Technology has opened a world of opportunities for making money, especially with a mobile application. Mobile applications are now solving people’s day to day challenges such as commuting in AC cars, sending money to family or friends anytime and from anywhere and traveling anywhere cashless.
Besides simplifying everyday living, these technologies also become a great source of making money. Anyone with an excellent mobile application development idea that solves any existing problem or that can fill any technological gap can make millions of dollars in no time.
If you are someone thinking about developing a mobile application and wish your app to be a profitable one, include the following tips in your mobile application development strategy.
If you already own a mobile application, website, blog, or company, you can upgrade your strategy with the following tips to make more profit.
Your App Idea Might Be Similar To An Existing App But Must Offer A Unique Solution That User Gets Nowhere
When it comes to developing a mobile app, many have suggested you come up with a unique idea. Let me clear this to you; you don’t need to find a unique app idea. However, your app idea should be uniquely solving issues people usually have in a day to day life.
For example CamScanner. CamScanner turns a mobile phone or tablet into a scanner. Yes, you read it right. CamScanner provides intelligent document management. Whether it’s office documents snapshot & smart image doc management, CamScanner offers a high-resolution scan. The app also offers image editor, hand-written annotation & customizable watermark generation. Using such amazing features of the CamScanner, one can quickly documents anywhere, anytime, and share with anyone of any platform as an image with authority.
If you think your mobile app development idea can make a difference, discuss its possibilities with our experts Android/iOS App Developers.
Remember An App Must Solve A Common Problem To Make It Stand Among Already Existing Competitors
One can find hundreds of mobile app in Play stores, but it took us a few minutes or more to find the one. Even after downloading the app and creating an account, we sometimes ditch the app and uninstall it and never look back to it.
Why does this happen? Because we wouldn’t be able to develop an emotional connection with it. What does it mean? It means to look at our relationship with Facebook, Quora, Instagram, Whatsapp, Uber, Netflix, or other popular apps.
No matter how some people boast negatively about spending time on social media platforms, messaging apps, video streaming apps, problems and cases around Uber ride services, these are the common apps one can find in every other user’s smartphone. These apps simplified social interaction, communication, entertainment, and transportation.
Try to come up with an application development idea that solves a common problem as it helps make it stand among already existing competitors as TikTok did.
When you become sure that your application idea is unique and solve some problems that no other apps in the world do, you should get it developed keeping in mind the following monetization strategies for making money with an app.
You must build your mobile application development plan with monetization strategies such as:
1. Advertising (via banner, video, native ad, interstitial ad, incentivized ad)
In 2017, 18- to 24-year-olds spent 66 per cent of their digital media time using smartphone apps. It is clear that people spend their time on mobile apps rather than personal computers or television. You must leverage the opportunity and provide relevant advertising through your application. You not only let the brands have a reliable channel to advertise their products and services to potential customers, but customers also get the only relevant advertisements that keep them engaged to your app.
Besides making money from your app, you also enjoy an excellent customer base that is hard to earn, especially in the beginning. In today’s advanced era, you have multiple options for advertising, such as a banner ad, video ad, native ad, interstitial ad, incentivized ad, and others.
2. Referral Marketing
Have you ever heard of names like AdMob or Flurry? These are the world leaders in referral/affiliate network companies. You must look after it to making money using your application. Referral marketing is similar to an in-app advertisement. However, in referral marketing, you get paid based on cost-per-action (CPA) model. Companies from brands to smaller one to start-ups are approaching referral marketing for the following reasons:
a) promote their business
b) to reach potential customers or a specific group of audience through a mobile app
c) advertise products or services via the in-app store
If you think your application has that ‘X’ factor, you must try this revenue model with your application to earn money.
3. In-App Purchase & Freemium Model (PokemonGO)
Did you remember PokemonGo? Yes, that amazing mobile app game which shaken up the industry not just for its uniqueness and innovation but also for the revenue the app generated through applying the freemium model.
You can also implement the freemium model in your app to avail services completely free. However, for the exclusive features or functionality that users get nowhere, you can charge a minimum fee for that.
Example: The game app Clash of Clans earned $1m per day on purchases. On the other hand, Pokemon Go has set unique records i.e.; users bought in-app purchases for $1.5m daily. Also, by 2017, Pokemon Go’s revenue crossed over $1 billion, making it the top-grossing game in history.
4. Subscription Model
The most dominant newspaper apps like the Wall Street Journal, and the New York Times and video streaming apps like Netflix, and Amazon Prime have generated revenue successfully through the subscription model.
If you are confident that the services or product you are about to launch through the mobile application development can make a difference in people’s lives, then as a beginner subscription revenue model is the most convenient option for you.
Depending on the chosen subscription plan, you collect the recurring fee from the users either monthly or yearly basis.
To Sum Everything Up
Although there are several options available to earn money from developing an application, besides the above-mentioned ways, one can also choose Sponsorship, Crowdfunding, Email Marketing, App Merchandise & E-commerce. However, these methods are suitable to try when you have enough members on your app or clientele to reach out.
For start-ups, in-app purchases, freemium, referral, and subscription are good to start. According to many research, in-app adds holds the top position as a successful method followed by subscription models as the highest-earning revenue models.
Start developing your monetization strategy today with the provided tips.
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