3 Ways Your Mobile App Can Generate More Money
Do what you love and the money will follow - Marsha Sinetar
How to Make More Money From Your App
Apps are a business investment. A successful app will deliver a return on investment every day.
With several ways to monetize apps, it can be a challenge to determine which is the best to use. The key here is to understand how you want to monetise your app from the start. This way you can integrate monetisation into the development process and ensure that your app functions more seamlessly.
There are three popular pricing models to design your app around, and each is very unique in and of itself.
These are the three different types of platforms that you can use to monetise your app:
1. FREEmium for Games and Apps
The freemium pricing platform is not only generating the most revenue for app developers, it is also the most popular.
Of all the apps currently in the Apple App Store, freemium commands an impressive 76% of the market. If you were to look closely at the Asian markets, you would see this model actually accounts for 90% of the market.
The FREEmium platform is pretty basic in concept. The app is designed with basic features, given to the user for free. Downloaders can enjoy the free app until they decide they want to upgrade and get more features. Then the app costs money. This platform is extremely popular with users for two reasons. One, they are getting the app for free. They can enjoy that free app and test it out before committing to spending money on it.
The other benefit is the company is promoting good will by giving away their products. The user will remember this and it usually makes buying an app from that company much easier in the future. The free app allows the developer to remove that barrier that causes people to be hesitant about downloading apps.
The more apps are downloaded, the more popular the app becomes. People are also more willing to leave positive feedback when they were able to get the app for free initially. The ratings usually overlook certain bugs on account they got the app for free. This is definitely a win-win for the developer.
2. One Time Paid Mobile Apps
This app model is very popular too. Here, the user pays a price for an app and never has to pay again regardless how many upgrades or features are added to the app.
The app needs to be compelling enough for the user to lay out the money without first getting to sample the goods. Usually a developer who already has a record of creating high quality apps can work this platform much more effectively than a developer who is new to the market.
If your app is designed so well that you are sure users will simply fall in love with it, this is a great platform to jump into. The word of mouth marketing will definitely help to propel sales as more users become engaged with the content. Once the user has been using this app for a while and enjoying all the free feature upgrades, they are more likely to pass on the word to the masses about how happy they are.
Consider this platform when your app has been thoroughly tested and is destined to be the next best thing.
3. The Paid Apps with Paid Features
With this platform, the user pays a fee upfront for the initial download. Then - as the app is improved at later dates - the user pays again for new features.
While this is one of the roads less traveled when it comes to monetising apps, many developers are quite successful in this platform.
If your app is high quality and you are addressing a problem that many other apps miss the mark on, you may be in a great position to consider this monetisation platform. This platform will generate a recurring income stream to the business long term and can really help the developer create credibility with users.
Reserved for premium apps, don't be afraid to travel this road if you feel your app can deliver on the promise of solving a need.
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