Since we made the decision to change our monetization model, we have been trying a lot with prices, searching for the best conversion and profit. All android app developers know that at the end of the day the business side of your project has to work like a good mechanism in order to keep working on it.
App development company - Hyperlink Infosystem share some details about their research, experiments, findings, and advice. The pricing strategy may differ in so many ways, but some tips may still apply though.
Check The Competition:
When you first publish your application, you should first analyze the competition. You must search for relevant applications and analyze their activities. First take a look at some strong applications which have been for long and users know about it. After, think about picking a relevant price.
Don't rate your app much cheaper than your competitors' only for attracting users. Because this is not a perfect way to stand out. Users are looking for quality and, since mobile app price is probably low, variation in prices are not much important. They will pay one extra dollar for a strong app before choosing a new one just because it’s cheap. Stand out with the quality and not with the price.
Choose Perfect Price:
Your work is important, and sometimes developers are the first ones who must remind of that. Do not price your app based on your dignity or your personal opinion. Take the price according to the value you are giving to users.
Psychology plays a very important role because the price will match the observed value of your app. A low price will subconsciously give the idea of a simple or poor-quality product, and a too high one will convey the idea of an expensive or luxury product. You need to find the optimal average ground. You must remember, users have some advantages about the quality of apps and going for the wrong price may form a partial idea in their minds even before they download it. So try for a price that carries a notion of quality.
Country is Different:
One of the best tools you will find on the Google Play Developer Comfort to increase your overall revenue is the capability to set a different price for every country. This is can help you increase your profitability in very important ways. If you fix a base price and make an automatic money conversion for all countries, you will be missing an essential -or should we say- many important income opportunities. One dollar may be a weekly salary in the different country, so you need to fix your prices according to the power of every currency.
Google recently launched on the Developer Comfort automatic price rounding, and this is certainly a great addition. Even if you do not use the default turned prices, you can see which is the best way to round a price in a specific country. So use psychological pricing in every country in order to attract the buyer’s attention.
Track Your Results Regularly:
On the Google Play Developer Comfort, check the Performance section frequently to see how all countries are performing and how your experiments are doing. After updating a price, give it full time to gather up important data. When we change a price, we let it go for a whole month. Then, we examine the conversion and decide if the price has to be adjusted or not. Just remember that cheap prices do not translate to more income. A low price can make more purchases, but it does not mean you are making more money overall.
Alert About User Feedback:
Keep an eye on user feedback and stay alert about references to the price. If people start complaining a lot about the app being too expensive, maybe you missed the mark and its time for a reconstruction. Double-check the buyer progress and review your initial tests. And remember that when someone gives a review, many others may stay quiet but think the same way.
Have A Business Spirit:
As an ultimate advice, many developers have great programming skills but hate the business side of the project or simply don’t know how to address it. Follow the android app development company you like. There are many people out there who want to help you succeed.
Users look for quality, and they will be more than happy to pay for it. Contact us for more information.