deas are powerful tools which drive ordinary people to world business leader. All is not taken, the mobile application industry is one of the remaining corporate avenues where making a global change solely depends on creativity and dedication of an aspiring individual. Call it a level playing field as you would like. Have you managed to beat the odds and launched your first mobile app. Mock up or not it does not count. The first bridge usually the most difficult has been crossed. How then do you turn that mobile app into a viable business? Free apps build business empires and lasting dynasties.
Done and over with the pleasantries and philosophies. What is mobile app monetization? Simplistically it refers to making money from a mobile application that is offered to users free of charge. Ironical right! It sounds unorthodox in all practical aspects. Let’s get to the facts then. Statistics sourced from App Annie app market Data Company suggest that paid mobile application revenues stood at $29 billion in 2017. Global in-app purchases made $37 billion in the same year. Future market forecasts place this industry at $189 billion in the year 2020. The trend is imminently jerking up towards profitability in the world economy. Year 2020 projections stand tall at 500% of the in-app purchases as at 2017. Paid apps earn less than free apps compare $29 billion to $37 billion respectively. The potential in monetizing mobile applications is arguably imperative. How do you monetize your app then? You must be eager to enjoy a piece of the cake.
In-App Purchases and Freemium
In-app purchases are useful for avid gamers and cravers of online fame. A mobile app is downloaded for free but advanced features are purchased at certain stages. User desperation to achieve in the given mobile app service is drawn as a leverage point. Interested app users buy the said features for their own fulfillment.
Freemium encompasses free and premium mobile app types. It is based on the fact that the content in the free app version is used to bait users into upgrading to the premium version. Users believe that they will make out more benefits while on premium. Constant up to date information relevant to the users is extremely important in maintaining the ‘whales’ routine online purchase clients.
Partnerships and Sponsorships
Depending on the work you put in, while building your code. A bigger mobile app developer targeting the same market or audience may approach you the initial developer; into forming a corporate merger or a complete buy out. Buy outs can be considered if you think that the app has matured and achieved the intended purposes. Caution is however attached to terms of engagement and user data protection.
Advertisements
Earning money comes easy with this one. Allow brands to advertise on your app platform. Distraction to user is however a matter of concern. CTR click through rates increase generating income for the host mobile app. Consider selecting the best choice for your advertisement needs.
Data-based Earnings
Apps monitor user behavior across target groups in detail. This is a gold reserve for marketers who pay handsomely for up to date informatively rich data. Consider modeling data monitoring parameters during initial mobile app development stages. Enforce data integrity for your users at all cost.
Third party engagements are the most common methods of earning. Any model will suit an individual differently. The end goal is monetization. The above methods have been tried and they work. It is a start for all that matters. User notification through emails and SMS is necessary in boosting app visits and maintaining clientele because emails and mobile numbers rarely change. Mobile App Monetization is not farfetched!