Monetize your Mobile App: Smart Tactics for Successful Startup

Trends of the Mobile app is changing the scenario of the industry in various verticals. Startups are coming up with unique mobile app solutions to ease the user problem. The mobile app development services is not only helping the startups to connect with the potential users but also to resolve their problems. The mobile application is helpful to expand the brand services. These days many mobile apps follow the monetization strategy based on business purposes. This helps the businesses to cover different dimensions in this versatile industry. But what profit can be expected from app monetization? Let’s review the average mobile app revenue stats per user.

The mobile app industry is growing where customers are interacting with the brand the most. Therefore, it is wise to actively invest in the mobile channel currently. The global app revenue amended from $69.7B in 2015 to $88.3B in 2016. Accordingly, the experts predict these statistics may reach $188.9B by 2020. To gain the profit from a mobile app business set app marketing strategies to monetize it and reach new heights. Provide the services to the users while serving the users to solve the daily basis problem.  

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5 Way Startups Can Monetize Their Mobile Application 

App monetization is considered prior to actual app development. The mobile app market is growing exponentially where the unique features generate a lot of opportunities. For startup as a mobile app developer, there are methods such as freemium, in-app ad purchases, and many other models.

In-App Purchases

There are many apps in the industry with In-App Purchases strategy focus on enhancing the user experience. The mobile app offering an in-app purchasing option offers exclusive services and features. Integrating In-App purchases approach should add to the value users. Therefore, to be successful with this approach, there is a need to encourage users to opt in-app purchases. For that send personalized notifications to users about in-app purchases and offer them time-sensitive discounts. As a result, the potential users can take a chance to go In-App Purchases. 

Pay Per Download

This approach is the most challenging to convince the customer to download your mobile app. As a startup following this app revenue model can only be justified by offering the user the unique solutions to the common problem. The major question is “Why should customers buy your mobile app?” A mobile app that uses the monetization model has to grow through the industry competition. Therefore, to sustain in the race of the app it gets compulsory for an app to deliver better user experience with valuable features.

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In-App Ads

This in-app advertisement revenue model is add on enhancement to the mobile app. It can be implemented for any of the approaches discussed above. For example, users using free music apps have to watch short videos or watch display ads. This is the best way to broadcast the potential ads using in-app ads. The companies can make profits by selling ad inventory to other companies by placing ads in between their app services.

Freemium 

The use of this approach allows the users to use only limited features at the beginning. This way of a free mobile app can monetization by offering paid features. That means the premium version is available extra fee. Thus, freemium apps offer only limited features to users with a freemium monetization strategy. Therefore, it’s very important to justify your premium version. Advance features offered should add value to the user’s experience.   

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 Subscription-Based

Under the subscription-based app monetization approach, the users download an app for free.  But the free service is only available for a short duration as free trial stops. The mobile app can charge the services based on the monthly, quarterly or yearly get access to all advanced features.

Final words 

Today mobile applications in the marketplace have reached new heights. To solve user’s problems the mobile application industry monetize mobile app offering advanced features. Businesses in various verticals follow different scenarios when it comes to earning money from the mobile app. It is reported mobile apps are forecast to generate around 189 billion U.S by 2020. For the startups, it should be clear how to monetize the mobile application.

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Akansha is a technology enthusiast and a writer with an incredible following among the leaders and decision-maker of the industry. She writes about technology, billing software, regulations and much more.

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