When you develop a mobile app, there are always two reasons for creating it: making your audience happy and earning from that developed app.
Monetizing an app can be relatively easy if you know how to do it. But you must see this thing that the earnings from the app increase with time. It's not possible that if you have created and released an app today, then from tomorrow, you'll start earning.
The process of earning from an app takes time and patience as well. Although, if we talk about making money from an app, then there are specific ways to do so. Well, here, you will get all your answers on how to monetize an app.
Mentioned below are some of the ways that you can apply to start earning from your app.
1- Start In-app advertising
This way of monetizing an app is the most famous and widely used method. If you want to allow your users to use the app for free, this is the best way to earn money. However, there are different types of in-app ads that you use in your app. It includes:
- Banner Ads-These ads are the original in-app ads and are the most common type. You can use this type in any free and paid version of apps.
- Interstitial Ads- They are the alternatives to the banner ads, but the only difference is that they are displayed on the whole screen.
- Native Ads- This ad can smoothly integrate into the app and does not affect user experience.
- Affiliate Ads- This type of ad allows you to produce commission from other products and services by showing their ads on your app.
- Reward Ads- These are the ads where a user has to see the full advertisement to get a reward from the content.
Well, introducing ads in the app can sometimes annoy your users as well. So, it's better to display a few ads or some relevant ads only.
2- Subscription and Freemium Model
One of the popular ways to generate app revenue is via subscription models. In the subscription models, an app can be downloaded for free, and users can access some or all the features for free, but only for a limited time.
Once their free trial is over, they need to pay to continue using the app. This is becoming one of the most used ways. When developing such apps, you must ensure that the users get a seamless experience in the app's paid versions.
3- In-app purchases or Virtual Currency
This method is widely used in gaming apps nowadays because to unlock certain features in an app, and they should pay for those features. So, adding in-app purchases and making the users open the feature beneficial for them is one of the best ways to earn from an app.
One another mode by which many of the users pay within the app is the virtual currency. This way is only beneficial for gaming apps because, in such apps, they can produce a total amount in the app to get more coins or points in the game, which they can use to unlock more features.
4- Paid or Premium App
Another common way of monetization is making the app paid or providing a premium version. These apps have a free version, which is the down version of the original paid app. To get access to extra features, they have to go for the premium version of the app. You can create such an app where users are interested or become curious to get the app's premium version.
5- Hybrid App Monetization
This is the perfect way to increase the earning from your app. In this method, you can implement more than one monetization method on your app. But you need to make sure that the user experience is not compromised if you are implementing more than one way of monetization.
So, the above mentioned five ways are the best ways by which you can earn money from your application. When you introduce any of these methods in your app, you need to take care that the user experience is not impacted.