Are you planning to develop a mobile app for your business but not sure how you can monetize it?
Below are 7 different ways in which you can monetize your mobile app profitably.
#1 Running Advertisements
One of the most common ways to monetize a mobile application is to show paid advertisements. This can be done in a variety of ways, such as through banner ads, interstitial ads, or even video ads.
Your mobile app developer can help you to show advertisements in your mobile app without affecting its user experience.
Paid advertisements are a great way to generate income from your app, and they can be highly effective if they are well-placed and relevant to your target audience.
Additionally, it’s important to ensure that the ads are relevant to the app’s content so that users don’t feel like they’re being bombarded with random ads.
#2 Sell In-App
In-app selling is a great way to monetize a mobile application.
By allowing users to purchase items within the app, you can generate revenue without having to rely on ads or other forms of external income.
This can be a great way to keep your app afloat financially, and it can also help you to provide a better experience for your users by keeping the app free of ads.
In-app selling is when a mobile app offers digital goods or services for purchase within the app. This can include things like premium content, subscriptions, and virtual or physical goods.
For example, a news app might offer a subscription for unlimited access to articles, or a game might sell an in-game currency that can be used to purchase power-ups.
In-app selling can be a great way to generate revenue from your app and provide additional value for your users.
Contact a professional app developer to know more about in-app selling monetization methods.
#3 Charge Users To Get “Ad Free” Version
Most businesses that offer mobile apps will provide an ad-free version of their app as a way to monetize their product. This is because ads can be intrusive and interfere with the user experience.
By offering an ad-free version, businesses can still make money while providing their users with a better experience.
#4 Offer Free & Premium Versions
One great way to monetize a mobile app is by providing a premium version with additional features. This can be a great way to generate revenue, as users are willing to pay for additional functionality.
By offering a premium version, you can also incentivize users to keep using your app, as they will have access to more features and content.
An example of providing a premium version of a mobile app to monetize it is by offering additional features or content for a monthly or yearly subscription fee. This could include things like ad-free listening, higher-quality audio, exclusive access to certain content, or early access to new features.
By providing a premium version of your app, you can generate revenue from users who are willing to pay for a better experience. So, it’s important to build an app that provides excellent benefits to the users who will be willing to pay to get those benefits.
#5 Offer Subscriptions
There are many ways to monetize a mobile app, but one great way is through subscriptions. Offering a subscription-based service can be a great way to generate revenue from your app on a regular basis.
You can offer users access to premium content or features for a monthly or annual fee, and this can be a great way to provide value for your app users while also generating income.
Keep in mind that it is important to offer value for your subscribers in order to keep them engaged, so make sure to offer unique and valuable content or features that they will find worth paying for.
#6 Build Paid Apps
Building a paid mobile app is a straightforward way to monetize your app and make money from it.
You can charge a one-time fee for downloading your app, or you can set up a subscription plan that charges users on a monthly or annual basis.
There are many examples of paid mobile apps. Some popular paid apps include games, productivity apps, and utility apps. Games such as “Angry Birds” and “Clash of Clans” can be found for a few dollars in most app stores.
Productivity apps such as “Evernote” and “Dropbox” often have free versions with limited features, but also offer paid versions with more functionality for around $10 per month.
Utility apps such as “1Password” and “Scanbot” typically cost a few dollars and help users perform specific tasks on their mobile devices.
#7 Provide White-Label Services
Now, this is something that I would call an “out-of-the-box” idea. In this case, you build a mobile app for a business that already has thousands of customer base but doesn’t have an app yet.
You can partner with such businesses and provide them with a free mobile app that they can use and leverage to serve or upsell their existing customer base. And you get a share of their added revenue through your app.
This way of monetization involves a few steps:
a. You need to figure out such businesses that are already doing good but can excel by having a mobile app.
b. Once you decide on a business and the concept of your mobile apps, you can then hire a mobile app developer and pay for your own budget. Hence, you need to make sure that you find an affordable app developer to keep your investment at a minimum level.
c. The last step is to approach all such business owners who can be benefitted from your mobile app and form a partnership with one of them.
While it’s true that the cost to develop a mobile application can be quite high, if you plan well upfront on the best ways to monetize your app, your investment will definitely be worth it.