Effective Mobile App Monetization Strategies
What is Mobile App monetization?
Mobile App Monetization is a simple process of making revenue from any of the mobile apps without spending a fee for downloading it.
However, knowing the best strategy for your application will get you more revenue. As we can see, more free apps are increasing. Thus, many developers have made features or started adding a few monetization methods to earn from their applications.
A few monetization methodologies include In-app purchasing and In-app advertising, which are more common in all available applications. All these methods help the developers to generate a supportive revenue stream and small motivation for their company.
Why is Mobile App monetization important?
Mobile App monetization is very useful when you have a specific stream of targeted audience. You can always adopt a few hybrid models of monetization to boost your company's funds. The amount collected from the strategies can be used for various purposes, either to support the company or to establish new units. But monetization can also be more complex because the user experience must be top-class to expect clients to pay for the features. The shift to free-cost apps has made this complete revolution in constructing monetization models for mobile applications.
Best Mobile app monetization techniques can be In-app purchasing, In-app advertising, Interstitial Ads, Premium and Freemium subscriptions, Native Ads, Digital Marketing, SMS marketing, Crowdfunding, Licenses, and Sponsorship Ads.
Let us now briefly discuss a few famous App Monetization models.
Model 1 - Free and paid app model.
This model suggests the user upgrade the app to the paid plan to unlock and discover more features present in the application.
Model 2 - Free app with in-purchase
In this model, the user must purchase the required resources to fulfill their requirements. The basic features and functionalities will be free, and if we want to add more features to our current usage, we have to pay for that.
Example: Paying for a game app when you need more lives while playing a game.
Model 3 - Free app with subscription
This model suggests the user subscribe to the app's features on a monthly/yearly basis. Thus, the free app with a subscription asks us to pay if we need to view more features for a longer time.
Model 4 - Paid app model
Many productivity apps follow this strategy to attract a targeted audience. They only make their features available after the payment. This is because the company provides the right and unique services.
Model 5 - The partnership model
This uses sponsorship from other companies to raise revenue for their company.
The latest and trending technique to generate revenue is to follow this strategy. Start choosing the best model for your company to be sustained in application monetization.