App monetization is nothing but implementing techniques to convert app users into revenue.
It is essential because it is easy and more common for users to find apps that are free to install.
You must adapt and adjust the strategies such that the downloads can truly generate revenue. So, make sure that:
- Your app can generate increased revenue.
- You can maintain retention based on the best user experience.
It is as important to give a quality app experience as it is to monetize the app and maximize the revenue. Monetization is linked to user experience because app revenue requires happy users.
App Monetization Tips
In-app advertising.
Include ads in your app to take advantage of the phenomenal opportunity for app monetization. Digital advertising is the most common and effective way of sharing and interacting between marketers and users.
When users find several apps available for free, they might not be willing to pay to install your app. So, the one way is to make your app free is by including in-app advertising.You can choose one from the below ad types,
Full-screen ads
These ads are usually at crucial pause points, like when navigating between menus. They do not disturb the user experience but are more likely to generate clicks without annoying the user.
Notification ads
These ads pop up in the device’s status bar, making the user aware of the ad’s presence. This, when overdone, can affect the app’s reputation.
Capture form
These offer incentives for users who give their email addresses This is common in game apps.
Advanced overlay
These are interactive ads, a combination of full-screen ads and capture forms.
Banner ads
These ads are placed at the top or bottom of the screen and can be more distractive than the other types.
So, when you plan to implement an in-app ad, check:
- How can the app users have a meaningful app experience when dealing with these ads?
- What kind of ads would the target audience accept or prefer?
- How can these ads be aligned to your app’s brand value?
- How these negatively impact the user experience?
In-app purchases
In-app purchases can generate money for the your free version of your app by allowing users to interact directly with your app’s product. Though installations of most apps downloads are unpaid, in-app purchases give enough opportunity to the user to spend money within the app.
You can try making your app premiumpfreemium when users only have to pay to access core features and not while installing your app. So, decide wisely the features that will be available for free and the causesoptions that need to be paid for.
Create an app version that will allow the users to get a fair picture of your app’s benefits and features. Giving a free version is like a movie trailer. So, after enjoying the app’s free version, the users will understand the values your app can add to their lives and will be ready to pay to benefit from the premium version.
Maintain the app’s content quality.
One of the definite ways to convert new or infrequent users into long-time users is by regularly updating the app’s content. Customer retention is very important here because the current users who have made in-app purchases will feel that they have already used the app to its full potential.
So, it becomes imperative for you to update new features and refresh the app content regularly. It becomes easier to make the users return for more, boosting the app’s revenue.
Provide an easy subscription process
When regularly updating the app content, create a subscription service for users who return to your app. So, with a simple monthly or quarterly payment, users can access the app’s new features. Give options like a web-only, a print-only subscription, or both for the user to choose from.
Sponsors and partnerships
If you can make a partnership with another brand with a similar user base, you can significantly boost your app monetization.
An app partner can benefit your users and the app’s growth if you can create an integrated experience. For example, suppose the users in another app see your app’s logo or an interactive element on the app that they are currently using that can potentially convince them to download your app.
And if the partner app has ads featuring your apps, there are high chances that their users to be routed to your app.
Conclusion
Monetizing your app will generate a steady flow of revenue for you if you provide the right brand expansion opportunities and maintain a strong relationship with your current users. It becomes a significant source of revenue by implementing the best app monetization strategies for success.