So, you’ve got an amazing app created for you by a mobile app developer. That’s great!
However, have you planned on monetizing your app? No matter how outstanding your app’s functions are, it won’t give you a good return on investment if it isn’t pulling in revenue by itself.
Mobile app development takes a toll on your business budget. And to hire someone to create an app for your business spells a huge investment as well. Hence, it’s only wise to monetize your app to make it a more profit-generating asset for your business.
So, here are 10 ways to generate revenue from your business mobile application. These income-boosting tips will turn your already amazing business app into an effective profit-generating vehicle!
#1 In-App Advertising
Running advertisements inside an app is a popular monetization scheme. Mobile digital advertisements are in-demand nowadays because people spend a lot of time on their mobile devices.
Statistics even showed that a person can spend at least 90 minutes on his phone per day – and that is just the least!
Don’t flood your app with ads, though. Select the ad types most compatible with your app design – one that won’t interfere with your user experience – for the best results.
Popular options include native ads, full-screen interstitial ads, banner ads, and capture forms.
#2 Email Marketing
Creating email lists right from your app is a viable monetization strategy. That’s because you can get more customer engagement from an email marketing campaign that ties up to your app. The result is more profits for your business.
You may your app developer to create in-app email subscription forms. These forms can be flashed on your app interface so that your users can opt-in to an email marketing campaign.
Most of the users are fine with submitting their details through a form, so it’s a good way to truly engage them in your brand. But, do make sure to disclose in your app the intention behind collecting users’ emails otherwise you may have to face legal consequences.
#3 Paid Premium App Versions
Offer your app in two versions. One is free to download but provides only the app’s basic functions. The other one is paid, unlocking all functions including premium ones.
Think of the free app as a teaser for your customers. They can download your free app version, get a chance to try out its basic features, and get excited about more functions and features. Hence, they purchase the paid version. You get more profits and they get more value for their money – it’s a win-win for both of you!
However, make sure that your app development team comes up with a premium app version that’s truly worth the price.
#4 Subscription Packages
Consider offering subscription packages for customers especially if your business leans heavily on content creation and delivery (such as music streaming, news resources, and cloud storage platforms).
Providing tiered subscription options for customers is a good way to monetize an app. Lower tiers are cheaper for your customers, albeit providing lesser content or feature access. More content and features are unlocked as the subscription tiers go higher.
Add another premium subscription package combining all the other tiers for a discounted price.
Many users see the value of premium subscription packages, opting to purchase this instead of the lower tiers especially if they’ve found your business app truly useful in their daily lives.
#5 In-App Purchases
Sure, you can offer your app for free download. But it doesn’t mean that people aren’t willing to shell out some cash for purchases inside your app. And this is why in-app purchases became a popular way to gain extra revenue from a business app.
Many game apps utilize this strategy. But any business can use in-app purchases as well. Users can purchase physical products from the app, which will be shipped to them.
For businesses that offer products & services, the app developer can enable in-app billing features for purchases.
#6 Offering Virtual Currency
Virtual currency is yet another strategy of several mobile games. This entails the use of an app element as a virtual currency. This currency is then earned by constant playing, opening advertisements, installing apps, and similar activities. Finally, the virtual currency is used to unlock higher game features.
Any business can utilize virtual currencies as well. Let your customers collect in-app virtual currencies and use them to unlock extra app features and functions. Unique and good app design can make virtual currency business model effective for you.
#7 Affiliate Marketing
Affiliate marketing can be adapted to make your business app more profitable. You can partner with another brand and allow them to display ads on your app. You’ll earn an incentive when the brand gets leads through your app.
#8 Rewarded Video Ads
Mobile video advertisements are becoming a rising trend today. It’s because this ad format lures in both marketers and customers alike. Hence, let your developer build mobile apps that support video ad playing.
You can earn by allowing such ads to be displayed and fully-viewed by your customers. Give your customers extra incentives for completing the video ads, such as additional reward points and unlocked app features.
#9 Providing Fresh and Strong In-App Content
Create fresh, strong, and enticing content and make it available to your app. This way, your idle users will have more reasons to come back to your app. Strong content also prevents users from thinking they’ve used your app to its maximum potential after just one or two in-app purchases.
#10 Paid Apps
Last but not the least, the most straightforward way to earn from your app is by marketing it as a paid app. However, see to it that your business app is built by your mobile app developer in such a way that your pricing justifies its design, features, and functions.
Paid business apps tend to be more streamlined and contain better features than free-to-download apps.
Conclusion:
There are several strategies to monetize your app. Pick those schemes that suit both your mobile app development and your business needs.
Remember, you can combine some strategies to truly fuel your business app’s earning potential. Just be careful not to go overboard, or you’ll risk losing customers and profits instead.