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The world has always been open for people who are innovative and hard working. New ideas and technology are turning out to be a winning combination for money making enthusiasts. With the growing popularity of mobile technology, many businesses are seeing apps as a potential money-making tool.
As it has become easier to create app from website with tools like AppMySite, the vision has become more feasible. Besides the revenue generated from your mCommerce ventures and selling on apps, you can also make money in many other ways.
With the right strategy and implementation techniques, mobile apps can become a great revenue source. Read further and find out how you can convert your app into a money minting machine.
Mobile apps ensure best ROI
Every business requires initial investment. However, it is important to have a definite plan that has been curated smartly, to make the most of your investment. In order to make the most of the resources at your disposal, you must set your goals and plan your execution for achieving them.
Mobile apps can be a bankable option if you want to attain maximum output in minimum investment. Mobile apps not only strengthen your Return on Investment figures, but also open up new boundaries of expansion and growth.
The factors that make mobile apps the most viable investment, have been discussed below:
The number of apps, app downloads and mCommerce revenue is increasing everyday
98% of worldwide mCommerce revenue actually comes from free mobile apps
The expenditure on mobile apps advertisements is expected to reach USD280 billion
Mobile app consumption and user strength is bound to grow in the coming years
People trust mobile apps more than websites for making payments and purchases
Heavy weight brands are also trusting mobile apps for promoting their products
It is easier to quantify, analyze, manage and process your earnings through apps
Ten popular money-making strategies
With latest features and technology, the scope of business is also expanding. As the years have passed, new techniques of earning through apps have emerged. It is important to know about each and every strategy in detail to know what can work best for you.
Read and discover the best app monetization models and techniques:
1. Subscription Model: If you have an app that has valuable features worth paying for, this model is for you. Generate hype around your app through your website and other platforms and tell people what all is worth the consumers money. Make them pay for downloading your app all at once or divide the subscriptions into tiers as per the usage level. This works best for gaming apps.
2. Cost Per Mile Model: This technique is independent of the type of users’ calculated actions within your app and depends upon the total impressions (number of clicks) you gain. It works great when you are not sure about your campaigns performance and likeability and depend upon the number of interactions. The earnings are quantified based on the formula: CPM= Total earnings/Total impressions*100.
3. Cost Per Action Model: It should be used when your campaign has strong call to action strength and ensures specific actions from users. Revenue is generated when a user performs specific action like click on an advertisement, download a feature or more. The formula for this is: CPA= Advertising cost/Number of actions.
4. Cost Per Click Model: This model is meant to attract a number of advertisements that can woo your app users. For instance, if you own a health mobile app, you can attract advertisements from pharmaceutical companies. Your aim must focus on generating more clicks from users as it is calculated according to the formula: CPC= Total expense on advertisement/Total number of clicks.
5. Freemium Model: It is the most popular earning model followed by app creators. As per this model, you initially offer your app for free. Once your app is installed, you can create curiosity for more advanced features and ask users to pay to unlock them. It becomes a win-win situation as you also get to know about users who are genuinely interested in your app and will probably stay loyal and boost conversions.
6. Software as a Service: If the product you are promoting through your app, has the potential of attracting buyers who are willing to spend to have it, you can apply this model. Sell your app, its features and functionalities like a service and earn revenue. You can divide the subscriptions into plans and make users pay as they proceed to unlock some services.
7. Affiliate Marketing: It is most common and go-to approach by app owners for earning revenue these days. In this case, you allow a brand to promote or advertise their products or services within your app. Determine what are the types of ads that your users will not mind flashing on your app and go for it. Earn money from the advertisers by selling their products and regulating the transaction chain as you want to.
8. In-app Advertisements: In-app advertisements sound similar to affiliate marketing but have a condensed approach comparatively. While the scope of affiliate marketing is quite wide, the aim here is quite simple. You just allow other brands or businesses to run advertisements in your app or do it for yourself. This is turn tracts earning for the promoted products, a share of which can be taken by the app owners. It can also be quantified on the basis of user-actions on the advertisements.
9. Conventional Marketing: You can also opt for traditional marketing and publicity methods and go for conventional ways like TV advertisements, Social Media Promotions, Influencer Marketing, SMS & Email Marketing, Push Notifications and more. Use these conventional tools to highlight and promote your app, products, services and other offerings. Attract users and earn infinite amount of money through downloads, purchases and subscriptions.
10. White Labelling: This technique works best for app builders and is meant for the mobile development ecosystem. Many brands purchase a fully built app from online app creators like AppMySite and then sell it as their own. The brand exclusivity is retained in White Labelled Apps and it can be further distributed and marketed to generate revenue by the third party. Hence, it is beneficial both for the creator and the business owner.
Enrich your efforts now
As we have scaled through the top money-making strategies through apps, it is time for implementation. Start making efforts in this direction and apply the mobile app monetization techniques and models that suit your budget and your resources.
If you still don’t have an app for your business, then get one immediately. Contact AppMySite and make your own app in an affordable budget. All you have to do is to sign up, enter your details and start building your app. Proceed to upgrade and publish and penetrate the mobile market.
Be future ready by bringing your business to apps and turning your apps into a profitable business. Proceed to apply various methods listed above and generate revenue from apps. Give your earnings an unprecedented boost with the sure shot app monetization techniques. Get started now!