Design your Mobile App Monetization Strategy
All that you need to know about app monetization.
So you have built a phenomenal mobile app! Now, what is your next move? How do you intend to produce profits and make a return on your investment?. If your app is not funding for itself, you are just bleeding resources. Let’s get you on the way to app monetization!
Firstly, In one sentence — app monetization is the process of converting your app users into revenue. It enables you to take chance out of the picture, and get control of the aspects that affect the success of your application in the market. The app marketplace is rapidly flooding with new apps each day (about 3739 mobile apps are being launched through the Google Play Store per day). To match the high level of competition, you will need a lot of patience, knowledge, and creativity to build a monetization model that will bring in revenue.
App monetization methods fall into one of two categories — direct monetization and indirect monetization. As the name implies, direct monetization is the sale of the app and the money generated directly from the application whereas indirect monetization is quite different as it doesn’t provide direct financial benefits through the app itself. It revolves around creating a custom mobile application that takes your business models, digitizes them and provides you value by making your business more streamlined, efficient, and profitable.
If you aim to bring your mobile marketing efforts to the next level, Tecblic is here to design and implement objectives and strategies that boost engagement, drive awareness, and increase ROI.
Here are five crucial steps for setting goals and measuring your ROI:
Establish your strategy for your Mobile app — Consider the primary role of your Mobile app in sensitizing, creating leads, converting sales, or offering a subscription service.
Build actionable metrics — Define the exact metrics which can lead to your particular intent and design tactics to impact those measurements positively. Measure and track primary indicators actively to respond quickly to possible market changes.
Customer Lifetime Value — The customer lifetime value (CLV) demonstrates each user’s anticipated revenue during their engagement to the program.
Determine your costs — Calculate the total costs for maintaining, building, updating, and promoting the app.
Know that not all users are the same — Different users create different consumptions patterns. Segment the acquisition networks to more reliable ROI numbers with correct buyers.
Furthermore, apps can also generate revenue using one of these 11 app monetization strategy: Advertising, Subscriptions, Selling Merchandise, In-App Purchases, Sponsorship, Referral Marketing, Collecting and Selling Data, Freemium Upsell, Physical Purchases, Transaction Fees, and Crowdfunding.
In a nutshell, App monetization techniques can be complex. The mobile app market will continue to get more saturated in the coming years as brands continue to grow and innovate with mobile app development. Companies who want to be successful must create an extensive plan to quantify accurate numbers using the right measuring method and deliver a solid ROI. The first step is understanding the different ways to make money with an app. Then it is just a matter of figuring out which ones work for you. Tecblic helps you build an app and its monetization strategy that will produce a good revenue and a stable operational efficiency.
Thinking about building a mobile app and an app monetizing plan for your business? Contact the experts.