Top 10 Tips to Monetize Your Mobile Apps

1. Top 10+ Tips to Monetize Your Mobile Apps "Mobile is the perfect example of what is enabling the on-demand economy," -David Callis. Today mobile apps have become a money honeypot in the market. In 2021, mobile apps revenue has climbed up to $34 Billion, and by 2023 it will reach $935 billion. Indeed, the app market is booming at a breakthrough speed. But the problem is many people don't know how to monetize them. If you also belong to those confused about app monetization, you're at the right place. Here, you'll get all your queries sorted. In this blog, you will learn about: 1. What is mobile app monetization? 2. Benefits of mobile app monetization

2. 3. Top Ten Tips to Monetize Your Mobile Apps So, let's get started. What is mobile app monetization? Monetization is the way to generate revenue from your mobile app. Here's the simple definition: "The process of generating profits and cash flows through various business models by offering goods, services or content to customers." Mobile apps are becoming a primary source for people to get information about everything they want. Consumers spend more time on mobile apps, which allows you to engage them in your content. Let me also share with you some benefits of mobile app monetization. Take a look.

3. Benefits of Mobile App Monetization: Generates more revenue. Increases your app's performance. Drives more traffic to your mobile site/app. Opens new business doors for you. It gives a chance to grow exponentially in the market. Helps in building trust among your customers. Improves user experience (UX). ● ● ● ● ● ● ● Top Ten Tips to Monetize Your Mobile Apps: Now, it is time for tips on how you can monetize your apps? Here are the top ten ways that will do wonders in terms of generating revenue from it. Let us now discuss all these mobile app monetization tips one by one with examples. 1. Email Lists Email marketing is the best way for you to offer incentives to get people interested in what you have got, also known as a lead magnet or bait. You can provide them with a stimulus that they are more likely to sign up on your email list. For instance, if you own an online fashion store, you can offer a free shipping coupon to the first 500 subscribers. Or, send them weekly deals and discounts on your products that will keep them engaged with your brand over time. This strategy will help you build a strong relationship with your customers, and they'll be more likely to purchase from you. See how email marketing works for your business.

4. Image Source-BlueFish

5. 2. In-App Advertising Image Source- appmystery In-app ads are one of the best ways to monetize your mobile app. They allow you to place advertisements in a way that doesn't disturb user experience and is non-intrusive for them. You can do it by either placing banners or native ads at various places on your app, such as an exit ad when people are leaving or at the bottom of an article. For example, suppose you are reading a news app on your mobile device and exploring more articles related to that topic. In that case, it will show you some exit ads before taking you back into the menu to explore other options. Native ads can also come in many forms, like banner images/videos and text ads. Another way to monetize your mobile app is by offering a subscription-based service, like newspapers or magazines. For this, you can allow people interested in particular content to subscribe to it with their credit card details to get the latest updates at regular intervals of time.

6. However, you need to remember that if the advertisements are not relevant or intrusive for users, they may uninstall your mobile apps, which will prove quite costly. So, only place high-quality ads on your site/ app and provide relevant information to your users so that they will not get irritated. 3. Sponsors & Partnerships Sponsorships and partnerships can be a great way to monetize your mobile app. You can use them as an additional revenue source along with others like in-app advertising, subscriptions, etc., or you may choose one of them based on the type of business model that suits you best. For example, if you want to start a gaming app, you can get sponsored by a leading gaming console company to become their official partner. This way, the users will get access to all games and other related information on your app. Here's an image that explains important things about sponsorships: Image Source- CleverTap Nowadays, many companies are also offering bundle-based deals for mobile apps, which favor both parties. You may also partner with companies with similar target audiences as yours and share revenue from the deal in an equitable manner.

7. 4. Creating Strong Code Creating robust code is one of the best ways to monetize your mobile app. According to research, creating an efficient and bug-free application will help you earn 30% more revenue than others who do not offer a high-quality service. For example, if you are developing an ecommerce shopping app for iPhone users from across the globe, you need to make sure that it is compatible with all iOS versions and different screen sizes. Also, the code should be clean and easy for programmers to understand because if they can't fix bugs or add new features as per your requirements, your app will lose its charm very soon. If you plan to create an Android app, make sure that it is compatible with all versions. You can also use open-source libraries for faster development and better user experience. Anyone who has worked on developing mobile apps knows how important testing them is before launching their beta or final versions in the app stores. You can have in-house testing done for your mobile app or hire app developer to test it thoroughly before submitting the results of their work during development to you. 5. In-App Purchases It is one of the most popular ways to monetize your mobile app. You can give people access to premium content in exchange for a small fee, and they pay it happily, even if it means spending a few dollars on your app. This strategy is quite effective because you do not need a vast audience like ads. Even if only a few people are willing to pay for your premium content, you can earn quite well by selling in-app upgrades like levels/features, new game modes, etc. Take a look at how in-app purchases matters for a business:

8. Image Source-CleverTap Another way to monetize mobile apps through in-app purchases is by offering subscription-based services. In this case, users can pay a small monthly or yearly fee to access all premium features of your app regularly without any hassles. It will help you to generate consistent and regular income without much effort. 6. SMS Marketing SMS marketing is one of the quickest and most effective ways to monetize your mobile app. According to a survey, 95% of respondents said that they have opted for an SMS-based service by companies over any other form of communication within a short period.

9. Image Source-Pinterest This strategy has been used widely since it was introduced. Still, due to its success, many companies like Facebook and Twitter are now looking to integrate it into their business models. If you have an ecommerce shopping app, then integrating SMS marketing with your website will help you generate more revenue than before by reaching out to a larger audience on the go. You can also send alerts about new deals/discounts or other promotional offers to your subscribers. 7. Free/Premium Versions Another way to monetize mobile apps is by offering a free and paid version of the same application. All you need to do for this strategy is build one app that provides all features at

10. first, but users will have access only to basic or limited content unless they pay an upgrade fee. This method goes well with companies targeting consumers on a tight budget or who want to spend more than they need on the app. Plus, you will be able to get more users by offering a free version of your mobile application because it also acts as an effective marketing strategy that helps in increasing user engagement and brand loyalty over time. Image Source- CleverTap

11. For example, one of the most famous mobile applications, Angry Birds, started as a free app with in-app purchases, and they only later introduced paid upgrades to access more levels. In another example, Dropbox offered limited storage space for all users at first but upgraded it to unlimited by charging an additional fee when they released their pro version. With this free and paid version strategy, you can generate higher revenue in a shorter time with less effort. 8. Strong Content Strategies Sharing quality content is an excellent way to get more attention on your mobile app, and it will help you improve engagement rates, brand loyalty and increase conversions over time. Whether you offer a free or paid version, it does not matter because both can benefit from solid content strategies, including blog posts, videos, infographics, case studies, or webinars. Once you start generating unique and exciting content regularly over time, your users will be more likely to recommend it to their people as well. It is one of the most effective ways to increase downloads by new audiences passively without much effort on your part. Also, look at how you should make your content strategy to attain better results from your app. Image Source-The Manifest

12. The better your app content is, the more people will download it. So, work on it and let it bring you more users and profits. 9. Multiple Payment Options for Subscription Services If your app is a subscription service, you should never limit the number of payment options to attract and retain more users. For example, an online music streaming platform like Spotify offers monthly and annual subscriptions at different price points for consumers. They also offer gift cards that allow subscribers to get their first month free or at a discounted price. This strategy is beneficial for the company and helps users get more value from their subscriptions by offering different options at various prices. It boosts purchases and revenue over time without much effort on your part. 10. Data-Driven Strategies Every business needs to have a data-driven strategy implemented in their mobile app in this day and age. You can track metrics like sessions, user behavior/patterns, time spent on the app, etc.

13. Once you start collecting all this great information from your users over time through analytics tools for better insights about what makes them use your application frequently and what does not, you can use it to optimize your strategy accordingly. By leveraging data-driven strategies over time, you will be able to increase revenue through better user engagement rates and improved conversion rates as well. For example- In the customer relationship management software, Salesforce's mobile app has a personalized dashboard that offers its users quick access to all relevant data and information about their customers while they are on the go. With this type of strategy in place, you can build better relationships with your existing customers and attract new ones without much effort. 11. Multi-Platform Promotions Creating a mobile application for one platform is never enough because not all your users are on the same operating system. So, you should always make an app that works across multiple platforms to increase reach and download rates. For example, Facebook created its full-stack development framework called React Native, allowing developers to build native apps on multiple platforms without writing separate code for each forum. It will help you attract new audiences and increase the reach of your app by leveraging different mobile operating systems. It will get you more downloads, users, and revenue over time with less effort on your part. 12. Focus on User Experience When you are developing an app for your business, it is not enough to focus on the functionalities and features of the application. You should always prioritize user experience over anything else. If users do not have a great experience using your mobile app, they will uninstall or stop using it after some time.

14. Image Source-TestBytes For example, Asana's mobile application offers a clean and intuitive user interface that makes it easier for users to use the app, even on a small screen. It allows users to organize their projects, tasks, and notes without any distractions, ultimately increasing productivity and revenue from your business. It's one of the best ways you can increase downloads over time with less effort. 13. In-App Bots & Assistants In this day and age, bots have become an integral part of the digital landscape, constantly evolving from a simple messenger bot into more sophisticated ones with increased user intelligence. With in-app assistants like Siri or Cortana on your mobile app, you can offer personalized assistance for your users, which will increase downloads, revenue, and user engagement rates over time. For example, Facebook's M is an intelligent assistant that can help its users automate specific tasks on the app, like ordering food or booking a cab through third-party services without leaving the app itself. This strategy can increase revenue through better user engagement rates and apps without opening them separately for each task. With this type of strategy in place, you can also save a lot of time and effort to do all these tasks manually. 14. Data Selling & Monetization If you have a vast data store on your users, monetizing it through in-app advertising or partnership is not always possible. To make real money out of the information available about their app enthusiasts, publishers should consider selling this data directly to advertisers and marketers who can use them for various purposes like targeted marketing.

15. For example, Google and Facebook made around $80-$90 billion in total revenue from selling data to advertisers for targeted advertising purposes only. That's a lot of money coming in by doing nothing but sitting on an ocean of user information. It is one of the best ways you can monetize your app without putting much effort into it and get more downloads, revenue, and user engagement rates with the right monetization strategies in place. The Bottom Lines With all these strategies in mind, it is possible to monetize your mobile app in more ways than one. If you can implement these strategies long-term, you can get more downloads, revenue, and user engagement rates with less effort. There is no one-size-fits-all solution when it comes to mobile app monetization. The strategies you choose should be based on your business goals and the industry you are operating. With these tips, you can begin right away. You can also hire a mobile app development company in India for better assistance, and they’ll help you out best. FAQs Q- How do I find the right monetization strategies for my business? A- According to your business goals and industry, you should create a list of possible strategies, then prioritize them based on their potential. Once you have created this prioritized checklist, it will be easier for you to monetize your app in the future. Q- How do I figure out which strategy is working best? A- For better results over time, you should track the performance of each strategy on an ongoing basis. For example, suppose you are using in-app advertising on your app, then every time a user clicks or installs any ad displayed to them across various apps on their devices. In that case, it is recorded as an "acquisition" by marketers and advertisers.

16. Q- Do I have to implement all the strategies to get good results? A- No, you don't. It's always a better idea to prioritize your monetization strategies and pick one that works best for your app based on business goals and the industry you are operating in. You can work towards implementing other procedures later if there is an opportunity available to you at a later stage. Q- How do I create a strategy to monetize my app? A- Mobile App Monetization is not an easy process and cannot be achieved overnight. For better results, you need to have patience with the strategies that are working best for your business goals and industry. You can start by implementing one or two at a time before moving on towards another approach. Q- How can I increase user engagement rates with my app? A-One of the best ways to do this is by creating an exclusive version of your mobile app for users who are willing to pay a certain fee upfront. With all the features included, you'll be able to create a better user experience and make them stick around with your app for a longer time. Q- Do I have to pay anything if I want to monetize my mobile apps? A- No, you don't! Many strategies allow publishers and developers to generate revenue from their apps without paying a dime. Q- Do I have to build an exclusive version of my mobile app? A- Not necessarily. You can also use multiple payment options for your subscription-based mobile app. You can set up a monthly fee for users to access the app's premium features, increasing user engagement rates and conversions. Q- Do I have to hire someone if I want to implement monetization strategies? A- No! There are many online tools available that you can use, and you can also hire a mobile app development company, and it will work better. Original source Thank You!!!