App building is no longer an activity for fun, building apps is a business and we need to earn money from them to keep continuing. Being clear about your monetization goals and model from the start will help you develop the right app and target the right audience. Validating the app idea is a crucial stage of App building.
There are a number of models or methods which can be implemented in the app to increase the revenue generation. Below mentioned are the best 5 ways to make money from your apps:
Similar to in-app advertising, the app itself is offered for free under a freemium model. However, certain features are restricted or gated and require payment to be unlocked. The principle of this model is to attract users to your app and offer them a rich preview of your app and its capabilities. The goal is to gather as many users possible and engage them completely until they are willing to pay for added in-app tools and features.
In short, freemium method allows you to tease users with a simple and gated version of your app until they are addicted enough to readily buy additional features.
Paywalls (Subscriptions):
Subscriptions are also a very important monetization strategy. Paywalls allows an app user to view or access some amount of the app content for free and then prods them to sign up for a paid subscription to access more. This subscription fee will allow them to access to complete app without any restrictions.
Fundamentally, this model is like a “pay later” or “free trial” model allowing users get to test drive the app. Once tested they are required to sign up for a subscription to override the content limits and restrictions.
This method is most appropriate for service focused apps allowing brands to keep earning revenue on a recurring basis
In-App Purchases:
App publishers offer free content in their apps for a limited period, once the stipulated period is over, the users will be charged a subscription fee. In-app purchases are purchases which are made generally for accessing special contents or restricted features of the app. By and large, this is a remarkable model for converting non-paid app users into paid users without being too intrusive. However the developers have to work hard to keep the users hooked to their app, so that they are ready to keep paying
In-App Advertising:
Mobile App advertising is the most common and easiest option to implement, and it can be done through third-party mobile ad network. All your app will need to do is to display commercials and promotions and in return you will get paid from the third-party mobile ad networks for the same. Under this method you get rid of the cost-barrier for purchasing your app and allowing free downloads. Your goal is to gather a sizeable user base and understand their demographics. This data will be useful to attract advertisers who will be ready to pay you to place targeted ads in your app.
Each and every time an advertisement is displayed or clicked in your app, you will be paid. You will also get paid for each time a user installs the advertised app. Banner ads, interstitial ads, In-app video ads and Native ads are the 4 types of ads which are displayed by the app developers for mobile app advertising.
Sponsorship (Incentivized Advertising):
Of all the app money making models listed above, this is the newest entrant in the mobile world. Sponsorship involves partnering with advertisers, who will offer your users with a number of rewards or incentives for completing certain in-app actions. Under this model, brands and agencies are ready to pay an amount to be part of an incentive system. Your app will be ableto earn money by taking a share of the revenue earned from the redeemed rewards. This can help you in incorporating advertising into your app which actually boosts your app’s ability to engage users.
While there are a number of options to make money from your mobile app, the path to achieve any kind of revenue growth over a period of time is through repeated transactions from both existing and new customers.
Mobile Advertising SDK is the easiest method for monetizing an Android app. Under this concept you need to offer your Android app for free and display advertisements in the app to generate revenue. Each time a user clicks on the ad you will earn money. Alphagravel makes the monetization process simple for you. All you need to do is download their SDK. You will be able to unlock all hidden monetization levels with Alphagravel Ads.
Visit www.alphagravel.com to learn more about the best paying mobile ad network.