How to Earn Money Through Your Mobile App in 2021

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WE B DE VE LO PME NT By Taylor Macallan ? 18
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How to Earn Money Through Your Mobile App in 2021?
Let us begin with a basic question. Why does one
decide to build an app? Well, obviously it is
for-profit or business conversion or branding
that one builds an app. Naturally, monetization
is a key concern for any app development project.
But not all apps are successful enough to run
like a business and make consistent earning. On
the other hand, the vast majority of the digital
time now is spent by users on mobile. So, there
is no dearth of audience attention and earning
opportunities with the mobile apps. But the
majority of audience attention and app revenue
goes to a handful of apps that lead in every
category. This is where a mobile app development
company scratches its head in trying to find
something to beat the competition. The question
is how with a new app you can just start making
money right away? Well, it is not impossible
since there have been several great apps that
became quickly successful and turned into a
global sensation in their respective
categories. Let us offer here some useful tips
and monetization ideas to help your app start
earning money right away.
Let the App Offer a Unique Solution to a Demand
or Problem
Apps unlike websites and blogs come primarily as
useful solutions for real-life contexts, problems
and address some kind of burning demands. If your
app doesnt offer a solution to any problem or
doesnt address any demand, it is very unlikely
to be popular and financially successful. On the
other hand, just offering a solution is not
enough. The solution must be unique and useful
enough in the real-life context of the users.
Just think about a leading app like Airbnb or
Uber and you get the answer. Yes, at the time of
launch these apps offered a truly unique and
never-before solution to some burning demands. It
can be a simple mobile game but it must address
the need that its audience perceives for quite
some time.
Free Apps vs Paid Apps
Now let us come to the mobile app monetization
strategies. Grossly considering, you can either
opt for building an app that comes with a
subscription fee or an app that can be
downloaded and installed without paying any
penny. While a paid app has great potential to
generate revenue just because every download
brings you money, it may not get enough download
numbers to ensure profitability. A free app on
the other hand can generate good traction and
depend on the value offerings and user experience
it can convert business and generate revenues
through other in-app monetization methods. Paid
apps are only ideal if you already have a great
brand value followed by a loyal customer base who
finds your solutions irreplaceable in their life.
For all other apps trying to make money through
app marketing, the free app option is better.
In-App Purchases
One of the most popular and the leading app
monetization strategies for the vast majority of
app projects is the in-app purchase. This
monetization method is particularly effective for
all apps with a multitude of feature options and
customization options for the users. By using
this approach you can keep certain features
freely accessible while making users pay for
advanced or additional features and certain user
experience attributes. These advanced features
and additional value that can be offered against
a price may include passes to new game levels,
game characters, extra features for audio and
video media, additional features for remote
collaboration, etc. Let us have a quick look at
the key advantages of In-app purchases as a
monetization method. This method makes sure that
the basic app remains free for use while
monetizing only a portion of the app or certain
features. Thus it ensures offering value for
everyone. This monetization method involves the
least risks as all users can freely use the app
without any constraint. If the basic user
experience and the core value proposition of the
app can be engaging, the in-app purchases can
generate good revenue. This model actually can
strengthen the customer loyalty of users over
time and can influence them to make a purchase
when they are already engaged with the
app. Many leading apps and games have been
tremendously successful by utilizing g this
monetization model.
Monetize App With Ads
In-app ads offer another successful and popular
app monetization method for many apps across the
niches. Thanks to in-app ads, the entire app can
remain free to use. The success of this
monetization strategy largely depends upon the
choice of ads that should meet the demands and
sentiments of the app users. Some of the key
advantages of in-app ads as a monetization method
include the following. Thanks to in-app ads, the
app remains completely free for the users.
Setting up ads involves negligible
efforts. In-app ads can help generate consistent
revenue from existing app traffic. There is a lot
of creative scope of featuring user-focused ads
to lure the users. The only constraint of this
monetization method is that it may not get enough
ads or traction with ads unless your app becomes
a well-known and successful one.
Rewarded Video/Audio Ads
Finally, the incentivized media ads deserve a
special mention because of their popularity as a
useful and effective monetization method. Many
mobile games already utilized this in-app ad
strategy to garner revenue. Just by seeing an ad
a game player can continue playing or can get
some extra coins or additional lifeline. Spotify
ads are also great examples of using this method.
By seeing an ad you can get free access to a lot
of music that is otherwise not free. On the other
hand, they also lure users to go for a paid app
version to enjoy music without needing to see ads.
Conclusion
When it comes to app monetization, you cannot
choose a method blindly without considering your
audience, the competitors, and your potential to
draw attention. On top of that, to make your
monetization successful, you need a great app
that just makes enough sense for the specific
user needs.
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About Author Taylor Macallan Im Taylor I am
totally obsessed with online activity, either it
is website building/blogging or cryptocurrency
trading and social media marketing! Adore reading
and while doing it every day, I am craving for
sharing, thats why I am here! You can ask me
about web design and marketing, and tell me what
you know! I am a chief editor at ThemeREX,
occasional writer and guest authors recruiter.
View all posts by Taylor Macallan
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