Developing a feature-rich and high-end mobile application is not a big deal, but monetizing that same application is not an easy task. Today, the mobile app market is saturated with free options, so it becomes difficult for mobile app owners to monetize their applications.
However, with a free mobile application, companies need to make revenue through advertisements that often evident in the form of troublesome third-party pop-ups, creating huge deterrents for regular usage.
Therefore, it would be good for companies to learn how to appropriately monetize their free applications as they can retain more users and boost app usage. Integrating advertisements in the right way into the content of the application is the right way to avoid unwanted friction for users.
Earning money from a free application along with retaining users can be done easily as companies only need to be strategic with advertising options.
In this post, you can find 5 simple yet easy ways to monetize your mobile application
Advertising is a Game Changer
At the time of mobile app development, designing an application that has a comprehensive range of features and elements to impress the customers is one thing. But the most important thing is to marketing your app and monetizing it.
To monetize your application, advertising is one of the remarkable tales. If you are including ads in your app, you will get a wonderful monetization. Strong communication will be established between consumers and advertisers that all goes to digital advertising through mobile applications.
Today, users do not want to pay money for downloading an application, so the best way a is providing your app for free and earn through advertising. Different types of ads include in App:
- Banner Ads: Banner ads are the most common ads found on the top or bottom of the screen. You should give a second thought if you are including these types of ads in your business application.
- Notification Ads: Notifications ads are considered as a pool of ads that pop-up on the mobile device’s status bar and inform users about their ads presence.
- Full-screen Ads: These ads will be placed when moving between menus. By using these ads, your app experience will not be interrupted, so you will not irk your customers by including these ads. It generates more app clicks.
In-app Purchases is another important tactic when your app is free; however, you need to make an in-app purchase to allow your users to access additional features. Considered as the most common and widely used platform to monetize, in-app purchase works wonderfully in the gaming application.
As with gaming application, more and more users would prefer to unlock levels or getting lives. It is the biggest part of the premium app, where users are not involved in any upfront cost while downloading an app, but they pay for gated features.
While developing an application, an app developer performs playful as app developers create a thin line between developing some of the features and various options for free. One of the best is selecting a monetization method.
Choose Cross-Marketing for Your App
In cross-marketing for your application, you need to contact other game app developers to ask them cross-market your application with theirs. It would be like ad exchanging, wherein you need to place information about your app within their app, exchanging the same within their app.
Moreover, you can also consider working with effective social media marketing, advertising other products within your application. It is subtle; therefore, invariably it proves to be better than traditional methods of advertising.
Sponsorships Work like Cherry on Cake
For monetizing your mobile application, you can sponsor products and services in your app. It is considered as the best way of making money from your free application. Sponsorship is a part of the mobile app optimization, where your application works as a platform to advertise other products and services.
In return, you can earn revenues from these paid advertisements. This way, you can begin targeting your audience and look for the products and services that your target audience would be interested in. For example, if there is any fitness application, it can get sponsorships from popular Gyms and fitness centers.
One Time Paid Apps
Charging for one time paid apps is also the best way to monetize your application, where users are paying for once to download your application. Here, you can find the latest updates and features are obtainable for free of cost.
However, it might also raise a question that why users need to pay for downloading your application. For this, you should work and make your application feature-rich that users are forced to download it. Missing a consistent revenue stream, new customers are searched every single time.
So, these are five simple and easy ways to monetize your free application. Making money from the free application is not an easy task, but if you executed above-mentioned approaches in the right form, you can make huge revenue from it. Therefore, use these mentioned strategies and engage more users.