5 Mobile App Monetization Strategies That You Can Use to Help Generate More Revenue
So, you’ve done the app creation process and you’re ready to publish it in the different app stores. Your job is done now, right? All you have to do is sit back, relax, and wait for the money to come in. No, your job is actually not finished. With a plethora of similar app development already on the market, if you do not know how to promote your application, you will not enjoy some huge profits. It is your responsibility to employ some monetization strategies that can help you generate more revenue. I happen to know some, so read on to find out about it.
1. Rewarded Videos
You might have used an app before, like a game perhaps, that presents to you a short video and if you watch it in its entirety, you will be given some in-game credits that you can use to purchase some stuff. That is actually the concept of “rewarded videos.” Think of this as video ads, but instead of forcing your customers to view it, let them do it themselves by luring them in using rewards. This tactic is widely used in applications that have in-app or in-game purchases. By doing this strategy, you’re going to increase the number of app downloads in no time.
One proven way to generate app revenue is by implementing advertisements in your application. It can be in the form of banner ads wherein if the user clicks on it, you will be given some money. However, ads have become something that is frowned upon by the community not because of the actual advertisement, but it is due of the way the developers have implemented it. There are just some ads that are so pervasive that it inhibits and lessens the user experience. Therefore, if you are going this route, make sure to use it sparingly and in strategic locations only.
3. Improve Your ASO
If you have a website, you have to make sure that you employ the right search engine optimization strategies so that it can be found at the top of the search engine results pages. The same can be said for app stores, but instead of SEO, you implement ASO or App Store Optimization. The basic principles still apply. The brand of your product should be one of the keywords and it should be placed on the title, in the description, and the actual app itself. Also, include some pictures and even videos to help with the optimization as well.
5. In-App Purchases
Giving people the ability to unlock new features and enjoy new content through DLC is one way to increase monetization. Customers will have to pay a fee to enjoy more in- game credits or they would have to dish out some money for new features to be made available. This is a little bit different than subscription-based models in that they will not be inhibited by a time frame. Each dollar they’ve spent will mean that the things they’ve acquired can be enjoyed without having to worry about expiration.
With so many apps these days, it is now more important than ever to not only develop an amazing application, but also make sure that you employ the right monetization strategies that work. Fortunately for you, all of the most effective ones are highlighted in this article.