The best ways to monetise your mobile app

There are currently over 5 million mobile apps available for download across major digital marketplaces and the figure is growing rapidly at a rate of over 2000 apps every day. It’s projected that the app industry will be worth around $189 billion by 2020 thanks to a growing number of new app development companies looking to find success in the mobile age. If you’re soon to be joining the digital market with our business app opportunities, here are some tips that will help you successfully monetise your mobile app.

Advertising

The word advertising has become a slightly taboo in the world of mobile apps over the years thanks to negative feedback from consumers using apps that have been drowned in unnecessary and intrusive adverts. That being said, adverts still play a huge part in the monetisation of mobile apps and can be very effective if used properly.

There are two key things to remember when implementing ads into your app. Firstly the adverts should be relevant to the demographic that your app is aimed towards. Secondly, it is important that the adverts don’t interrupt the user experience.

Data monetisation

Huge companies like Google and Facebook have shown that there is a lot of money to be made in the data game. There is an increasing number of privacy laws being implemented but there are still several ways that information can be legally and legitimately sold without compromising consumer privacy.

In-app purchasing

In-app purchases have become a hugely popular form of revenue generation for app development companies in recent years, especially with mobile games. By including optional paid extras that will improve the user’s experience, companies can still offer their services while increasing the chance of improved revenue streams.

The benefits include a lack of intrusive adverts and a much higher and constant potential revenue stream. However, the downside is that users may simply choose not to make purchases. For this reason, it’s important to create an engaging experience and offer something worthwhile.

Subscriptions

Similarly to in-app purchases, a subscription process can help maintain a steady revenue stream by encouraging customer loyalty. This is a great alternative for products that don’t lend themselves well to in-app purchasing schemes such as communication-based apps or digital tools. Giving your users an option to subscribe will also improve their experience by removing ads and offering extra benefits.