By Charlie Betley
Mobile apps are big business, with millions of games and software applications downloaded every week from the Google Play Store and Apple iOS Store. Developing and marketing an app is the first step for those wanting to start a mobile app business. However, if you want to earn money from your products, you will need to consider the best way to monetise them. There are four main ways to make money from your mobile app.
Fixed Price App Sales
One of the easiest ways to monetise your app is to sell it for a fixed price. If your product provides entertainment, valuable tools or useful information to the user, you can set your own prices based on the amount you think potential customers will pay. Fixed price app sales work best if you are providing a unique product that customers are willing to pay for. However, competition in the mobile app market is extremely high, with a wide range of free apps available to suit a range of purposes, so your product will need to offer something extra.
Rent Space to Advertisers
Many app developers offer free downloads and monetise their products by renting advertising space within the application. The amount advertisers will pay to place their marketing messages in your app will depend on several different factors, including the popularity of your product and type of application. Renting advertising space can be an effective way to make money from your app, but users can be put off by intrusive advertisements. Always check and monitor the adverts placed in your app and address any issues raised by users.
Sell In-App Purchases
One of the most lucrative ways to make money from your app is to give your product away free of charge, while also offering optional extras for a small fee. In-app purchases could include special features, removal of advertisements or extra levels for games. Some developers place restrictions on the functionality of their free products and allow users to unlock extra features for a set fee. Users often respond well to this type of monetisation, as it enables them to test the free product before committing to the purchases.
Promote and Sell Your Products
If you run a business or provide a service, you can use your app to promote and sell your own products. Mobile apps are a great way to keep in touch with your customers and generate new interest in your business. However, users will only download your product if it provides something of value, so you will need to consider the best way to capture the interest of your intended audience. Monetising your app by promoting and selling your products usually works best when targeting existing customers.
Developing mobile apps can be a great way to make money, especially if you can create a unique product or offer a better experience than your competitors. However, it’s important to choose the right option for monetising your products. Conducting research on your target market, as well as your competitors, can help to provide valuable insight into which option is best suited to your products.