If you have a consumer software, you will have to develop a mobile version. This will be good to target individual users, and it will reach a wider scope. When you diversify your applications, that is, build more apps that offer solutions, this is among good product monetization strategies.
Monetizing Applications and Challenges Faced
The first app monetization strategy you can use is definitely to charge upfront before one can download the application. However, you may face challenges with this, because most applications are free.
Another obstacle when monetizing apps is that many application users will not bother to check paid options. This means if your application is new, it may not feature on the top ten list of the paid ones. This reduces the chances of its visibility even to potential users since they are choosing among the free applications.
Strategies to Monetize Applications
With a paid application, you have to ensure that it is exceptional because it is listed with thousands of free applications. If you are going to use this app monetization strategy, you may want to consider getting people to use the app free for some time before they start paying. This is possible by offering a free-trial period for a limited time, for instance, a month.
Big companies stand more chances with Paid-only applications as their app monetization strategy than small companies. Thus, if you are just starting out, you may want to team up with a big company and consider the ratios in which you share the proceeds. You will approach an equally well-known company to develop the software application you need. This will stand out in the market. Solid Explorer is an example of a paid application that is popular among Android users with functionalities like cloud storage support and management, funnels with drag and drop options, and many more.
This is when you sell your application with another company. That is, you create it, but someone else sells it. When the users buy this application, it does not print the creator’s name but instead the company that has sold it. In so doing, it pushes it to more people who will be willing to buy.
Nevertheless, you have to make sure that this is a perfectly written application. You should hire some top coders to do a great job. They should be ready to offer seamless support to users. Ultimately, you have to consider your users. Their experience should be positive. The white-labelling app monetization strategy can help you rake good profits from monetized applications if you correctly incorporate the above in your product.
Subscriptions is another app monetization strategy that you may employ for your application. This may work best if you have an application that offers services regularly to clients. You may add subscription fees. If your application is supposed to deliver content, then you can adopt this strategy.
In the beginning, you may have a free application, but as you grow, you may add subscription fees for people who want to receive new content often. This will help them appreciate the content you provide and look forward to a new post. It also encourages you as the owner of the application to grow.
Together with subscriptions, you may consider adding more app monetization models like a loyalty program model. This will offer you a database of your clients’ details, and their location. It will also help you to know the product or service they always get from you. Further, you can manipulate this to your advantage by rewarding the most loyal customers. You could waive subscription fees for some time for being with you the longest, or being consistent with your product.
You may decide to publish a free application on the store because there are higher chances that it will be downloaded by more people than when people have to pay for it. This is a great first step to get your app out there. People use it and correct you. Then, you build in apps with these additional features that are for purchase. This is common in the gaming industry. Users across platforms like to play games on their phones. With this knowledge, you can create a game whereby one can play only to a certain level. Though, for them to be in a position to keep playing and unlocking more challenges, they need to pay. It should also make one curious enough of the next challenge to enable them to pay. People are enthusiastic about paying for an interesting and more than basic gaming application.
Freemium is coined from free and premium, and it is among the app monetization models that includes twin versions as the name suggests. If you take this app monetization strategy, it will mean that you enjoy two services in one; that users get to enjoy the free side of your application until they want to pay to access the other side of your application.
Although truthfully speaking, you would have to attract a serious lot of consumers, for example, people who are losing weight.
Fitness is a routine that most people have embraced. It says a lot when companies like Samsung include a Samsung health functionality on their software. This means that as a private company, you have to go beyond and offer more exciting and irresistible options. This way, clients will want to pay and continue using the application to gain more results.