App monetization should be one of the steering principles for your application. However, if you fail to strategically monetize your application then it could lead to the difference between building a successful business making app development company reap huge revenue and giving hard efforts to develop business. Your way to app monetization will impact every app element as well as your business – right from the development, product feature and till investment. So, if you are feeling little confused then, here are 5 questions to be asked that will guide you to make sure bout the different strategies helping you to concentrate important factors which might not come across your radar.
1) What's your app nature?
As advertisement and In-app purchases are the most attracted and profitable factors for the freemium application, your app nature plays quite a crucial role in the selection of right monetization strategy for you. For Instance: Gaming and Education are the sectors that are more interested in In-app purchases, ads, and notifications while domains like education and productive application are least interested in such notification.
2) How your app key features will benefit users?
It is one of the most crucial questions to be asked during app development. The key features of your app are the concluding factors that will decide whether your app will be paid by the user to get downloaded or not. If you are deciding to pick “freemium” model for your app then, this decision will be separating some of your advanced app features which can be bestowed to the users as In-app purchases.
3) Which is the most suitable category for your app?
App revenue inescapably varies and it is more dependent on the flock of freemium and paid apps deployed in different categories. Example: Application that gains more popularity in “social” networking domain has more download rates as compared to the apps that fall into productivity category. In addition to this, paid apps fall more inside productivity category rather than Social networking section.
4) Which existing apps are similar to your apps?
By conducting an enhanced study on applications that are similar to your app, you can dig out where user demand lacks to meet the existing demand. If it results in quite rare product in the market, chances are high that you can offer your app as one of the most popular paid apps on the market. Else, if your product is not that distinct but your app consists of some of the unique and mind-boggling features then, you can strategize your app in another approach and offer some features as In-app purchases.
5) What is the monetization strategy of these similar apps?
Looking at such similar applications in the app market will give you an exact idea about which monetization strategies would prove to be successful enough and which would result in failure. Approximately most of the dating apps, for instance have basic versions which are initially free and then will bestow “premium” features to but with additional features or filters. What are your users intended to purchase? How much they are ready to pay? Keep these above questions into consideration whenever you calculate for such factors.
App Monetization is one of the important strategies to be crafted before you think to promote your application. Want to develop such mobile app? Then contact one of the best app development companies that will not only develop the app for you but will strategise it in a way that it will return the best ROI than you invested. Contact us now and get a free quote!