Top 3 Monetization Strategies For Your Android App
After going through a tireless development process with an android application development company, now you have finally accomplished your goal – A mobile application for your business.
Now, you can connect with your users and stay ahead of your competitors. Is that all?? Well, definitely not! Your app can be a source of income to your business if you know how to monetize your app. Many appenders and best mobile application development companies aim at increasing their ROI through app monetization strategies. Owing to its possibility to adopt change free apps can fetch you higher revenue than the paid apps.
Hakuna Matata Solutions unveils the secret behind effective app monetization. Here, we present the top three monetization strategies for your android app.
Let the magic begin with the word ‘FREEmium’. Any android application development company around the globe will provide two versions of the same app – Freemium and Premium. Freemium allows the user to access the basic functionalities while premium has access to advanced features through payment.
Through freemium version, you can pull in the user’s interest, make them use your app for a while, engage your user and then convince them to pay for additional features. Apparently, it’s the best way to generate revenue for appenders.
Many gaming apps fall into this category where the user can enjoy certain limited basic features at a free of cost and in order to unlock the advanced features, the user must upgrade to the premium version.
As the name suggests, the users can purchase the virtual goods inside your app. This strategy will act as a new sales channel and delivers maximum profit with a minimum amount of risks involved.
In-app purchase can be utilized by the gaming and service app through providing users with virtual goods like currency, extra life, etc.. More than a source of revenue it acts as a platform to increase your user engagement in the growing monetization world.
How to monetize an app which lacks additional features and virtual goods? In that case, this third strategy will help you. Through in-app advertising, you can collect revenue through paid ads without directly collecting it from your users. Make sure you display relevant ads in your app without distracting the user experience.
Recently, the tech giant Apple has come up with the search ads for the App Store. When the users search for a keyword, the relevant app ads will be displayed above the search results. Let’s take “taxi” as a keyword, the resulting ads will be ‘UBER’ and ‘OLA’ followed by the relevant taxi apps available on the app store.
Through free app, one can earn more revenue than the paid app if he/she know to apply the monetization strategies effectively. With these strategies, you can monetize your app and gain revenue like never before. But, be smart enough to choose which strategy works best for your app.
Looking for similar app development and monetization strategies? Consult with Hakuna Matata Solutions, One of the best mobile app development companies in India. Drop in your app idea at firstname.lastname@example.org