According to a study conducted by mobileinsurance.com, the average mobile user spends 90 minutes a day on their phone. The majority of this time isn’t spent talking, it’s spent using the phone for it other functions, such as texting, shopping and using apps. If you want your app to be one that is used during the 90 minutes or more of phone time, then you need to look into finding ways to monetize your mobile application so it attracts your target market and makes you money.
The following are the top 5 ways that you can monetize you mobile app and find success.
- In-app purchases – This monetization method works particularly well for apps that can offer users additional bonuses and features beyond the apps basics, such as mobile games. One of the best mobile game monetization strategies is the free-to-play (F2P) model. Essentially, the basic game or a portion of it is free to download but if players want to access more features or the full game, they’ll need to pay for it. This method is quite successful and has been used by many big-name mobile developers for popular games like Angry Birds and Candy Crush Saga.
- Advertising – In-app purchases are not always successful. In fact, in many cases, users would far rather get a service for free and deal with the ads than pay. Therefore, you might find that for your particular app, a diversified ad products approach with multiple units of diverse sizes will work best. There are many app monetization solutions in this regard and mobile ad networks can be very helpful in helping you find a successful marketing strategy that will work for you.
- Partnerships – Forming a secure partnership with a company that has a similar customer base as you can be beneficial because you may be able to find ways to integrate their offering into your mobile application for a referral fee. However, it is imperative that the partner you choose is someone who can truly benefit your customers by delivering an integrated experience. Only then will the partnership prove profitable.
- License your code to other developers – If you manage to build an incredible app that generates notable traction with a free model, you may be able to attract the attention of other developers. If you manage to license your code to other developers, you can make money without interrupting your users’ experience by not using in-app purchases. Meanwhile, the other app developers will benefit from saving time and effort by not having to write the code for what your app already does.
- Have a smart content strategy – Many mobile application developers make the mistake of thinking that once they’ve finished and released their app that no more work needs to be done. This is far from the truth. In order to maintain the apps success over the long-term, you should have a three to five year strategy mapped out that will allow you to maintain and continue populating your product with new and awesome content/features.