The process of mobile app development as perceived by many businesses and individuals revolves around certain factors. They think of an idea, research for its feasibility and look for app developers to bring their idea into existence. The same goes for most developers as they research, pre-plan, draft a prototype, finally develop the app, and ultimately publish it on the app stores.
However, the process of creating an app is not that simple nor does the lifecycle of an app ends after its launch. If you are successful in creating a fully functional application that gets sufficient amount of traffic and improved user retention rates it is still of no use to you as an important factor is missing from it. That important aspect is the process of monetizing your mobile app.
Why App Monetization?
A report by App Annie suggests that that the total revenue generated from in-app advertising will reach $189 billion by 2020. This clearly implies how important the need to incorporate a monetization strategy in your mobile app is. Even if the core building foundation of your app is something else it is fascinating how an app can still turn into a revenue-generating stream for you.
iOS is one of the two major operating systems of mobile applications. Monetization techniques work for both iOS and Android platforms but if you chose to make an iPhone app then the main advantage it has for you is that iOS apps possess more capability of turning into a revenue model. iPhone apps have an audience demographic that prefers paying for good features rather than getting less quality with free apps. Many businesses tend to select an iPhone app development company of their choice and rely on them for the entirety of the app development process, therefore, as a developer you need to be aware of core monetization practices.
It is not set in stone that a certain monetization strategy prevails over other strategies or that one can generate more revenue than the other can but here are the top monetization strategies that render great results:
Free Apps with In-App Advertising
Before you proceed to create an app, you need to know how befitting it is for your target audience. In-app advertising techniques work with free app models. The strategy followed in such apps is to make users download it and once sufficient data is gathered, advertisements relevant to the interests of those users are placed inside the app.
An intriguing example would be of the game Candy Crush. Developed by the game development company called King, Candy Crush is a free-to-play game app however once it established a stable position amongst its users, King introduced several other game apps similar to Candy Crush. What made their monetization method successful was that they displayed ads of their new games inside its app, which lured more people to download their new releases and in turn generated revenue with adverts.
Just as the free model, in-app purchases are incorporated in free-to-download mobile apps. This type of model is known as a freemium model because it allows the user to access additional features or functions after paying a certain amount. These purchases are optional but effective if the user builds credibility in your mobile app.
Used for getting extra functions, storage or subscriptions this method also works in mobile games. Many mobile games are free-to-play but prompt the user to purchase or sell extra goods or unlock a certain level by paying for it. Adventure and shooting games are a good example of in-app purchases as they involve upgrading artillery with online purchases. However, it is a bit tricky to utilize this method as the key is to provide users with high-quality results and not let them feel deceived.
Premium and Paid Apps
Fused with both the elements of in-app purchases and advertising, premium app model is a preferred choice of many. This method is used in free apps but with a twist. Once the user downloads the app and gets familiar with it, he is impelled to unlock a premium version of the same app. The free version of such apps has limited features, therefore, to get the complete access users to have to pay a certain amount.
Paid apps are different from premium purchases, as users have to pay only once and get the access to the entire app experience altogether. This strategy is not often used in Android apps, as Android users are more prone to download free apps whereas iPhone users always prefer quality as their utmost choice, therefore, paid app model works the best for such an audience.
There is no right or wrong selection of an app monetization strategy as any method can work with adequate research and proper planning. The area where most developers and companies fail to render successful results is their inability to conduct relevant research. One wrong advancement can affect the entire performance of an app.
Whether you are a custom app developer or a business owner ardent to figure out the importance of app monetization then you need to find the right iPhone app development company that can choose a monetization model that is befitting your app requirements, improves user engagement, and revenue stream faultlessly.