Tuesday 24 October 2017

Monetization: The Complete Guide To Making Money Through Your Mobile App!

Let’s assume that you pool in all your resources and build a mobile app that becomes an overnight success. You’ve got hundreds and thousands of downloads, yet zero Ringgits in your pocket. The reason? You haven’t monetized your mobile application. If you want to generate an income and recover your investments, then it’s vital to have a proper app monetization strategy in place during mobile application development.

Here’s a look at the five most popular monetization strategies that you can choose from:

1) Charging a One-Time Fee

The most obvious method of generating money from your application is to attach a price tag to it. Users are prompted to pay a one-time fee to make the purchase and unlock the full functionality of the application. While profitable, most users find it hard to trust a newly launched product, which makes this model more suitable for reputed names.

2) Using Adverts

One of the most typical ways you can make money out of your mobile application is by adding adverts to it. Every time a visitor views or clicks an ad, you get paid by the advertiser. From banner ads to interstitial ads, there are a variety of formats that can be used. However, you need to ensure during mobile application development that it’s not overdone and doesn’t hamper the app’s UX.

3) In-App Purchases

This model involves the virtual selling of a feature or a product within the app. For instance, you can sell power-ups or other add-ons to gamers for a fee. In-app purchases should be well-incentivized, entice users to spend more and add real value to users to prompt them into making a purchase.

4) The Popular Freemium Model

Considered one of the most popular monetization approaches, the Freemium model makes the basic version of the app available for free and locks add-ons. For users to unlock the full functionality, they’ll have to pay a premium. It allows users to familiarize themselves with the product before they decide on purchasing the full version.

5) Subscription-Based

Instead of the features, it’s the content that’s locked in the model. For instance, if you're building an education app, you can ask users to subscribe to view the advanced lessons and charge a fee for it, while making the basic classes free. It’s best suited for content-driven apps.

Which Strategy Should I Use?

It all depends on the type of app you’re asking Mobile App Developers in Malaysia to build. A combination of these strategies has proved to be the most-effective; however, it all depends on the audience you’re targeting. If you require expert help with development, testing, monetization, marketing and more, get in touch with Openwave, a leading Mobile App Development Company.


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