The mobile phones and apps world are getting bigger day-by-day. We all are dependent on the mobile apps for each task from scheduling our meeting to get anything at our doorstep, we use mobile apps. In a study, it is shown that users will spend 24 percent more on in-app purchases than the paid apps. This increases the need for the app monetization techniques because once the user knows how the app works and what it delivers, they love to spend money on it rather than earlier. So if you are looking for some mobile app monetization techniques this article is especially for you. Give it a small read, you will find it worthy.
Mobile App Monetization Techniques
Here are some app monetization techniques in-depth that will help you to earn more revenue from your free mobile apps.
Advertising
When you create the free apps the advertising is the best and convenient way. A third-party ad network also does it. The app developers just need to display commercial ads in the mobile app or choose affiliated marketing. As an app developer, you get paid whenever a user installs the app or view the ad. You can also get revenue for a particular time frame of running ad campaigns. There are some ads way developers can use.
Interstitial Ads: this type of add shown only when the user visits the app and appears on the full screen and once the user closes the add it will not appear again.
Banner Ads: this kind of ads will show on the top or bottom of the app and it does not bother much the users and users can use the app easily.
In-app video Ads: this kind of ads generally have something to render in the return for viewing the advertisement like points. Such points can unlock some new features or a new level or continue to use the app. The best example is Candy crush or ludo king.
Subscriptions
This is useful to make money for your app. There are many apps that provide a free trial for a limited period of time like Netflix, later user have to pay some charge if they want to use the app without any restrictions. This service is provided by cloud services, music, and video streaming apps like Spotify, Amazon prime videos, Medium, and many more.
In-App Purchases
These purchases are very convenient because they made within the mobile app. Some apps provide the basic free version but for some exclusive or pro version features users need to pay some amount. In a study, it is shown that the in-app purchases app is earning the highest. There are many trending apps like tinder, bumble, PUBG, many apps from different regimes using this monetization method.
Sponsorship
It is always exciting to make money despite being less used. The sponsorship method for mobile apps is very useful if an app creator creates the right niche for a targeted audience and introduces it on the behalf of another company. Before opting the monetization, the app developer should make a list of the platform or organization that could provide benefit from an association and target the same audience as that of the organizations.
Referral Marketing
This kind of marketing indulges supporting third-party services or goods as a method to boost revenue opportunities. App developers or owners can earn revenue by promoting or selling affiliated services or goods based on the number of downloads or clicks. There are some methods for the developers
Cost per Action (CPA): in this method, you can promote other apps or marketing the products with popups or urges apps to make money.
Cost per Click (CPC): this kind of model is based on the number of clicks per ad viewed your
Cost per View (CPV): we have to go through many adds when we play Ludo or Candy crush here they opt this method to earn revenue on the views on their ads or videos.
Cost per Install (CPI): if you opt this you will earn revenue on the behalf of every install of the advertised app on your free app.
Conclusion
There are several ways to generate revenue or monetize your free mobile apps but you need to keep in mind that every way has its benefits and limitations. As a mobile app development company, we suggest you consider your targeted audience and app structure before deciding the monetizing technique for your app. There is a hell number of ways to make money from your free mobile app, all you need to learn them well because the future of the mobile app’s success and development rely on the free app market.
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