How to Monetize Your App? - An Effective Guide

Mobile App development is a very innovative process. Dreaming a concept and then turning it into an actual application is a rigorous job. However, this is just the beginning of the road ahead. You need to make sure that your application earns the name and fame that it deserves. Additionally, this income can be used to support your business. So, in this article, we are going to discuss the complete process to monetize your application.

What is App Monetization?

It is a process to earn revenue from your application. There are various reasons for implementing app monetization. A survey suggests that 74% of media consumption takes place through a smartphone. So, a properly monetized app can help you earn a fortune overnight. An app monetization may include displaying ads inside your application or making your application a paid download from the store. Mobile ad networks play a vital role in monetizing mobile apps. Various other ways can help you to earn from your application. Firstly, let us take a look at some of the benefits of app monetization.

Advantages of App Monetisation

• This is a very easy process, and you can use it on all apps.

• Ads are customizable. This means the Ad on your app will depend on the type of your app.

• These revenues help you to support your business. Additionally, this revenue gives you the confidence to develop more applications in the future.

Now, let us take a look at various ways that will help you to monetize your application.

How to Monetize Your App

The monetization process will depend on the type of your app and the mindset of the users who will be using it. Some of the popular ways of App monetization are:

Paid Downloads

App monetization is a simple way to earn revenue from your application. Here, the user has to pay a fee every time he wants to download your application. You have the authority to decide the amount that you will charge. However, you must be careful to keep the amount reasonable. You can earn money every time someone downloads your application. Also, you can track the amount that you make from each user and the total amount that your app has made. However, you must remember that a user will always prefer an app that is free to download. So, if the user finds a similar free app then, you will face steep competition. 

In-App Purchases

The best way to avoid competition in the form of download cost is to implement in-app purchases. It means that you will make the base app free but will implement charges if the user wants to access certain additional features. These features will help the user to enhance the overall experience so and will provoke them to pay for those. There are certain drawbacks to apps with in-app purchases. For instance, Google and Apple take a huge share of the revenue that apps make from in-app purchases.

In-App Subscriptions

It is similar to in-app purchases. The only difference is that in-app purchases money gets paid once while subscriptions are billed periodically. Subscriptions will help the user to get a slimmed-down experience of the app. In simple terms, subscriptions allow the user to unlock the full potential of the app that you developed. The main advantage of subscriptions is that you will continue to earn revenue as the user will be billed periodically. However, similar to in-app purchases, Google and Apple take a huge share of the revenue earned from in-app purchases.

Advertising within the App

The most popular type of App monetization is to run Ads within the application. Thus, the user doesn’t have to pay anything directly to use the app. It will benefit both the developer and the user. For instance, the user will not only get free experience, but the developer will also earn revenue from the app. However, the ads might seem irritating to the user so, you have to place them in such a way that it doesn’t bother the overall experience of the user. There are various types of ads that you can run in your app. Let us take a look at the most popular ones.

Types of Mobile Ads:

Banner Ads

Banner ads are very common, and you will find it on apps that have high traffic. The best thing about these ads is that they are linked with the subject of the parent application. Thus, your users will find these ads useful. It is an easy way to earn revenue. However, sometimes they cover the entire screen and end up obstructing the actual application. So, this issue might annoy some of your users.

Native Ads

These ads are integrated into the application. So, it doesn’t distract the user instead, this helps to enhance the experience. For instance, if you have a review application, you can promote the link of the product at the end of the post. It will not only help you earn revenue but also help the user discover more about an item. Certain applications like Facebook have brilliantly implemented this idea of native ads.

Video Ads

This is a simple way to earn revenue without bothering the user. Your application will show a video when the user moves from one page to another or between two levels. Thus, it doesn’t disturb the experience as it will only be visible when the user finishes one page. Additionally, they will have the option to skip the ad after a few seconds or they can continue viewing it if they find it interesting.

Conclusive Views on App Monetization

App development takes up a lot of time and effort. Moreover, if you are a new developer then you may have invested a lot from your pocket. So, it is natural that you will want to earn your money back. App monetization not only helps to earn the base investment but also earn an additional fortune. 

These are easy ways that you can program in your app, and they require no maintenance. So, we can conclude that App monetization helps every developer to get the ultimate fruit of their hard work. Additionally, there are various services like AdMob, Google Ad Manager, etc that help you decide the ad service that suits your application.