the forefront

of the customer's mind.

Another way is to promote exclusive offers in your newsletters, which will

regulate more in-app purchases.

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mobile app development companies

Let’s say you have a deal or promotion coming up on your app. So, you can

send an access code via email. They can, in turn, enter the access code in the

app and get the aforementioned deal or promotion.

2. Advertising

When it comes to advertising, ads in mobile apps hold more value than the

ads embedded in the browser or ads sent via messages.

Advertising is more often used in a mixed monetization model. By

eliminating the pay per download you can get more people to download

your app.

The most common ad formats when it comes to mobile app advertising

are-Banner Ads, Interstitial Ads, Rewards ads, Notification Ads, Capture

form, Native advertising and Advanced overlay.

Mobile app advertising is an effective way, but it can lose its significance if

the ads are irrelevant to the user or if it has an adverse impact on the user

experience.

The key lies in building a strong user base which will then engage the user

with the ads which will be displayed when they are using the app. If the user

base is strong enough, you can segment your ads and gain more advantage.

3. Freemium

So you have decided to make your mobile app a free one. Now, how do you

earn out of it?

By adding some form of “Pay to access” feature in your app. It will also give

users time to think and try before actually purchasing the app.

Users will be able to access the basic features of the app but will need to pay

a price to upgrade to the premium version.

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Examples of freemium apps: Linkedin and Dropbox

So, basically freemium apps can be downloaded at zero cost but then there

will be some locked features, which the user can unlock by paying.

Or, another approach which you can take is, to create a completely separate

app with all the features which will provide the user with a complete

experience, on a trial basis.And after the expiry of the trial app, they can pay

to get access to the premium version of the app.

So, after testing the app, the user will be sure of what your app has to offer.

This also helps to engage customers who are equipped to pay for the in-app

tools.

This model works on the ability to attract free users and then coax them

enough to make them pay for the premium access.

So when do you opt for this method?

● When you want mixed reviews from users and ads

● When you want to add notable users

● When the free version is enticing enough to attract users and

encourage them to buy extra features.

4. M-commerce/In-app purchases

This is another way where you use mobile apps as a platform to sell your

services or goods.

The app in itself is free of cost but users have to spend money on the

products which are inside the app.

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mobile app development companies

Amazon is the best example of m-commerce

Eventually, your app acts as a mobile storefront/ sales channel and you are

selling virtual or physical goods.

This strategy can be put to use for apps which deal in the field of gaming,

services or a retail app.

In spite of not having an app fee, you can benefit from this.In-app purchases

help in giving real value to the users.

If you have a look at the top grossing mobile apps, you will see that all the

apps are free, but they have loads of in-app purchases. This is one of the

main monetization methods adopted by all the top grossing apps on the app

store.

To sum up:

While monetizing an app, you should not forget how important it is to have a

great UX. If an ad based app is free of cost but is so annoying or intrusive

that it interrupts with app content, then there is no point.

You need to know when and where to draw the line when it comes to

incorporating all these factors. This list of top iPhone app development

companies and published by GoodFirms will help you in finding out the top

mobile app development company for your organization.

The right balance will not only increase your user base but also enhance

your revenues.

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mobile app development companies

If you are planning on a seamless integration of monetization in your app,

then this list of top android mobile app development companies can prove

to be of great help.

So leverage these strategies for your brand and watch your business start to

generate revenue more than ever!

Source Link:-

https://topcompaniesreview.wordpress.com/2018/04/18/how-to-effectively

-monetize-your-mobile-app/

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