Ways to Increase your Mobile App Revenue
A few years back, smartphones didn’t exist and fast forward to today; we cannot imagine our lives without smartphones. It is nothing but the fact that mobile phones are now the most popular devices to browse the Internet. The massive number of people using smartphones is an excellent opportunity for mobile applications to make big money — possibly, this is the reason why there are approximately 2.8 million applications available on the Play Store.
However, merely application development isn’t the thing that businesses should consider. They also need to ensure that customers are using the applications developed by them. That’s the toughest part of having a mobile app in the market. For instance, a fraction of users stop using your app after a single-use. Lest your app has an extremely high price tag, that doesn’t leave you much time to make money before your app gets ignored.
Increase your Mobile App Revenue
With challenges as such, it’s no surprise that several people are looking for advice on how to successfully monetize their apps. In this article, I shall guide you with tips on how to enhance mobile application revenue.
1. Up-Front Purchases
The foremost strategy in this list is the traditional yet most effective way to monetize an app: set a price to download it. Many companies do offer their apps for free, but that does not mean you can’t still fill your pockets this way. The perils of developing a paid app are lesser than you may think. Even if the users abandon your app after a single-use, yet they’ve made a purchase, which means you’ve made a profit from them. The only catch here would be that you won’t be able to keep making money from them.
2. Use Paywalls
Let’s consider that you initially choose to offer your app for free. That makes your app freemium. Freemium is software that costs nothing at first but comes with additional paid features. Users are charged to unlock these premium features, which also attracts them to revisit the app.
3. Allow Numerous Purchases
A few app developers take the idea of a paywall even further. Instead of allowing users to access all premium features at once with a single payment, they set a specific price for each new feature. This strategy is especially prevalent in mobile games. If you charge users an amount for every item they buy in-game, you can make a lot of money, particularly if the users need to restock them after every use.
4. Use Ads to Drive Purchases
Undoubtedly, marketing is one of the most common ways to monetize your app from long-term users. However, you should be careful with it. Too many ads may bug your users and contribute to the abandonment of your application.
Collaborating with ad networks offers you with revenue built on several criteria. Impressions and Click-throughs are most common for banner advertisements. You can also opt to use ads along with a paywall.
5. Use Video Ads
Using banners is a common strategy, yet it can be risky. Remember, you would not want your users to abandon your app by constantly pestering them with advertisements and pop-up banners. However, studies show that users are less likely to be bugged by a video advertisement. According to publishers, video ads provide the greatest user-experience, and click-through rates for videos are seven times greater than those for banner ads. Video ads linger in the minds of your users longer than banners do. Think of it as the difference between trying to recall a poster for a film in comparison to the film that you have seen in the theatre. Individual images do not have the staying power that video offers. The big news is, video ads presently account for 55% of the total app revenue, making them the most common way to monetize your app.
There are various techniques to make money from your mobile app, but all of them aren’t equally promising. If you need to withdraw money consistently, you have to go farther than just setting an initial price to your app and think of more innovative tactics. For game designers, the optimal solution could be to include several in-app purchases. For others, collaborating with an ad network that would let you run video ads can be considered.
Keeping that in mind, take enough time to make sure your app can display video ads by implementing an SDK that supports them. SDKs are packages that deliver various plugins, but coding them can take time. Using an SDK service like Enhance can streamline this process and make your app video-compatible in next to no time.
By using the right tools and strategies, you can make it easy for your app to keep bringing in revenue. Refer to the tips listed above, and use the right tools to set up your app for success.
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