Building apps can be fun, but let’s face it – nobody likes to put all that hard work into creating an awesome new app without being paid for their efforts. There are many ways to monetize an app, but most developers stick to a few basic techniques that involve ad revenue, in-app purchases, and/or charging for the app download (less common).
Assessing your current monetization scheme and looking for ways to improve your current monthly profits will ensure your development brand doesn’t stagnate financially. With that said, here are four tips you can use to make more money with your app.
1. Promote In-App Purchases and Accept Cryptocurrencies
Recent mobile marketing research has shown that in-app purchases are accounting for nearly 80% of in-app revenue generated in the U.S. market. However, many apps are under-utilizing this technique and only offer a few – if any – in-app upgrades.
There seems to be the assumption that in-app bonuses and similar upgrades are only ideal for game apps, but in reality, they can be used in any app that you can provide additional features for.
Once you’ve created a few enticing in-app upgrade offers, you’ll want to start accepting cryptocurrency in your app to cater to users who use Bitcoins and altcoins with blockchain infrastructure.
Many app developers have long appreciated the arguments in favour of adding cryptocurrency payments to their apps, but have been prevented from doing so by the technical barriers.
The OPEN platform could be revolutionary in this respect and it’s removing the need for technical expertise that has long held back the widespread adoption of crypto payments.
By allowing the non-technical user to directly implement the payment infrastructure into their application’s backend, OPEN is blurring the lines between fiat currency payment processing, and crypto payment processing for businesses.
As time goes on, and the fantastic OPEN platform grows its audience, consumers too will start to think of cryptocurrencies in the same way that they think of their fiat currencies.
2. Be Creative and Tricky with Ad Placements
Now that you have in-app purchases covered, you’ll want to focus heavily on optimizing your ad placement.
Factors that you’ll want to consider include: when the ad appears, how much of the app screen it takes up, how long the ad stays on the screen, and the types of advertisements you’re using.
Although it may seem spammy, the best way to increase your click-through rate is to position ads in areas where users are more likely to accidentally click them. You may notice that some apps cause full-screen ads to popup at opportune times to trick users into clicking the ads.
3. Choose an Appropriate Pricing Model
If you have an app that provides a truly unique value that no other app can provide, you may want to consider charging a few dollars for it instead of going with the “free to download” approach by default.
However, in most cases offering your app for free is the best way to get more people to download it, which means your ad impressions and overall revenue will often be higher than if you were to charge for the app.
To capitalize on both the paid and free app market, many apps offer a free version alongside a premium paid version that has more features.
4. Integrate Diverse Sharing Features
Finally, an extra way you can get more people to download your app without performing any additional marketing efforts is to allow app users to share apps on various social media sites.
Adding a share menu is an almost mandatory step that all good app developers take.
The Difference Between Poor and Optimal Monetization
Ultimately, taking the steps above will help you improve a variety of monetization related metrics, which will result in more revenue. Adversely, failing to do so will mean that your app will underperform financially.