Top Mobile App Monetization Strategies to Consider
Top 6 Mobile App Monetization Strategies to Consider. The demand for the integration of mobile apps into a business has seen exponential growth in recent years. With every business switching towards digitization and opting for mobile app development, mobile apps have not only catered to the users to avail of the services anytime and anywhere but have also helped businesses generate additional revenue.
But how can an app help generate additional revenue for your business? The answer is mobile app monetization!
In this blog, we will be filling you up with some of the top mobile app monetization strategies to consider for your business.
6 Top Mobile App Monetization Strategies
The top 6 mobile app monetization strategies that can help you generate additional revenue for your business are as follows -
Sponsorships and Partnerships
1. E-commerce Integration
It is one of the primary ways in which a mobile app can help you monetize your business. This method helps in mobile app monetization by enabling you to integrate e-commerce features in your mobile app, which in turn helps you generate revenue in the form of commissions on sales.
Read more: eCommerce Platform Development Cost
2. In-App Advertising
It is one of the most widely preferred and most common mobile app monetization strategies to consider if you are thinking of developing a mobile app for your business. This strategy enables the users to display ads of different brands, companies, and service providers while browsing your app. This type of advertisement helps in targeted advertising, ensures higher engagement, is interactive, and also helps in getting measurable results for a business.
Some of the popular formats of in-app advertising are as follows -
Banner Ads - These are small pieces of advertisements that are usually placed at the top or the bottom of the app screen.
Video Ads - These ads are short video clips that help in promoting a brand or a business, making it engaging as well as entertaining for the target audience.
3. In-App Purchases
It is another common and most used strategy of mobile app monetization and can be widely seen in gaming apps, which allow users to purchase power-ups, virtual goods like coins, costumes and characters, and several other elements.
In addition, it provides you flexibility in terms of pricing models such as one-time purchases, subscriptions, and others; helps in increased engagement, and can be easily scaled according to the growth of your user base.
Read more: Flutter App Development
This mobile app monetization strategy enables the users to pay a one-time fee to download and access the mobile app. Although this monetization model was more prevalent in the early days, now you can still see its essence in the form of limited free trials. It helps in generating immediate revenue for your business enabling you to reach a global audience.
It also helps in reducing the piracy of your app and is a great tool to help you gain the trust of your customers.
Read more: Why User Experience Matters?
5. Sponsorships and Partnerships
This mobile app monetization model involves collaboration with other brands and businesses to co-promote or sponsor their brands on your app in exchange for a fee or a revenue share. This model helps stabilize your app’s income and also reduces the reliance on single-app monetization strategies as it can be easily integrated with other monetization models.
In addition, it also helps in expanding the user base alongside enhanced features, thus enabling you to build trust and credibility with your customers.
Read more: Native vs Cross Platform App Development
6. Subscription Models
This is one of the most famous, widely-used, and preferred types of mobile app monetization models that have been used by renowned businesses and brands like Netflix, Spotify, Amazon Prime Video, Canva, and many others.
Read more: Mobile App Development Process
It helps you to offer tiered subscriptions to the users to access premium or exclusive content on your app. It helps in providing value to the users to enhance the retention rate alongside providing a consistent and predictable source of revenue for your business.
Furthermore, it is a sustainable business model that helps in enhanced user experience, and continuous improvement and also enables the users with free trials, thus enabling the users to access the premium content before committing to a subscription.
Wrapping It Up
While wrapping it up, mobile app monetization is a strategic and dynamic decision to make, which requires thorough research and strategic planning as it will help generate revenue for your business. As the mobile app market continues to grow rapidly at an alarming rate, it also brings up innumerable opportunities to generate revenue, and implementing an app monetization model should be considered for the same.
Read more: Cross-Platform App Development
The aforementioned monetization models are some of the most used strategies in the market, but choosing among them highly relies on what type of application you want to develop along with the industry of your business.
So, if you are thinking about developing a mobile application for your business alongside the integration of the right mobile app monetization model, then connect with us, or hire a mobile app developer, and get the best solutions tailored according to your custom business needs.
FAQs: Mobile App Monetization Strategies
What are the different types of mobile apps?
The different types of mobile apps are native mobile apps, cross-platform or hybrid mobile apps, and web apps.
How much time does it take to develop a mobile application?
Developing a mobile application typically takes up to 4 - 6 months, and sometimes even more based on several aspects like changing business requirements, integrating additional features, the total number of resources working on the app, budget, and many more.
What is the cost of developing a mobile app?
The cost of developing a mobile app ranges from $10,000 to $3,50,000 and sometimes even more depending on factors like the design, total number of features and integrations, the location and per-hour charges of the development team, and many more.