So, you’ve created an app for your business. With the best interface and engagement strategies, it will surely become popular. But what’s next? Unfortunately, that ever-increasing user base cannot guarantee revenue growth until you’ve tried your hand at the best app monetization practices.
Using apps – illustrative photo. Image credit: NordWood Themes via Unsplash, free license
App monetization refers to the strategic plan to encourage users to invest in your app, via subtle features that allow them to buy in-app rewards, currency, subscriptions, or other temporary allowances for added advantage over fellow users. This, in turn, ensures that your App generates a uniform stream of revenue for its further advancement and maintenance.
While there are many app monetization techniques, the model you choose for your app solely depends on the industry in which you operate. For instance, freemium models are highly likely to succeed in the OTT space, however, gaming apps find their highest source of revenue from video advertising that’s linked to in-app rewards.
Nonetheless, you can also combine two or more monetization models to make a dynamic plan that shortens the conversion cycle. The analytics of a trusted mobile marketing platform can give you an overview of the monetization plans that are drawing maximum responses, making it easier for you to choose between the multiple options available. In this article, we will discuss 5 of the best app monetization insights and models you should consider before releasing your app. Let’s dive in!
. Use In-App Advertising to Rule the Gaming World
Include them as videos, banners, texts, or a mix of all. Regardless of the mode you choose, in-app advertising is sure to become an instant hit with gamers. In-app ads allow you to tap into the user journey at the optimal time, when their attention is high, and intent is directed towards a sale. Even with the challenges of stunted engagement rates, in-app advertising stands as the most viable technique for app developers because it gives you an opportunity to knick your competitors at the end of the marketing funnel.
. Power up the Native Ads for Fintech Success
Native ads allow FinTech giants to communicate with the target audience without losing their trust or the company’s credibility. Due to their seamless integration into the app user interface, native ads can help you slide across an idea or product into the view of your target users when they are most likely to pay attention. The fact that such ads are non-intrusive and hyper-personalized further enhances their efficiency. However, if you’re giving them a go, make sure you’ve had a thorough look at your targeted customer segments, their in-app behavior, and expressed interests.
. Enjoy Smooth Sails With Interstitial Ads for the Entertainment Industry
Picture this – the movie is at its climactic scene. The song has reached its highest note. Right before it all ends, an image or video ad spreads across the mobile screen with a brief message that re-directs users’ excitement towards a company’s product offering. Sounds good, right? The selfsame formula of interstitial ads has been ranked as one of the best app monetization insights for entertainment and music apps for years on end. And the reason is simple – it’s economical and effective, for both the advertiser and their partners.
.4 Try Out Freemium Subscriptions to Boost Health & Fitness Apps
The passing pandemic has raised everyone’s concerns about personal fitness. And it’s not unusual to find a health app in every other handheld device. But merely being there doesn’t help. You get your efforts’ worth from an app if users keep subscribing to its features – time and again. And it all starts with a freemium. Free access to all the features of your app allows users to explore its functionalities, picking the ones they’re ready to subscribe to. Top it up with a referral program, and your app monetization strategy is fully ready for the market!
.5 Promote In-App Purchases to Increase Readership for Educational Apps
Temporary offline storage, or digital lending is the best means for educational apps to monetize their platform. Users can browse through the cloud-hosted educational content, like video lectures, books, courses, and recorded webinars, and only pay for the content that they wish to peruse. Time-bound access retains the exclusiveness of your inventory, making it a constant course of revenue.
Putting it Together
There are hundreds of advertising techniques available for app owners. Yet, the best app monetization insights are those that take account of user demographics and market value. If your monetization strategy is poorly implemented, it can repulse users by constantly interrupting their in-app experience. So, make sure you opt for a technique that your target audience responds to. Also, you can combine multiple channels, like SMS and email marketing to bring your users back to to the app every time their engagement drops. The key is to intrigue and acquire!