Considering there are over 4.5 billion smartphone users globally and the popularity of applications it is not a pressing matter that needs affirmation of any sorts to define that it will generate revenue, especially when you already are in the know of some famous apps that are doing well in the mobile app space.
The mobile market is huge it has already surpassed television in time viewed per day. An average of three hours per day people spend their time ogling on the screens of their smartphones. The number is predicted to continue rising as the technology advances.
If you’re thinking to take a plunge at the mobile app market it’s not a bad idea, if you’ve got an awesome idea for an app. But regardless of how amazing your idea is you probably already know that any business one runs it has to have the capability to generate revenue.
If there isn’t a proper monetization path your awesome app will eventually crumble. To generate revenue from your app what it comes down to is the app type and who your target audience is.
Here are few of the ways how one can generate revenue through an app;
The most popular way to monetize through an app is by offering it for free. But be sure to hide some features behind a pay wall where users are required to make a onetime purchase to access the full benefit of the app. Users who find a need to use your app frequently will make the purchase of the premium features of your app.
FREEMIUM APP WITH MULTIPLE PURCHASES
While it is similar to the basic freemium model the only thing different is that it will have multiple features locked where are continuously required to pump money into it to access the best features. If your app is really worth it users will definitely pay.
ADVERTISING ON YOUR FREEMIUM APP
Using this model will allow the users the full access to your app for free if they can tolerate ads. However also develop a premium version where users will want to pay for a premium app that has no ad interruptions on it. This way cash flows both ways.
PARTNERING WITH SPONSORS
This means that your app will only show ads of only your sponsor unlike the traditional advertising that will show a multitude of ads from different companies.
This method is growing in popularity instead of putting up a banner ad on your app developers can partner with ad networks show video ads on their app. If these short video spots are implemented properly it can really engage users in a way banner ads never.
Make sure your app is being seen by others if not then you are not going to make anything out of it. It’s that simple. Get your app on websites and social media it can grow in popularity moderately. Using promotional services isn’t a bad option either as your app will have the potential to be seen by reviewers and users.
The most famous model where users need to pay upfront to gain access. It however is going down in popularity wise thanks mainly to the freemium model. Be what may be it still has the potential to make money. In order for this model to work you’ll need a kickass app and use of promotional services to show your app to a large subset of interested parties.