Few App Monetization Methods
Now that you have developed your own mobile app for your business that helps to generate your customer’s data, have you ever thought of earning from your app. That’s what is called as Mobile App Monetization.
That’s true! Your app is not a tool anymore but it can earn you money, seriously can be alternate earning source for your business. Wonderful, right?
Google Ad Manager
Previously it was named as DoubleClick for Publishers, is another way to monetize your business app. Google Ad Manager gives access to thousands and millions of Advertisers from Google Ads, DSPs and trading desks. As this is competitive platform, they are willing to shell out more for Ads placements. You can share different Ads in all formats. It comes with malware and anti-fraud tools.
Advertising
If you have not thought of implementing Ads in your mobile apps, you are losing a great opportunity. Digital Ads in mobile apps is the need of the hour through which communication between Advertisers and customers increases dramatically.
So how to monetize this? It’s very simple, make your app free and include in-app advertising. There are 5 different types of Ads you can include.
- Interstitial/ Full Screen Ads – you can see them like when moving between menus and they will not distract your mobile app experience. They can generate more clicks without causing frustration.
- Notification Ads – you can see such ads in the mobile device’s status bar. But people may not like them out there, and could damage your mobile app’s reputation.
- Capture Form – these are like user opt-ins to offer incentives for mobile users asking their email addresses. You can find such forms in mobile games.
- Advanced Overlay – You find them as interstitial ads but they are interactive, a mix of capture form and full screen ads.
- Banner Ads – You can see them either at the top or bottom of the screen and can be distracting compared to other forms. So think before incorporating them in your business’s app.
- Video Ads – Now a days, videos are the great place to place your Ads. When so many users browse videos online, how can we miss this opportunity? A shorter length Video Ads can be played in the mobile apps
Hence, based on your business or brand, the advertisers can pay you considerable amount of money to host their Ads in your business app.
Upgrade to Remove Ads
Most app users don’t prefer to see ads in their apps, and some of them are happy to remove them. Hence many app developers create two versions of their mobile app:
- Free with ads enabled and
- Upgraded paid version with no ads. With this, you can generate revenue directly from sales/ downloads, compared to Ads.
Sponsors and Partnerships
This is another good way to monetize your mobile app. If you can find a similar partner (in your business line), they can add something a new experience to your users. The advantage is if your partner includes ads featuring your app, there is a great chance that users might click that Ad and redirect to your mobile app. In other terms, this process is called as Click-Through-Rate (CTR).
Hence, when you think about the idea of hosting and sharing ads, think about tie-ups or partnerships to increase your brand outreach.
In-app Purchases
As you know, most of the app downloads are free. But still you can make money through apps by way of charging your customers, using In-app purchases, wherein users are allowed to interact with your apps directly. In other way, its called as “Freemium Apps”, where users pay upfront amount for some app features you provide. Hence you need to think about offering too many features free of cost.
Paid Downloads
Here, your users will pay you an upfront free to download your apps. You can earn more when you charge more for your users based on the apps usage and features.
Advantage is that, here when users pay for your app, they become your loyal customers and keep using the app frequently as they paid in upfront. Moreover they are free of Ads.
But disadvantage is the competition from free apps. User’s expectations will be higher, and hence closely monitoring, managing and quality maintenance, performance, and security to be maintained all times.
Multiple payment options for subscription
When you decided to regularly update your app content, think of incorporating multiple payment options for your users who regularly purchase on your apps for the new content. Giving more options will give them a chance to purchase easily. Also can try to include a subscription package combining either few or all services together as a premium package.
Affiliate Programs
Big enterprises like Apple, Google, Microsoft, etc have affiliate programs for mobile apps developers. Commissions, here, are very high but offer wide range of apps available to promote through your mobile apps for good commission. You can also try for good businesses that have affiliate programs, something like, they have paid memberships with excellent affiliate programs to earn recurring commissions.
Marketing Automation
Here, you can try automating your mobile app purchase process where you can convince your users to spend money inside your app. Examples include driving users to purchase product in e-com website, persuading users to book flight, hotel in a travel app, etc.
SMS Marketing
Think about SMS Marketing when you think of sending notices for app updates, contests, offerings, reminders, promotional text messages, etc directly reaching your user’s mobiles. Give this a try. This marketing method is widely used to increase brand awareness as it drives users back to your mobile app.
Content Marketing
Implementing a strong content marketing strategy, like frequently refreshing your app content can generate more traffic to your business app. Using blogs, is the best way to reach your users via your app. You can also share the latest news happening around the world that drives your users regularly to your app. This way, you can drive the users who never return after one or two purchases to your app and these are the ones who needs to be updated with new content in your app.
Email Marketing
Using an effective email marketing strategy, you can promote your content and engage with your customers regularly. This way, there will be a brand re-call for your customers and more likely to buy from your business.
Best way is to add an email subscription, in-app subscription form in your mobile app. Show some good benefits to your customers and they will get tempted to provide their emails. Once you generate email IDs, you can use them to promote your brands, mail coupon codes to enter in your apps while purchase, remind users about great deals you provide, etc. This way email marketing can be an effective tool to monetize.
Conclusion
Hope, now you might feel the great importance of mobile apps for the business and how awesome to monetize them. Using your mobile apps, your brand can get farther reach, you never imagined. Hence if you want to earn through your app, the above points can surely be helpful to you.
