There are a few different routes that you might choose to take when it comes to monetizing your mobile app. No matter what kind of app you have created, making money from it can be an ideal business idea. You can make money by selling your app directly to consumers, using in-app purchases to make money from users who are able to download the app for free, and more. Keep reading to learn more about five of the most popular app monetization strategies to choose from.
Free and Paid App
One popular way to monetize your app is to offer both a free and a paid version of it. This approach usually means that the app developer will limit certain features in the free version of the app, which ultimately encourages users to upgrade to the paid app. Or, you may have all the features available in the free app, but users who have not paid to upgrade will either be shown ads or limited on how many times they can use each feature in a certain time period. There are several benefits to doing this. Firstly, it provides users with an opportunity to experience the app at no cost to them, while also providing the app developer with an expanding user base for potential monetization through either in-app advertising or upgrades to the paid app.
Paid App
In some cases, developers make their apps available only to those who pay for them. Most of the time, a paid app is one that offers unique value that is hard or even impossible to find elsewhere. Productivity apps tend to use this type of monetization strategy most often compared to others. If you decide to simply put a price on your app and leave it at that, it’s important to make sure that you are creating an app that provides unique functionality and a lot of value to users. This helps to successfully build a user base and generate revenue. Along with this, you should also determine how to price your app in a way that it is still appealing to users.
Free App With In-App Purchases
One very popular method of monetizing an app is to offer it for free, but with in-app purchases. The app and its basic features are usually available to users free of charge, however, if the user want to use certain features, they will need to pay for them. This is a very common strategy for gaming apps, for example, where users can buy extra funds or extra lives to use within the game. Dating apps also use the free app with in-app purchases model, with premium features on offer. In some cases, users may also have the opportunity to get the premium features free of charge after a certain amount of time or if they engage with the app often enough.
Free App With Subscription
Another popular monetization method for apps is a free app with a subscription. This strategy involves developing an app that is completely free to download but only offers users limited access to the services or content on offer. To enjoy the full benefits of the app with no restrictions, users need to opt into a subscription plan. You may also want to consider offering a free trial for a short period, to give users the full experience before they decide whether this app is worth them subscribing.
No matter what kind of app you are creating or have created, there are many different ways to make money from it. Pick the one that makes the most sense for you, your app, and your users.