10 Creative Ways to Monetize your Mobile App in 2020

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Ways to Monetize your Mobile App

Created a splendid mobile app for your business? What else can you do to make your mobile app more productive for your business? Monetize it. Yes, you heard it right. Your mobile app doesn’t only mean that customers can interact with you and market your brand. But it can also serve as a crucial source of extra income for your business. Being mobile marketers, it’s efficient to find critical ways to optimize. Also, it helps in diversifying your monetization strategy. So, you can compete in a competitive market. Below are the top mobile app monetization trends for 2020. Also, you can forecast expectations for app business models in the coming future.

Advertising

Not every customer wants to spend money to download an app. So, what can you do now? Make your mobile business app free and use in-app advertising. There are different types of ads that you can use in your mobile business app:

Full-screen ads:

These ads are often placed at pause points not to interrupt users’ experience using the app.

Notification ads:

These appear in the mobile device’s status bar and make mobile users aware of the ad presence.

Don’t miss such an outstanding opportunity to monetize your mobile app. With changing time and technology, people spend a crazy time on their mobile phones. Thus, digital advertising has enhanced communication between consumers and advertisers.

In-app purchase

Instead of having a free mobile app, you can enable customers to interact with the in-app purchase. It is a part of free apps where users pay no open cost but pays for gated features. Those features can take many forms such as in-game currency, new levels, power-ups to additional content, and anything in-between. You can make use of such a wonderful strategy and permit users to buy their favorite products from the app. Moreover, you must ensure that every in-app purchase you integrate into your mobile app offers real value and enhance the overall user experience.

Effective content strategies

It is the best way to convert irregular viewers into paying consumers. Thus it helps to refresh the content on your mobile app. For instance, if your mobile business app has a blog, you can make the newest post available for consumers. You can add some new stories, news, and other relevant content that seems user engaging. This way, the customers will find a good reason to keep visiting your app more and more.

Paid or premium apps:

Paid apps are the oldest and worthy mobile app, monetization ways. It helps you make money with a straightforward ad strategy. Whatever mobile app you have, you can launch it on the Google App store and put a price tag on it. So, whenever people try to install your app, they have to pay the set price.

Whatever the price you put for your mobile app, you can get 70% of it, and the app store takes 30% of it. You can also keep a premium version of your app where you add-on some new features and put a downloading price. So, if you first have a free mobile app, then it can give an idea to users of what your app can do for them. After using the free version, the customers can realize that the app serves a crucial role in their lives. So, to get a better experience, they might go for the premium version of your mobile app.

Go for SMS Marketing:

For more users to register with their mobile number, SMS marketing is beneficial. It works better than other things. Some include email marketing by offering you with a direct line to your customers. About 80% of people open every single text message they receive. Hence, SMS marketing plays a critical tool for attracting customer’s attention.

Develop sponsorships:

You can also monetize your mobile business app with sponsorships like influencer marketing. You have to find a potential partner and customer base. It is to permit cross-promotion of each other’s mobile apps to one another’s lists. If your business is quite accessible, then you can find many sponsorship opportunities. This helps to align the tour business with other brands.

Be a partner and make incentives:

You can allow other brands to generate revenue through your mobile app, and you can earn profit out of it. In this process, advertisers can show their ads. Also, they can run some integrated campaigns for mobile app users. Now, when other business or individual generates a lead through your app, you can earn an incentive. This monetization way is useful when it’s about gaming apps. Players respond to campaigns for redeeming virtual currencies, points or get other benefits.

White labeling:

It is a kind of process of creating a service/ product that another business company can brand as their own. Modern technology might let you struggle with sales and marketing issues. In such cases, you need to consider your mobile app as a white label solution.

Subscription services:

This monetization strategy is like a free trial mode. Here users download and use your business mobile application for free. With the subscription model, users can buy extra features, content, and goods offered. Instead of the option to buy, this model familiarizes subscription periods. When consumers have subscriptions, they can use premium aspects of your app. But, when the subscription ends, they have to subscribe again to use it.

Email List:

Social media, SEO, and other advertising methods provide the most profitable channels. Email is the most productive way to have profitable channels. An adequate email list lets you interact with mobile app users. You need not rely on an unstable intermediary. Moreover, people rarely change their email addresses. Thus, it implies that email lists can be a sales channel that lasts a virtual lifetime.

Final words

The ways discussed can help you enhance your business productivity. Also, it becomes a backbone for your active business. So, grab it up before someone else takes the idea you are dreaming of!

Author Bio:

Jignesh Vaghasiya is the CEO at Universal Stream Solution. Universal Stream Solution is a web development company in Atlanta. That helps startups to enterprise companies in mobile & web technology.