With the number of smartphone users in India reaching around 204.1 million, the mobile app industry has gained a huge traction. With many mobile applications emerging in the recent years, it is a huge opportunity for app developers, if they find a way to monetize its product through the large user base.
However, while building a mobile app these days is easy; monetizing that same app has become nearly impossible, given how saturated the market is with free options. Here are some ways one can monetize their app-
1. Having different levels of usage- You can have two versions of your app- a free or cheap version, which can also be the trial one and a paid version, which is much more superior is important. One such example is Grammarly. The first part is, of course, to make the app user-friendly and innovative so that customers begin to integrate it into their lives. Once it gains traction, then comes time to upgrade. Beefing up your upgrades is a big way to establish your product’s importance and value to your customers as well.
2. Signups and Emails- If you have a newsletter, you can push it through your app. It may not be the easiest thing to track, but it works. Remember that your app is just another leg of your brand chair. It does not have to survive on its own but does need to add value to your audience.
3. Advertising- No matter how many developers add in-app purchasing and subscription services to their applications, most users prefer to get a service for free and only a small percentage of users will ever pay real money. On mobile, diversified ad products with multiple units of different sizes work the best. Pair these ad products with an eye for data and metrics, and you can command great Cost Per Thousand (CPMs) and Click Through Rate (CTRs).
4. SMS Marketing- This should always be one of your app’s strategies. Asking for your customer’s mobile numbers, which is SMS marketing, a very efficient move. You’ll be able to stay in touch and communicate with your customers. Whether it wants to showcase a promotion, a contest, ask for feedback or building brand loyalty, SMS marketing will help always.
5. A Blended Model- The customer base is divided. While some prefer In-App purchases some go for subscription and gated features. Hence, instead of just adding a tonne of in-app purchase options to your app, or only adding in-app advertising, try to blend a mix of a few different monetizing strategies. You can include few advertisements, some gated features and some virtual goods that can be purchased, and see how differently each user reacts. This way there’s something for everyone.
