Published on September 21st, 2016 | by Guest

Generate a Profit from Your App with these Monetization Hacks

Top 5 App Monetizing Hacks

Developing a unique, interesting and innovative app is tough to do, but that’s only half the battle if you plan on building a business out of your good ideas. Once your app is developed, you need to take on the difficult task of monetizing your app so that you can make some well-deserved money off of it.

Competition is fierce in the app universe today, so it’s far from easy to turn a good profit from your app. However, it is not impossible if you follow the right strategies. Here are the top 5 app monetizing hacks to get you started.

In-App Advertising

This is the best way to generate a profit from your app, but you have to be careful that you aren’t disrupting the user’s experience with invasive advertising. In order for it to be effective, an in-app advertisement should be highly personalized, and it shouldn’t take away from the look of the app either. If you have large, disruptive advertisements popping up every five seconds that someone’s on your app and they have nothing to do with the person using the app, it will be a huge turn-off and scare users away from it. You must handle in-app advertising with care and attention in order for this strategy to be effective.

Work with an Advertising Partner

In-app advertising can be even more effective at monetizing your app if you work with an advertising partner. Also known as a sponsorship, this is one of the newer app monetization strategies today. When you partner up with an advertising company that shares similar interests to yours, your chances of effective advertising increase significantly. The advertising partner will also come up with new and unique ideas and offer an option for reward generation for in-app activities. You’ll share the profits or rewards with the advertising partner, but it can be well worth it in the long run.

Use the Freemium Model

The Freemium – pricing strategy model is very popular today as an effective app monetization strategy. This is when you allow users to download the app for free, but then you lock certain features within the app that will only become available once the user purchases a premium version of the app. If people are really into what you’re offering, they’ll be happy to pay to use all of the app’s features.

In-App Purchases

One of the most popular monetization strategy is in-app purchase. This is simply when you offer certain items for purchase within the app. With games, you can offer special accessories for purchase. In retail or the food and hospitality industries, you can offer products or services for purchase through the app. People love convenience these days, and this is the best way to give it to them.

Offer Subscriptions

Gaming and media apps have the advantage of being able to offer subscriptions as an effective app monetization strategy. You can offer monthly and yearly subscriptions. The choice will appeal to a wider range of users. You can also combine the Freemium model with subscriptions to offer premium content, like exclusive videos or articles, to users who subscribe to your service.