Successful monetization of your app can be a tricky job. There are different ways to monetize your app and several factors to consider in this process. Selecting the right method to monetize your app can get you maximum returns from your app, keeping you one step ahead in the competition.
There are different ways to monetize your app to get maximum returns. Read more to learn about them in detail.
Advertising Your App
Advertising is the easiest way to monetize your app. It goes like this; a third party with your permission uses the space in your app to deliver ads, which in turn, generates income. A part of this income is given to you. It may sound easy to you, but make sure you save yourself from being cheated. The majority of advertisers use a pay per click method which means that the advertisers get paid each time a user clicks on the ad on your app. While this is simple to execute by writing only a few lines of code, it is difficult to get higher revenue out of it. Only if your app attracts the highest amount of users, it can be possible to generate a reasonable income.
Paid App or Selling the App
This is the most common way of monetizing your app. If you have developed an amazing app, millions of customers will want to buy it. But, this may not work out successfully because 90 percent of the apps downloaded are free. This means your app can be a failure if it comes with a price. But, there is still a chance as the users who download a priced app are more likely to continue using it, as they have paid a price for it. App developers may be benefited from a paid app but the number of downloads will be less, and also your app should be above average.
This is another effective way of monetizing your apps. In-app products are basically the products that you sell inside your app. For example, extra gold coins; health upgrades in games, etc. The best thing about in-app products is that the users get excited about the value of the product even before you sell it in your app. You can initially offer your app free of cost to get more exposure, and then price your app with more functionality once the users get comfortable with your app. In this way, the users can test your app before investing in it, and you also get more number of downloads.
If you are developing a simple app with regular features, advertising your app by offering it free of cost is the best way. When it comes to pricing your app, it can be justified only if you have a well designed, full-featured app. The in-app products method is the best of all. You can offer a free app, and yet monetize it by adding products and upgrades that become relevant once the users get familiar with your app and wants more from it.