As we go mobile with the gigantic amount of data consumption and costly mobile devices, an app becomes a must have player for every business. An app will keep your users updated with your latest products, services and virtually anything that your business has on offer.
Just look at all the tech disruptions that have happened lately and you’ll notice that they’re all about mobile applications. Users switch applications on devices quicker than we blink an eye. And there are many apps which are growing exponentially like Amazon and Wunderlist. It is telling in a way that there’s a huge potential to mint money with innovative and simple mobile apps with these 7 cleverly simple ways
In-app advertisement Methodology
The pop-ups, banners and video of third party applications that you see when you’re playing games or browsing your favorite app, which open up when touched; is called In-App advertisement. It works on a very simple principle.
Most users prefer to download free apps. So, the trick is that you make the app free for users and recover your development costs by providing in-app ads. This way, you could actually make more money than by selling your mobile applications. Although this method has achieved great results for B2C apps in industries like media, games and entertainment, it works with all kinds of applications and generates good ROI.
Stitching up tie-ups with like-minded partners and getting sponsorships for your app is another famous way to boost your monetization game. All you need to do is to search for one who is willing to form an alliance.
In return, you will show their banner or logo in your application. Sometimes, the sum earned through this kind of deals is greater than the development costs. Amazing, isn’t it! Moreover, you can agree to promote each other and share mutual benefits.
Let’s say that you already have an app and you want to increase your customer engagement ratio. End users always want something new and demand beautiful experience. Changing theme and layout of your application should do the trick.
A re-skin of your app will give it a new feel and have the potential to boost engagement rate due to new UI/UX. Moreover, if you have a partner, you can co-promote your apps and share users and revenues.
Licensing your Code
This one is an interesting concept that has been turned into reality, especially in gaming, ecommerce and entertainment industry. As we already know, you can control devices through gestures, screen touch, and buttons, imagine the innovative code they must be using.
If you have an interesting and innovative code that can be used to give a WOW impression and immersive experience, you can license your code to developers at a fixed price. It has huge potential to turn into a cash cow as long as your app and code technology stays in use.
Now, this one is a real money maker. Most users never pay a dime before downloading an app, but once they really like your app, they will pay a lot of money to keep using it. This is a very simple method, in which you let a user download your app for free and sell all the premium services.
This method is very useful for marketing too. You can cross sell other products, services, content and merchandise on your app. This method can help you mint money for virtually any type of app you have whether its entertainment, financial services, health, education or any other games and utility apps.
There are nearly 33% app users worldwide who use mobile apps for getting the latest content. Users are content hungry and they will keep coming back to your app to consume quality content. So, constant content updation is the key. That too, relevant conent.
In this method, you will generate quality content and your users will come to consume that content and may bring more followers too. You provide your application access for free with limited content and charge a subscription fee for enhanced and directed content.
Sale of behavioral data
Using your own app to gather data. Notice users’ navigation in your application, specifically how they behave with the app on their devices. And you will be amazed how they interact with you app and it’s content. Information like where they click, colors they like, time of day when the app is used, an amount of data usage and data consumption, the data we can legally collect can become an unlikely source for app monitization.
Now, if you’re thinking how this would help you make money? Imagine, you can sell this data, Legally. Would you believe it? Well, it’s true. There are companies and other applications that can use that data to services their users and clients better. And they pay a lot of money for it. I mean a lot, millions may be!
Not every app can be a cash cow. But, every app can be turned into a money making machine. All you need is the right ingredients with the right design and most importantly right people to work on it. It needs to work well with all mobile platforms and devices. If you hire professional app developers, they will be able to help you get a good ROI on development and can even turn your legacy apps profitable.