When you become an app developer, the biggest challenge is creating the perfect app. It involves a lot of hard work and sound coding skills, not to mention a strong will and determination. While these ingredients can help you create a great app, the next hurdle comes in the form of monetizing your app.
A high quality app requires substantial effort to create it and it is essential that you are able to secure returns for it. Indeed, the current app market is saturated with apps and you need to put in some effort to reach a position where you can earn money from your app.
So, below are a few ways in which you can earn money from your app.
In-App Advertising
Using digital ads is a surefire way of getting users’ attention. In the digital age, most ads pop up when a user uses the free version of an app. So, even though you provide your users with a free app, you can earn revenue if you add ads.
There are various types of ad formats, including banner ads, pop-up ads, notification ads, and advanced overlay ads. You should choose the appropriate brand for advertising within your app. In this way, it can complement your users’ tastes and requirements. This will also ensure your users are not annoyed and the advertiser will pay you good money for it.
Email List
The good old-fashioned email list can still come in handy sometimes. Social media works in real time. Hence, everything you post on the site has limited visibility. But, an email hangs around much longer and creates a recall value in the mind of the user.
Once the user signs in, using his or her email address, you can send them notifications, news, and even updates to that address.
You can even send them access codes or discount offers through emails. This can prove to be a rewarding exercise for both the user and you, the app developer.
Freemium Model
The Freemium model allows all users to download your app and use it. However, it requires payment for specific features. Depending on the app, the in-app purchases can be related to the app itself or to services offered through the app.
As a developer, you will have to determine which features you can give away for free and which ones you want to charge for. But, you must keep in mind that you have to provide enough free features to attract users to your app.
Update your App
The digital world moves fast and responds well to instant gratification, including a favourable response to new content, user interface or added features. Once an app is launched, it can only use the same content or features for a certain amount of time as users need to be stimulated with fresh challenges and visuals.
It is thus customary to release updated versions of your app, which not only get rid of bugs and errors, but also provides a new feel to the users. Many loyal users will welcome such a change and may even be motivated to make purchases.
Data Is Power
While you put in the effort to gather users for your app, keep an eye on the data gathered. Tracking the usage data of your users can give you a thorough insight into how you can upgrade your app.
Once you are able to determine which features of your app are used most commonly, you can develop further on based on the information to keep your users hooked. You can also track the users who use the app regularly. If you have zeroed in on that data, it could be very beneficial to target that group specifically and achieve your financial goal.
Wrapping Up
Apps are a virtual medium and you never meet your users face to face. For this reason, you must be intuitive about your users’ likes and dislikes and plan your app features and upgrades accordingly.
If you use ads, they should not be disruptive to the app as this will defeat the purpose of enjoying the app. If you need user data, do not let a form pop up while the user is using an app function, but allow the user to reach a conclusive step. Hence, keeping your users’ best interests at heart while monetizing your app is the best way to balance your app’s success.