There is an increasing number of mobile apps on app stores today (including Android, iOS, and other minor stores). While this is a good initiative for consumers (as you will have varieties to choose from), it is not a good thing for app developers India because nearly 93 percent of mobile apps get downloaded for free.
Only a couple of free apps do make enough money to sustain a business, and at the same most paid apps do not find enough users to keep the business grossing substantial revenue. Offering a bit of both (free and paid apps) to consumers can give you a fighting chance.
Remember that irrespective of how accurate and well-thought out you have been in finding the ideal monetization strategy, it’s still unlikely that you will see immediate positive results. Notwithstanding, as long as your plan is good, sooner or later it will receive the right results.
Let’s quickly look at five key monetization strategies that have been proven to work time and time again.
Free to premium upgrade
This approach so far has been the most popular with the vast majority of apps. With a more feature-rich version of the same app, and with a token as a subscription fee, users can easily upgrade to the premium level.
A freemium strategy is great as long as your free version also include other useful features and content. Here are a few points to help you lure users from the free version to the premium version:
- If you have a game app, offer gamers free entry for the first few levels. After that, as they progress, require a subscription to unlock more levels.
- A cloud app can be offer for free with a limited amount of storage space for individual use, while unlimited space can be offer for business use, and this can only be on a premium level.
Payable features and/or contents
Payable features are a locked feature that can drive free users to buy a few app features which make the app more enjoyable.
Payable features save developers from developing two different versions of the same app. Rather, they can restrict access to certain features in the same app while offering to unlock the restriction based on a subscription or purchase.
Get incentives from adverts and promos
Letting other brands advertise in your app and make certain promotional offers based on the activities of your users, gives you extra income.
This is mostly applicable in game apps where users cash in their gifts to earn revenue.
Collaborate with other app providers
Collaborating with another app is a good way to create mutual benefits and promotions to respective users of each app.
This is simply a good way to enhance the monetization and scope of acquisition for your app. An example of this is to offer two apps together for a reduced fee.
Ensure your content is relevant
In the world of mobile apps, good content is key to success. In today’s app market, many content-rich websites are showcased on mobile platforms as apps and users troop in there searching for relevant content.
To stay connected, ensure there’s ease with loading speed, and design app pages for optimum readability and mobile view – and create automatic buttons to save users from searching for content.
In time, users will decide if it’s worth it to pay to subscribe to the app.
This post is part of our contributor series. It is written and published independently of TNW.