How will my app make money?
Do you know what is trending and it has become a $70 billion industry?
Yes, the smartphone app industry is touching the billion-dollar mark and the end is not even near to this revolution.
Many apps are making a good amount of money while a bountiful of apps cannot even get it to the market. There are several factors which are responsible for the failure of these apps like not having a unique idea, lack of features and functionalities, having lots of bugs and errors etc.
You have a unique idea and you have developed a cool app. You thought that it will give a good amount of returns but it is not performing well in the crowd, what is pulling it behind from the success that it deserves and what you should do now to earn money out of your app?
Follow these steps to generate enough revenue from your app:
Prepare yourself and your app before launching it
You can skip this step if you’ve already published your app.
- Validate your Idea
The first stage is to take your idea and make it valid by performing various measures, for example, creating a prototype and testing it before developing the final product.
An idea can change your life but a unique idea can earn money. So, take a note of how good is your idea and is it following all the trends and requirements needed by users.
- Understand the audience
Invest your time to gain knowledge of your target audience and record down what people want from an app.
All mobile application development companies spend their time in this like a mobile app development company in Australia wouldn’t just target the people of Singapore but they will research on people around the world
Monetize your App
You have successfully created and tested your app, also launched on various platforms. Now what? It is the time to prepare your app for the real work which is to make some money from it. Monetizing your app is important if you want it to generate revenue. Here are some of the monetization models used by app developers
- In-app advertising
Advertising is the most common way by which businesses make money. You can use your app to give advertising space to ad networks. The app will be free and it will display ads to the users, on every click you will get money. Offering your app for free will increase your audience, making your app more valuable.
- In-app Purchases
You can add some virtual paid items in your app, mostly seen in gaming apps users can buy various items like virtual cards, coins or accessories. This is also a great way of making revenue like mobile application developers in india uses this method to produce good earnings.
- Paid Apps
Addition of rich features in your app will make it more premiums and you can take its benefits by charging money from users to install it. This method only works when your application looks premium and it is feature rich. Create an eye-catching presentation of the app and screenshots which will attract people to spend their money on your app.