TOP 6 Mobile App Monetization Models
The amount of mobile apps is growing from year to year and it’s not surprising that most startups prefer a mobile apps development. At the same time, it’s getting harder and harder to make people pay their money for your app. Nowadays we have a great amount of free apps, so the chances that the users will buy your product but not download a free one are really low.
That’s why today we want to tell you about the mobile app monetization models that will help you grow your business and bring it to a new level.
#1: Paid apps
This model is the easiest and the clearest one. It means that the users pay once they download your app. The price may differ. However, the most common price for an app is from 0.99$ to 9.99$
At the same time, you need to remember that your product should look like the one that your customers will want to pay for. You need to show the value of your app, including screenshots, 5-star reviews, etc. Also, you should give the list of unique features that will persuade the customers to separate with their money.
Anyway, free apps are the great competitors to the paid apps, since they offer almost the same range of features but for a free cost. Therefore, this kind of model will work well if you’re an established and a well-known brand.
#2: In-app advertising
In-app advertising is one of the most proven app monetization models chosen by the majority of the entrepreneurs. In this case, you’ll be able to get the potential customers, as far as the app will be free for the users.
After you’ve got a stable user base, you can collect the data about them and use it for selling ad space on your app.
All in all, there are two choices for in-app advertising: native ads and banner ads.
#3: In-app purchases
The concept of in-app purchases means exactly as it sounds. Actually, you can sell any kind of physical or virtual goods within this model, from clothes and books to extra lives for game characters. In any case, whatever your app is selling it should look like a natural part of your app.
However, you should remember that in-app purchases model doesn’t guarantee you a big revenue. If the app implementation is poor, it can result in bad reviews, angry users and cause a lot of troubles.
This way of monetization has proved to be one of the most effective models. On the one hand, the user can download the app for free, but, on the other hand, if he wants to get access to the full set of features, he should upgrade it to the paid version.
A freemium model will give your users the autonomy to understand whether they like the product or not. At the same time, the chances that they’ll buy the premium if they like the app are very high.
This monetization model is very similar to freemium. The difference here is that in this model the user should pay for getting access to the full content instead of the features.
Such kind of monetization is suitable for the kind of app that focuses exactly on the content, like news, entertainment and so on.
This model of monetization is the most recent one. The concept is quite simple: the developers partner with specific brands which reward the users when certain tasks in the app are completed.
Shortly, a successful monetization comes from severals attempts and mistakes. You may try several models until you find the one that will work the best for you.
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