The Smartphone App industry has been growing at a rapid pace & industry experts predict that mobile app popularity will continue to increase in upcoming years.
This popularity has led the app world to a situation where we have billions of mobile applications available in different app stores. With such huge number of smartphone apps, it is always a challenge to generate significant amount of revenue to stay alive in the competition.
To help you with that I have compiled 10 awesome methods that will help you to monetize your mobile app.
One of the most important steps in app monetization is to make your audience aware about mobile application. To accomplish that, you can run social media ad campaigns on Facebook & Twitter which are great platforms to get more mobile application installs. On both platforms, running campaigns is a flexible task as you can set the campaign limits according to business marketing budget, audience etc. This way is very popular and many of the internet marketers and business owners have achieved effective results by using this approach.
Tip: Before starting an ad campaign, you need to make your app useful & innovative to grab the maximum attention of the audience.
Many people think that email marketing is dead and it doesn’t work anymore but this is not true. In 2014, email marketing was the largest factor of Black Friday transactions, with 25.1% of sales driven by different email marketing channels. It shows that Email is one of the top channels for delivering marketing messages. Many businesses have already increased their Email subscribers by using this method.
You can also design interactive newsletters (promotional and informative) and push it to users. It will provide huge benefits by driving more consumers to your mobile app.
Email pop-ups are a great way to get the email address of your customer so that you can thank them, send them promotional offers etc. This type of communication between you and your customers can boost the app engagement. To implement it you can buy services from Bounce Exchange, Optinmonster, Picreel etc.
However, you should implement Email pop-ups on the right time so that it doesn’t bother your app users. Usually, a customer want to know your mobile app first then only he will able to decide whether to provide his email or not. So it is better to show an email pop-up to a user after he spends some time on your app.
Create a follow up sequence that depends upon your market & targeted customers, this way you can know who is the right customer for your product. If you are aware of your customers, you can reach to them directly.
After knowing the right person, you can send various email newsletters to them that describes your app and its functionality. However, you should make sure that the emails are normally written with the clear message, if you write complicated emails newsletters then your customers will not be able to understand your message.
If you are not using advertisements in your mobile application, you might be missing a big chance to monetize your app. There are several display ad networks like AdMob, Adfonic, mMedia, Admoda that pays well for showing their ads in your smartphone apps. These networks supports multiple mobile OS platforms such as Android, iOS, Windows etc. Also they support multiple ad formats like Banner, Smart Banner, Interstitial, Search, Table etc.
Juniper Research predicts that mobile application ad spend will reach$17 Billion by 2018, as compared to $3.5 billion in 2013. While app downloads will increase with a rapid pace with social media platforms like Facebook, Twitter. These statistics clearly reveal that mobile apps are going to be more powerful way to advertise.
SMS Marketing should be an integral part of your app’s strategy in which you must ask for customer’s mobile numbers. The main advantage of SMS marketing is that you can get in touch with your customers on timely manner. Also, you can provide information related to new product releases & offers via SMS.
Through SMS marketing you can also showcase a piece of content, new product release information, ask for customer feedback or build brand image.
This method is one of the strong and effective method to strengthen your brand because it brings app users back to your mobile app. For fulfill this, you must have a robust content strategy which understands user needs & business goals simultaneously.
By using the content plan, you can send notices or reminders, app updates, contests & promotional offers straight to you users.
Also, if your are running a blog, you can make new posts available to your users via your mobile app or you can share good industry news to engage your users. That is an effective and easy way to engage users with your phone app.
Tip: Having a good content strategy allows you to convert inactive or new users into long term users, thus you must take advantage of it.
Many times in mobile apps you have to provide payments options to users, like in case of in-app purchase, annual subscription etc. So providing multiple payment methods always help users to pay instantly without hassle.
If you are looking for best way to accept payment from your customers then you can go with PayPal, Stripe, Brain tree they are robust mobile libraries.
If your payment procedures are easy and have various options it will give your customers a great user experience & it might be possible they will use your mobile app frequently.
If your mobile application is awesome, you can easily make money with your smartphone app by licensing your source code to other mobile app developers. This is called white labeling a source code in which you can sell your code to other smartphone app developers so they can use it and build a similar mobile app like you have built. White label code is easy and effective way to earn money without useless ads.
Another best way is to take help of other monetization channels such as eCommerce. Almost 7,000 app developers in 127 countries accept that e-Commerce is the best mobile app monetization strategy.
We all know that Amazon is one of the most popular medium available for selling products online. It offers a great affiliate marketing model, implementing the affiliate program on the Amazon marketplace. In which, you can refer website visitors to the Amazon marketplace. If customers take interest in what they see and make a purchase through your affiliate link, you earn a commission of the sale.
There are so many options available to monetize your mobile application, but I have found these methods more handy and effective. You can easily select the most suitable monetization strategies and implement them for your app. If your customer is highly engaged with your application for long time then you would definitely be earning significant amount of money through your mobile app.
If you want to add some more methods of Mobile app monetization, feel free to add them in the comment box below.