4 Ways To Monetize Your App

4 Ways To Monetize Your App

When it comes to monetizing your apps, either your consumer pays or the advertiser. A consumer can increase your revenue by including paid downloads, in-app purchases, merchandising or subscriptions. Banners, cross-promotion, and offer walls are involved when an advertiser pays. Either way, it is always going to be a fine line that requires some experimentation. If it’s your first app, charges must be based mainly on how users engage with the app.

For example, if people use your app just a few times, an ad-supported model probably doesn’t make sense. In that case, use an adaptive monetization strategy per user, depending on user “maturity”(by using analytical tools). Thinking critically about logical places and transition times for advertising will not cause the user to ignore the ad. But, whenever advertising makes sure you are not compromising on user experience. Opting for ingenious strategy instead of a monotonous one will divert more users and also convert freemium users to premium leading to a substantial increase in the revenue.

 

1. Create a database now –

 

Create-a-database-now

 

Start-ups need to create a database of the target audience. Thus, they can reach out to them on launch or for a marketing campaign. Collect emails from your website by requesting site visitors to drop in their email id or asking them to subscribe for updates. A test invite for beta testers can also help to collect ids. Social media sites fan page can be other ways to reach out to your target users.

 

2. Watch your ratings and reviews –

Ratings-and-Reviews

While it’s important to pay attention to user ratings, don’t let a minor percentage of people who complain about your app influence it. If you change things based solely on that number you may actually lose your satisfied majority of customers.

 

3. App Analytics –

 

App-Analytics

 

After you launch the app in the market, it should be your utmost priority to check the customer engagement with the app. By analyzing the app, you can measure the value of acquired users and hence improve the engagement, retention, and monetization. An app is most likely to be a monetary success if it passes the 4-5-4 test which follows that if a user can realistically be expected to use it at least 4 times a day, for at least 5 minutes per use, and will keep the app for at least 4 months.

 

AVAILABLE TOOLS 

 

a. Custora focuses on customer analytic tools

 

b. Mixpanel tracks individual users

 

c. Kontagent is the only one which covers the K-factor

 

d. Flurry helps to understand the consumer’s interaction

 

 

4. Turning Consumers To Brand Ambassadors –

 

Turning-Consumers-To-Brand-Ambassadors

a. Reward influencers –

 

A small number of fans are responsible for a substantial percentage of your traffic. These are your influencers and should be recognized and rewarded for every time they talk about your brand on any of the social networking sites.

 

b. Turn usage into a game –

 

People love to compete, and they love to win. That competitive, gaming instinct can drive consumers to share your content and bring lots of new folks back to you.

 

c. Provide incentives –

 

Every customer wants to feel special, and one way to make them feel special is to give them something exclusive. Bonus levels and reward points will act beneficially in this strategy.

 

d. Let them co-create value –

 

Giving fans the ability to choose which version of a product should be offered, or to vote for the discounts or special offers they want to receive, helps ensure they’ll share it.

 

Conclusion

I am pretty sure you got the basic gist of how powerful an app can be. You can easily monetize your app and get rich. Moreover, by marketing and distributing your app, you can create relation and connection with a pool of customers. To know more about monetizing your app or want to hire top Marketing and Sales personnel contact RemotePanda.

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