In the course of mobile app development, you naturally come to the point when you start wondering whether the product can attract any additional income. The internet offers a vast amount of information on how to monetize mobile apps, and here we would like to have a closer look at the most prospective ones.
Preparing for mobile app monetization
Before setting out on a monetization journey, it is worth going through some preliminary steps:
- define your target audience;
- determine how they use your app;
- find out your competitors' ways to monetize apps;
- think about the mobile platforms you can use for monetization;
- choose correct mobile app monetizing strategies.
All these combined will give you the necessary boost and make the process smooth and profitable if you thoroughly think through the whole strategy. Supposing that you have already done your research, it is time to move on to strategies themselves.
Effective strategies – how to choose the right one
Each of the methods suggested by market research specialists has pros and cons. For instance, if you choose to make your application paid, it would be more cost-effective to promote its iOS version as Android users are less likely to pay for apps (46% of iOS app users vs 38% of Android audience - appfollow.io).
When we talk about app monetizing business models that offer a free app with the possibility of upgrading to a premium paid version, certain specifics should also be taken into consideration. On one hand, it is quite a successful business model working for many large players on the market, but for a less experienced developer, or for a product that is not distinctively unique, this might be a tricky path as it would be quite a complex task to convey the value of your premium to your audience.
Monetizing apps through ads
Along with some obvious ways of making money on your apps, another more efficient revenue model has come into the light, namely, in-app advertising. Do not regard this way as something that would only annoy your audience; recent surveys have shown that users are more willing to click on an ad than pay for the experience. Moreover, according to eMarketer, almost 2/3 of all online advertising budget is spent on mobile platforms. Apart from that, these monetization models for apps are not intrusive and help keep lots of free applications afloat, by contrast with invasive pop-up ads and banners on some websites.
Plus, recent advances in AI technology have provided us with very precise tools to monetize your mobile app. For example, Adsgard employs the technology which allows you to obtain the maximum clicks for ads thanks to the mechanism that makes targeting as specific as possible. You can be sure that your users will be shown the ads specifically selected for them and there will be no bitter residue after the interaction with your product. The ad inventory on your application is going to be sold to publishers via programmatic advertising technology employed at ad exchange networks. The process happens in real time (RTB - real time bidding) and the advertiser offering the best price gets the spot. The whole process is conducted via SSP (Supply Side Platform) and is fully automated.
Finally, it is worth mentioning that the market for mobile advertising is now up and running and there are lots of companies that offer services in this niche. However, should you choose to apply this strategy it is always better to use the highest eCPM mobile ad network (eCPM – effective cost per mile); this way you can be sure that no bitter surprises await you and your product. We at Adsgard proudly boast some of the highest rates and are happy to help you with our expertise and qualifications.