It’s been not much time when apps like WhatsApp, Instagram, and Snapchat started. In just a few years from then, they are now dominating the apps world. Almost every day we see hundreds of new apps launching and coming up with something new that no one had predicted. To back this argument, there are almost 6140 new app releases from the third quarter of 2016 to first the first quarter of 2018 through Google Play Store every day, according to Statista. This gives you an estimate of the growing number of mobile applications in the market.
However, this also indicates the existence of new opportunities if you kick off your own mobile application. As per Statista, by 2020, mobile apps are expected to generate $189 billion of revenue. Surprisingly, 98% of the application revenue worldwide is generated from free apps. Isn’t astonishing? It is quite obvious that users are more likely to download free applications available on the Play store & Apple store as the majority of apps are available for free. But the question arises, how do they make money out of their free mobile application? Well, this article gets you covered on how you can turn your free mobile app into a money-making machine without having to spend much penny.
Turning your iOS or Android app ideas into a real application comes with development costs, so before you invest, you must know how you can generate immense profits out of it. Other than only advertising and selling products through your app.
Here’s all that you can do to make your app into a money-making machine:
Crowdfunding has become quite popular among startups and small businesses and is one of the proven ways to raise funds for your app. You can make use of multiple crowdfunding platforms for raising funds for different mobile application projects, where users can freely donate funds. To name a few, Kickstarter, CrowdFunder, AppsFunder are some popular platforms used by developers to raise funds for their free mobile application.
If you are successful enough to show a compelling story to your users with all the details of your app and show the true potential of your app, you can certainly make a lot of money through crowdfunding.
Many apps in the market nowadays offer free use of an app for a limited period of time, where users can later pay a subscription fee to unlock restricted features or content and get full access to the application. Such models are generally used for audio & video streaming, e-zines, and online newspapers. In such cases, you can allow users to use the app absolutely free for a trial period and can later charge them with a subscription fee to continue using the app without any restrictions. Having said that, even Google and Apple offer a credible ability to deal with subscription transactions through their platforms to ensure a smooth implementation for app developers. This way you can benefit from getting a considerable about of subscription fees from your app users.
This is comparatively a traditional & old way of marketing but it acts as a powerful money-making tool when it comes to monetizing your free mobile application. To implement this, make sure to ask the email id of your app user during the time of sign-in and then keep them posted with all important notifications over their mail. You can also leverage third-party tools for the purpose to collect and manage the email ids of your users. Also, you can allow your users to sign in through Facebook where you can collect your user’s mail id through Facebook SDK. This way, you can notify your users every time you come up with something new or innovative.
Charging a transaction fee from your users is an easy way to monetize your free mobile app. With each digital transaction, you can simply charge a fixed fee while selling any of the products or services to users through the app. Keeping the transaction fee low, is a great way to start and earn decent money in the long run without even worrying to invest much in advance.
Belief or not, using data analytics is the most critical in determining your user’s behavior and generate big amounts from your mobile application. Studying in detail about your user base can give you insights on where your app should improve and what is the best way to retain and acquire new users for your application. It can also boost your application’s user experience which will ultimately turn your users into loyal customers/users.
To make sure that you receive the highest ROI, it is necessary that you understand the key factors which lead your users to stick to your application and which of them cause them to abandon or uninstall. Thus, behavioral data can act as a boon for your mobile app to generate tons of revenue.
Things you must take into consideration...
If you are in a dilemma to figure out which strategies can work best for your app, just keep the following points in mind:
Always keep your business goals in mind. To cite an example, you will have the most profitable deal if you combine in-app purchases with ads. Similarly, if you plan to launch a mobile music app, the subscription model can best work for you instead of going for another model.
Know your target audience well, and understand which monetization strategy works best for them using data analytics.
Do not take your competitors lightly! Keep a close eye on what your competitors are doing, what what’s trending in the market.
When you know which strategies to bring on board for your newly developed free mobile app, turning it into a money-making machine will no longer feel tedious. Implementing a perfect blend of different monetizing models can surely attract huge money and provide you a profitable business model. Once you are done with it, you’re all set to go…
Let’s move on quickly to earning ways that grabpoints offers and you can earn from completing them and we will review each one of these methods to know which is the best way to make some real cash money making