App Monetization Strategies That Never Fails
mobile app monetization strategy
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In-App Purchases One of the best and most effective ways to convert your app traffic to sales is inducing the option of in-app purchases. Basically, for gaming apps, one can have the option to buy a service or unlock next level, purchase coins for playing, all act as in-app purchases. Additionally, when a user pays for something in-app, chances of them revisiting the app exponentially rises and there increasing the rate of user retention.
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Ads to Generate Revenue Nearly all app developers rely on in-app ads to generate revenue and in a way turn out to be successful in mobile app monetization. However, timely placement of ads is largely important to strike monetization effectively. In case, ads appear every now and then, your app traffic is expected to decrease dramatically. Also, keeping track of user reaction is crucial while placing ads. Abrupt ads and too much of them reflects a negative impact on the user and they are more likely to leave your app.
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Induce Freemium Apps Premium apps seek money at the time of installation and have less chance of finding a place in the users mobile. App developers have now adopted a different media to generate revenue. Freemium app models allow users to freely access the app for a considerable amount of time. This in a way increases the session length and promotes app usage among users. Till the time comes, when the user is expected to pay, the same has now adjusted itself with the app and would not find it hard to pay for the premium version.
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Ask Users To Subscribe Another excellent way for mobile app monetization is giving users the access to the app for a dedicated amount of time. But later, lock the app and compel them to subscribe for further usage. Apps such as Netflix follow this idea. A one-month free usage is given to all the new users but what after that. Simple, subscribe to catch your web series next episode. This additionally has greater chances of users paying for the app. Once they get engaged, they are likely to stay longer.
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Unlock App Feature – In-app Currency Few app developers use the feature of in-app currency for mobile app monetization. This might need them to buy currency to pay for premium features. Here again, the gaming industry is striking the rod hot. Consider paying around $50 to purchase 100 coins while playing games and then you lose. Yes, you lose but the app owners, they are working on a clear win-win strategy. And so do you as the app developer.
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