How to Monetize Your Brand-New App: Standard Techniques and Rare Methods
By Todd Riddle
Each and everyone involved with app development understands the amount of money, time, involvement and energy that goes into creating an app. And naturally, it is human to have the instinct of showing off your stellar efforts to the world and reap the benefits by monetizing your app. However, things are not all that seamless as we perceive.
It is rightly said that “designing and developing an app is tough, but monetizing it is even tougher”. While much of the app development time is devoted to building, refining, debugging, and enhancing your app; you are left with much little time to focus on your app monetizing strategies, which however is as essential as building an app.
However, app monetizing does not guarantee a ‘get rich quickly’ recipe. Studies have revealed that only about 5 percent of app developers are fortunate to make the BIG breakthrough in popularity charts and garner fame as well as money. Here are a few proven strategies to monetize your app:
Create an app monetization plan from the start
Creating app monetization strategies is a necessity; however, with all the intense involvement in programming work sometime it becomes difficult to think about it. Whatever said and done, it is imperative for mobile app developers to start formulating a monetization strategy from the very beginning, so as to benefit in the long run.
Do some initial research and explore monetization strategies and different app monetization platforms, so as to choose one that suits your app requirements. Plan ahead so that you have a smooth transition to the app monetization phase, once your app is launched at the App store.
Create Different strategies for Different platforms
Create a platform specific app monetization strategy if you are developing cross-platform apps because, with the difference in technologies across platforms the app monetization strategy will also differ. So, in case you are developing an app for Android as well as iOS, it is imperative that you understand the difference in demographics between the platforms and create an app monetization strategy accordingly. For instance, while iOS is a very popular platform in the United States; the Android platform is predominantly popular in Europe and Asia.
Create Viable Marketing Plans
Marketing is an integral part of app monetization strategy. Simple as it may sound, it requires accurate planning to derive effective results. One of the best ways to market your app is to ‘spread the word.’ Using social media is nowadays considered by entities as one of the most effective marketing and branding tools, and also the fastest way to have your app noticed and downloaded. More downloads means better revenue generation and no other app monetization strategy can beat the power of marketing as generated by word-of-mouth.
Create App Monetization plans focusing on User Experience
User experience reigns supreme when it comes to creating app monetization strategy. We all know that in-app ads are a great way to generate revenue and kickstart your app monetization plan. However, make sure that it does not interfere with the user’s experience with your app, as no one like to have ads popping up at every juncture while using an app – either during work or play. Make sure you judge the user experience carefully, which otherwise could lead to uninstalling of your app or a negative app review.
Creating eCPM is essential, but it isn’t impeccable
Considering eCPM (effective cost per thousands) as the only metric when evaluating your app monetization strategy isn’t only the right way to plan your app monetization. So make sure you do not just remove an ad type (or ad platform) simply owing to its not having a high eCPM because, there may be a few ad types that may get more impressions than others – even if the eCPM is lower. And the catch is that these high-impression ad types may help you earn more revenue in the long run.
Create App Monetization Strategy based on Industry
With app monetization industry still in its nascent stage, there are times when new strategies and new ad types are emerging all the time. So, it is important that you keep an open mind and create your app monetization strategy based on industry-specific details.
And last but not the least, do not hesitate to ask for help. I’m sure these tips will help you craft a better app monetization strategy in future. For all those who already have a viable app monetization strategy, do share with us. We’d love to hear your success story.