So, you’re thinking of building or commissioning a business app? Great news! A business app opens so many doors to customers and has the potential to increase revenue. You’ll take advantage of location services to target users specifically. You’ll serve them timely content direct to their phone, and you’ll keep your brand in their mind.
The big question, however, is about money. How exactly do you make a profit from an app? Today we’re exploring the six ways you can monetize your app. Every app is different and what works for some, won’t work for others. Your mobile app development team can help you make the right choice too, speak to them about it. In the meantime, here are the most popular ways to monetize your business app.
Ads are the oldest and simplest form of monetizing content. You may already have banner ads or skyscrapers on your website. Did you know you can translate these to your mobile app? Of course, the only trouble here is the size of the screen. When you’ve got less screen real-estate to work with, it’s tough to squeeze in advertising. Try not to compromise on the quality of your app for the sake of money here.
- In-app purchasing
In-app purchases are very popular in the world of games. Perhaps you’re familiar with Candy Crush, where you can buy more lives, more coins or upgrades. This won’t necessarily apply to your business, but think about what you can sell. If your business relies on products, make sure purchases are simple and easy.
- Set a price for the app
We don’t tend to advise this for first-time app builders or new businesses. No-one is paying for your app if they’ve never heard of it. Instead, build some awareness and buzz with a free app. Build the community and your name first, and then introduce the price later. Wait until there is a demand to monetize in this way.
- Premium features
The ‘freemium’ model is one that many businesses are adopting at the moment. You allow users through the gate to look around and try a free version. Then hide some of the cooler versions behind a paywall. You’ll tease users and get them hooked on your content, and then lure them into the premium upgrade.
Subscription services always do well in the app world. You can also tie this into your normal, online business model. Take Spotify for example. You can download the app free and instantly listen to music. However, there are adverts and limits to how long you can listen. When you subscribe and pay the fee, you remove the ads and listening limits. You also get access to offline playlists on your app. Incentivize the subscription process by linking it to your app.
- Sponsored content
Many media outlets are now taking this road. It replaces the traditional concept of advertising. Instead, a larger company will sponsor content within the app. It’s usually quite innocuous and blends well. It’s a fantastic route for apps with lots of content.
There you have it, folks! As you can see, there are ways to monetize your app. Choose the one that fits your model best.