6 Lucrative App Monetization Tips: Way To Generate Greater Revenue
You have invested your valuable time, efforts and money in creating an application, obviously now you will expect a worthy profit from it.
App monetization is the perfect way to earn a worthy sum of money from an app. And, with the analysts predicting that around 95% of app downloads will be available for free in the near future, it can be slated that how hard the app monetization will become. Since, there are over 1.2 million apps in the popular app stores like Google Play store and the iTunes store, even a phenomenal app will demand a huge campaign investment by the developer in order to gain a remarkable recognition.
It is a fact that apart from opting to Hire Android Developers, monetizing is also crucial. Observing the increasing need of monetizing an app and the fierce competition between various app development companies, I have jotted down a list of guidelines that can help you make your app profitable in a few simple steps. Let’s ponder into the worthy tips to efficiently monetize an application.
1. Analytic Targeting:
With analytic targeting, you can target on your potential customers with ease. By using a powerful analytic model you can focus the promotions to more likely customers who prefer that kind of product. This can be done by analyzing the virtual activity and user purchases. There are many simple websites are available at your disposal that offer analytic targeting like Flurry, InMobi, etc.
2. Advertise via niche markets:
By promoting a product via niche markets instead of looking for Google, Facebook or other big advertiser could offer you brilliant results. Here, what is imperative is to stay focused and choose a specialized market that suits best to for your app. And, if you are interested in promoting multiple applications, you can make collaborative effort by creating attractive marketing deals via websites like Chartboost that facilitates cross-promotions and allows different publishers to promote their app via collaborative deals.
3. In-app purchases:
Even if your app download is available for free, you can earn money by incorporating in-app purchases. The wisely integrated in-app purchases can help you do wonder. For this the first thing that you need to determine is the thing that will interest your users the most, for instance, if yours is a gaming application, you can allow players to expand their power and moves to complete the level or get extra tools and skills via some in-app purchases.
Here are certain key points for a gaming app -
- First of all, make sure that your app will efficiently hook users.
- Set the initial levels as simple as possible.
- Then, gradually increase the difficulty and offer easy solutions with in-app purchases.
4. Make it premium:
Unfortunately, this is the fact that the maximum number of apps is available for free in the app store and the most of those that are paid cost only $0.99 (on an average). However, there is a probability, that users who will invest in paid apps will not quickly abandon them. Thus, releasing a premium application could also be beneficial.
5. In-app Advertising:
It is a kind of in-app purchasing, as it follows a bit similar approach. The difference is that here it is assumed that users who are already using an app and satisfied with its performance would love to invest in the further versions and update of the app.
6. Avoid annoying users with extraneous ads:
The place at which your ad runs play a crucial role; poorly integrated app can adversely affect your application. If you are interested in monetizing your app by running an ad banner in your app, it is imperative to notice that you are activating it at the best suitable place. Integrating ads in between the things that users were doing in the first place often frustrates them and force them to abandon the app. The ads should not interrupt the running activity instead it should be displayed when users can easily engage with the ad
There are several methods of monetizing an application, however if you will refer it at a glance there are basically three ways namely, Advertising, In-app Purchases and making them Premium. While moving deep into these strategies, you will get several different options. You may use the aforementioned app monetization tips and earn profit from your application, but most importantly, ensure that you have created an app worth monetizing.