Shehar Yar, CEO of Software House, with over a decade of experience running a mobile app development company.
Trends are changing in the virtual market, with mobile apps becoming more and more in demand. One of the main reasons for this increase? I think it’s a lack of competition.
Although almost every medium and large business in developed countries has a website, having a mobile app is still uncommon for many. It is in this hole that I see a golden opportunity. With the growing call for mobile apps in 2024, a burning question then arises: how do you monetize those apps?
Experienced developers and corporations who have been betting on the app game for some time already know the ins and outs. However, for those who are just entering the mobile app space, I’ll reveal five tactics to monetize your mobile app in 2024. These are methods that have paid off for many of my clients over the past decade.
In-app advertising is one of the most popular tactics for monetizing mobile apps. This strategy usually involves displaying other types of classified ads in your app, adding banner classifieds, interstitial (full-screen) classifieds, video classifieds, and local classifieds. Advertisers compensate you based on metrics such as clicks, impressions, or express user actions.
Imagine embedding classifieds banners on the back of the game screen and providing video classified ads that players can watch in exchange for in-game bonuses. The trick is to make sure those classified ads don’t interrupt the user experience. maintaining a stylish and engaging gaming environment.
• Choose the right ad network. Look for networks like Google AdMob or Facebook Audience Network, which are known for their maximum fill rates and competitive charge per mile (CPM).
• Prioritize the user experience. Ads should be visual but not intrusive. An amazing user experience helps keep users engaged for longer, potentially expanding your ad revenue.
Running is an art: do it well and it can be a gold mine; If you do it wrong, it can be a disaster.
Many fail by overloading the app with classified ads without considering the frequency and engagement of users. It is very important not to overwhelm users with repetitive classified ads based on common actions. Instead, classified ads are displayed programmatically to make sure they are noticed enough but not too much.
Another strategy that has proven effective in my decade of experience is to use time-based classified ads. By setting classified ads to appear only after a user has interacted with the app for a predetermined period of time, the user experience is respected through offering price first and advertising second. This technique improves user satisfaction and ad performance, making it beneficial for developers and advertisers.
In-app acquisitions (IAPs) allow users to acquire anything directly in the app. These can be consumable parts (such as virtual currency), non-consumable parts (such as ads), or subscriptions that unlock more content or features.
It’s possible for a fitness app to simply provide a fundamental tracking feature for free while also selling premium workout plans or nutrition guides as in-app purchases. This only increases profits but also improves user engagement by providing valuable add-ons.
• Price perception: Clearly the price of purchases. If users see how they can get advantages from the purchase, they are more likely to buy.
• Seamless Payment Integration: Ensure that the payment procedure is seamlessly incorporated into the app and avoid friction for users making purchases.
Subscriptions are a wonderful way to generate consistent revenue with your app. With this model, users pay a normal payment for content or services. When you sign up for a subscription, you should prioritize consistent pricing and count on common, cutting-edge content updates. features and/or cloud services.
An educational app can provide foundational course content for free, with a subscription option that offers more in-depth tutorials or expert-led webinars.
• Free trial periods: Offering a free trial can entice users by giving them an idea of what they can expect from the subscription.
• Flexible plans: Offer other subscription grades to meet other users’ desires and budgets.
Sponsorship is about partnering with brands that need to succeed with your app’s audience. This can be done through co-branded experiences, exclusive content, or special promotions that align with the brand’s marketing goals.
A sports app can simply be combined with a sporting goods logo to offer exclusive content or promotions on important sporting occasions, such as the Olympics or World Cup.
• Audience and logo alignment: Choose partners whose goal largely aligns with yours.
• Transparency and trust: Be transparent with your users about sponsored content to trust.
Apps can also be used as a platform to sell physical or virtual products. This can range from designer clothing to ebooks and more. I’ve noticed how integrating e-commerce features into an app can lead to a lucrative business model.
An app built for a marching band can only sell concert tickets, albums, and branded merchandise from within the app, making it a one-stop-shop for fans.
• Simplified shopping experience: Streamline the checkout procedure to be as fast and as possible.
• Exclusive Products: Offer exclusive in-app pieces to inspire downloads and purchases.
These five monetization methods offer various tactics to turn your mobile app into a profit-generating tool. Keep in mind that the most successful apps combine several of those methods to maximize your earning potential. Feel free to upload your concepts and adjust those methods. to suit your express application and business objectives.
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