Apart from branding, the majority of companies who jump into mobile app development want to know how much money they can make? As a professional and experienced mobile app development company, we ensure to share profit aspects with your clients while discussing current app monetization models with them.
Knowing app monetization options is vital and selecting the right one can help you make more out of your app by the end of the year. At present, there are top 5 models which are utilized to earn more income from a mobile app. Each of them comes with their own pros and cons. Let's check them out one by one.
App monetization models
This model is considered mainly for developing mobile apps such as game apps, eCommerce apps, and social apps. It provides great flexibility, thus you can use it in different ways like boosting game, buying more widgets using in-app purchase, making a purchase for paying transaction fees etc.
You might infer what exactly this model is from its name. Here, users get non-paid, free versions of the app to utilize. As there is no initial cost involve in this model, it becomes easy to introduce your app to your target users. Usually, this app monetization model involves subscription options or certain premium features which are unlocked once you establish value proposition with users. This model focuses primarily on download count rather than conversion. You may find many successful freemium apps in game and eCommerce genre.
This model asks users to pay for accessing advanced premium features. Mobile app developers or owners can leverage this model to create a steady revenue stream, however, you need to keep updating the app with the new features or versions to ensure users will not stop utilizing it. With this model, users can experience less pressure while making a decision as the app is available for free at the initial stage.
It is one of the popular concepts to raise money or fund to realize your business idea. Using crowdfunding platform such as Kickstarter, you can take your mobile app development idea to many investors or money donors. If they find your idea feasible, they become ready to pay for the development of your mobile app which lessens your worry about generating instant revenue.
This app monetization model can be sometimes frustrating for the app developers, as you need to interact with your audience directly and convince them to purchase your app. It is not guaranteed that your efforts always pay you off.
Every business or individual develops a mobile app for some sort of profit or making money. App monetization models can provide you with different options for developing an app that ensures to meet your goals. Including the idea of app monetization from the initial phase of your app development is the key to ensuring the success of your app. Thus, select the method which is a better fit for you and realize your app monetization dream.
If you have any query or need help regarding mobile app development, free to get in touch with our experts for free consultation.