So you launched your business app and made it available for downloads to help you generate a lot of income. Is that what you think about revenue through the app? Folks, if your answer is yes, be mindful of the deep pitfall coming your way. An app will not turn into a revenue-generated tool unless you incorporate relevant strategies and techniques to promote it among different users. There are certain monetization models that you must consider to ensure the growth and success of your apps. Partnering with a top mobile app development company can make you aware of all the strategies to turn your app into a profitable business.
But remember, a business does not bring profits straightaway upon its launch; you need to build several plans and activities to reach the progressive milestone; the app demands to be functioned similarly to reap multiple benefits.
Want to learn more about the apps and related profits? Read on to learn and gain insights into how you can make money with a mobile app.
How does an App make money?
As we have been discussing from the beginning, building an app is not enough; you need to go through different steps to enable income generation. It is true that nothing can be built overnight, but continuous effort in a definite direction can create success overnight. You can check the following points to achieve the ultimate goal of making your app a huge success and start earning on it.
Analyzing Market and Competitors
Analyzing the market and competitors becomes crucial to building effective solution that not only helps you grow your business but also gain a competitive edge. Most importantly, with new trends and innovations introduced almost every day, it is essential to keep an eye on each one of them.
Moreover, you can find high-graded iOS and Android App Development Services, having great expertise in the field that will help bring you success-driven products. However, to sustain the high level of competition, you must focus on building products that can create a difference in the world.
Imagine you have successfully launched your app and have got 1000+ downloads so far. But it still does not provide any revenue. Now what?
Relax, you don’t have to worry about it. Rather you can work on the two monetization models explained below:
1. Direct Sale
It is an approach that makes applications available for downloads only after paying the subscription fee. Users won’t be able to access the app unless they pay for it. But then the question is- how the company reach out to the targeted consumer.
You can put various screenshots of the app, videos, descriptions and reviews on App Store or Google Play Store. These are excellent sources to attract users worldwide. In addition, while looking for a perfect app solution, users prefer to download an app with the greatest reviews and ratings.
2. Indirect Sale
This model is integrated into apps that are available for free to use with a few paid features or require payment to access upgraded features. This model is quite popular in the industry to leverage the benefits like turning new customers into loyal ones. You will definitely make the most of this and bring excellence to your business and startup. There are some incredible ways to generate revenue in some incredible ways using an indirect sales model. You can use SMS marketing, sponsorship, advertising, push notifications, another app collaboration and in-app purchases.
How to Decide the Price of an App?
So far, we discovered top ways to promote indirect sales that will help generate revenue for you. However, these methods will only work if you have determined the price in the correct manner corresponding with the features inside.
But how to decide the price of an app? This is a common question frequently asked by app owners. Well, your mobile app will add to your revenue only when it entails every feature justifying its worth and price. Your customer will agree to pay only if the features are worth the penny. Therefore, you must think like your users; analyze the competitors’ monetization model preferences.
Once you start thinking like your targeted app users, you will be able to fetch insights into each drawback and benefit that your own digitized solution can bring.
Pick Your platform: iOS or Android
The income generation through your app also depends on the platform you choose to provide for downloads. Every platform has its own user base, so you have to be very considerate about picking up the platform to make your app available for download. While iOS and Android are the most common platforms, you can also find a Cross Platform App Development Company in India to help you with an efficient app launch.
But how to make your selection? Again, market analysis can help you gain insights. Here’s a chunk of a market analysis report to help you make a decision.
- The cost per install (CPI) is 60% more in the App Store than in Google Play.
- The cost per in-app purchase or CP-IAP is 30%, and the cost per registration (CPR) is 73% higher on Apple devices.
- Besides, it is believed that 16% of Android developers and 25% of iOS developers can make up to $5000 per month.
- While 38% of Android users are okay to make online app purchases, only 47% of iOS users consider it.
However, picking up the right platform can solve most of the tasks of making your app into an income-generating tool. You must not ignore continuous research for the core features of your app and the industry it belongs to.
Overall it is safe to say that making your app a profit-generating tool requires adopting the right monetization model, platform, industry, technology trend, and price of an app. These factors are important to gain insights into how much revenue you can earn with your own mobile application.
For assured results, you can also reach out to WebMobril Technologies to ensure you are able to generate profit from your app. They are a top mobile app development company that not only develops cutting-edge mobile apps but also suggests the right way to make your app earn huge profits. They empower you to earn a higher return on investment (ROI) for mobile app development services, whether for iOS or Android platforms.