App monetization is essential to the success of your mobile app. Whether you plan to charge for downloads or use subscription services to generate income, your app will never be profitable without a monetization strategy.
Hi I’m Cally, From the International Institute of Digital Marketing. Here are 6 app monetization strategies you can use to ensure your app’s success.
1. Charge for the App in the App Store
Charging for app downloads is the oldest trick in the book. When apps were first introduced in the mobile world, the majority of them cost money to download.
This model is less popular these days, with many apps instead offering in-app purchases or subscription plans. That being said, depending on your target market, charging for your app may be a good strategy.
2. Offer Paid Premium Accounts
This strategy is often referred to as the “freemium model” as it offers free featuresfor all users, but enhanced features for those who choose to pay for a premium account.
In this model, you can attract users with a free download and then ask for payment for an enhanced experience.
3. In-App Ads
Running in-app ads is one of the most common app monetization strategies.
With this method, revenue is generated through sponsored ads, which allow the app to remain free for users. In a free model, users are incentivized to use your app. Plus, the more users you have, the more revenue your ads will generate.
4. Subscriptions
In this model, your app can still be free to download, but different services will be offered to users that subscribe than to those who don’t.
Depending on the service your app offers, you may want to offer different kinds of subscriptionsbased on necessary features.
5. Partnerships
If you already have an established app or a large user base, you may engage in strategic partnerships with known brands who want to connect with your audience.
Sponsorships help connect your audience to other relevant brands and can build brand integritythrough smart partnerships. On the sponsor’s side, they open up their advertising to new demographics and have the opportunity to push new content to interested consumers.
6. In-App Purchases
This strategy can be especially useful if your app is free, as it offers a way to generate revenue without charging for your service.
If you want to leverage in-app purchases in your app monetization strategy, consider what features you can offer to enhance your user experience. Successful in-app purchases leverage gamification and offer benefits to the user.
For more information, visit www.thedigitalmarketinginstitute.org
#Appmonetization #Subscriptions #Partnerships
