Mobile app monetization is a business strategy by which you can generate a large amount of revenue from your customers without asking for downloading fees.
The digital market is overflowing with mobile apps, and competition has become too tough. As a solution, top app development companies are using different mobile app monetization strategies to generate more revenue from their apps.
In this article, we will look at some tips which will help you draw a roadmap for mobile monetization.
App Monetization Tips
A paid app always pays off
Apps having a downloading fee attracts a specific base of customers. Customers who want unique features and innovations and appreciate wow factors. Ensure your app has all these things in it; only then will it impact your revenue. Otherwise, a big crash is waiting for you.
Also, you need to promote your app more than a free mobile app. Good advertising will help you to create the customer base you need.
Maintain the Balance between Promotion and Quality
App monetization strategy based on advertisement is a good strategy to generate revenues. But it has some consequences; you cannot burst your app with promotions.
You have to maintain the balance between ad frequency and customer satisfaction.
A perfect balance between ad frequency and UX will soon show its effect on customers. It will help you retain the customer base, increase app engagement, and increase ‘eCPM’.
Don’t stop being creative and experimental
You need to follow different monetization strategies according to the app’s platform. The same approach cannot help you on platforms like Google Play and App Store. Both have a difference in customer base and technology and different user behavior. Various strategies and creativity will play pivotal roles in your app’s success.
Try delivering a native experience to your users
Use less annoying ads in your advertising plan to make more money from ads. These ads are called Native Ads, and most publishers like them. Ad platforms also think that Native Ads are the best way for Mobile App Development to earn money because they keep a good balance between your earnings and the experience of the people using your website or app.
Banner Format of Ad is not a panacea; Be Creative
It’s better to rely on something other than banner ads as the main type of ad in your app. People prefer to avoid clicking these types of ads to spectate, and it generates too little revenue.
Instead, consider using App Wall as a part of your advertising strategy. Unlike banner ads, App Wall has a higher chance of getting clicked on, with up to 10% of users clicking on it. Although it has a good conversion rate, statistics say 3.5% of users are taking the desired action.
Based on these numbers, using App Wall can lead to higher earnings for the developer, making it a more profitable choice than banner ads.
Short the Funnel form impression
It helps if mobile app development companies try to lower the number of redirects. Redirects demotivates users from the app you’re advertising. Too many redirects and extra steps can make fewer people interested because they might want to reach the page they’re supposed to see immediately.
And it’s also so annoying; it affects your users’ satisfaction. So, choosing offers with fewer redirects is a good idea to avoid losing users.
Always try to bring new ideas
There are plenty of monetization models which are gaining popularity for their performance. Here performance means user satisfaction as well as the generation of revenue.
Subscription is a great app monetization model that is a mix of in-app purchases and ads. It’s like a paid app with customizable payment options, but it’s not common in games now.
To use subscriptions, plan future content and updates for at least 6 months ahead. Different subscription periods can show the benefits of longer-term packages to users.
You can also try donation ways to generate revenue. There are two types of this model: stimulating and altruistic. In the refreshing type, users can gradually access full content and features or pay to unlock them immediately. The generous type doesn’t provide any rewards or extra content in exchange for donations.
Monetizing your app with ads can be a lucrative strategy if done correctly. By optimizing ad placement, targeting the right audience, and using a variety of ad formats, you can maximize your revenue.
It’s important to keep in mind that users will only tolerate ads that are relevant and non-intrusive. So a mobile app development company should strike a balance between monetization and user satisfaction.