The mobile app industry is one of the most lucrative markets to be in, and with the right strategies, it’s possible to generate revenue from mobile app.
If your app has a large user base, you can monetize it by displaying ads. Another way to generate revenue from your app is to offer in-app purchases. You could also offer subscriptions for access to exclusive content. Finally, you can partner with other companies to promote their products and services within your app for a commission.
With the right strategies, there’s no limit to how much revenue you can generate from your mobile application. So, here in this article, we will be looking at ways to generate revenue from mobile app. Without any delay, let’s get started.
7 Ways To Generate Revenue From Mobile App
Before you go to the mobile app development company to get your mobile application up and running, look at a few ways how to generate revenue from your app. With all these tactics, you will be able to monetize your app and earn a hefty income.
1. Subscription-Based Model
A subscription-based model is a business model where customers pay a recurring fee for access to the product or service. This type of billing allows for sustainable revenue streams and removes the need for costly up-front investments.
Most mobile app developers use this model because it provides a guaranteed revenue stream from their users. It also helps them avoid the risk of free apps with in-app purchases, which can be risky if they don’t have enough users to generate any revenue at all. You will see the subscription-based model in reading, magazines, or news applications.
2. In-App Purchases
Another way to generate revenue from mobile app is through in-app purchases. Users can make in-app purchases by purchasing virtual goods that they can use within the app. This includes items such as extra lives, game currency, and other features. You will find such revenue models in games and novel applications.
3. Ads and Sponsorships
This can be done through a variety of networks and platforms, and you can tailor the ads to your target audience. In some apps, users can view ads to earn virtual currency or rewards for their time spent viewing these ads.
How will you get revenue? Well, you can charge brands or application owners to pay you a certain amount for showcasing their ads on your application.
4. Paid App
The best way to get revenue is through launching a paid application. However, this is the riskiest option as well. You will have to spend time in research and market plus points of your app or why users should buy your application.
There are thousands of free applications available on the app store and play store to download. Hence, you will have to offer extraordinary service to make users buy your app.
5. Affiliate Income and Referral Marketing
Mobile app developers are always looking for new ways to monetize their apps. One of the most popular methods is affiliate marketing. Affiliate marketing is when a developer pays an affiliate commission for each successful conversion that they generate.
One of the most popular ways to do this is through a referral link, which usually has an affiliate ID or code embedded in it. Affiliates are often given a percentage of the sale, but can also be paid fixed rates for each lead they generate. Many marketers use mobile app monetization to earn affiliate income from their apps.
6. Sales of Goods
Another way of monetizing your mobile app is through sales of goods. However, the foremost decision should be whether the brand wants to sell goods and services in the app. Whether you have an actual brand or not, you can still build an eCommerce platform to sell goods.
Rather than developing your own products and services, you can go with the drop-shipping business. Just like Amazon, Flipkart, eBay, and many more. All of them have successfully run businesses and mobile applications.
7. Try Implementing In-App Stories
The latest and new approach to earning revenue through your mobile app is by trying and implementing in-app stories. The in-app stories will keep your users and customers engaged in new content and will push them to make decisions.
They have a lot of potentials for brands to use them for story-telling and storytelling. It is also a great way to educate people about the app, its features, and its benefits. Some apps like Instagram and Snapchat have already implemented in-app stories with great success.
Other companies like Twitter, Facebook, and Google are also working on their own versions of in-app stories which will be more likely to be successful than Snapchat’s version due to their larger user base.
Conclusion: Generate Revenue From Mobile App
With the increasing number of users on mobile app stores like Google Play Store, Apple App Store, and Microsoft Store, app developers are having to come up with new ways to generate revenue from their apps.
Some mobile app developers have found success in in-app purchases while others have opted for advertising-based models. Some have successfully experimented with subscription-based models as well as a combination of these models.