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How to monetize the Android or iOS mobile app

How to monetize the Android or iOS mobile app

Android and iOS have simply revolutionized the smartphone market. The Play Store and the Apple Store contain so many apps that if you start downloading and using any of these, you will need many months to complete the process. The main reason behind these majestic store sizes is that the applications are easy to create thanks to endless gigabits of educational material available online and in the form of books. But a question that these books cannot cover: how to monetize these applications?

In the following blog post we will discuss 6 monetization methods for apps and help you decide what will work for you.

Paid app

This is one of the most popular monetization methods for the application. Besides being the method preferred by developers, this method gains more and converts easily (if really very useful).

Professionals

  • Simple and easy to implement
  • It involves a good price

Versus

  • The store keeps a certain amount of money (30% in the case of Apple)
  • Also the cost of future updates covered by this cost

In-app advertising

Popular with the free app, this method involves displaying advertisements within the application. When users click on these ads or even if they display adds, they put some money (actually cents). Most developers allow users to make an in-app purchase (which is another monetization method) and then view all the features available in the premium version. We can also include notification announcements (very hated) in this section.

Professionals

  • Simple and easy to implement
  • As the free app, they expect many downloads

Versus

  • Many downloads are needed to obtain appreciable revenue
  • Conversion rate too low

In-app purchases

This method allows the user to purchase some points or premium items from within the app. These purchases can then be used to improve the experience of using the application in one way or another. For example, buy coins in a game app to upgrade guns and tanks.

Professionals

  • Almost unlimited offers can be promoted
  • New articles and awards can be added to each update and then acquire more money through a single app

Versus

  • Moderate conversion rate
  • If you sell through the official store, the store keeps a fixed percentage for each offer and every offer promoted for the duration of the app

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Users pay to access WebApp

This is a type of monetization that I avoid. Although many successful app builders have been able to work miracles with this kind of solution, this involves twice the work compared to other methods. You create and distribute a free application for mobile phones, but users must pay a fixed amount to access the web or desktop app. The basic function associated with these apps is the synchronization of tasks or notes and other such data when accessing the app from different sources.

Professionals

  • It reaches more customers (the webapp has its charm)

Versus

  • More time and money needed to develop a web application

Subscriptions

This is my preferred method of capturing a fixed amount of money every month. Just like a magazine, people sign up to see the content of your question on a weekly or monthly basis. For this method to work, the content must be fresh, informative and useful in everyday life.

Professionals

  • Not much competition in app stores
  • It can implement multiple income sources such as in-app purchases via affiliate links
  • Monthly wage

Versus

  • The conversion rate may decrease if you are unable to provide appropriate content
  • You compete with the free information available on the internet

Affiliates and Lead Generation

This method works for apps that have the ability to sell services. For example, if you create an application for booking airline tickets, you can earn huge commissions if people book tickets using your affiliate links. BUT one of the main problems of this app that requires a lot of trust from users.

Professionals

Versus

  • The conversion rate is very low
  • Traffic volume is the key

SEE ALSO: Quixey, search engine for apps on different platforms

Conclusion

Different applications require a different monetization model. While the paid app model works perfectly for games, the affiliate model will work like a charm for the flight booking application. You just need to spend some time thinking about the approach your users will have towards your application. For example, if you start a train booking app with a paid app model, never spend a dime in this app because I know there are many free sources available. Now, if the same application is provided for free, you will surely use it to book my flight ticket and generate income without knowing it for you too. Amkay?