App monetization lets you generate revenue from your users. Like any other app developer, you must look at ways with which you can generate revenue from your apps. The additional income you generate could also help you fund the development of new apps in the future.
Your business model must be decided upon before development begins. Ideally, the app user experience should be unaffected by your monetization strategy while generating maximum revenue. And the model you select should comply with the policies of the respective app stores.
The app economy itself will double to $101 Billion in 2020.
Hence this is the best time to make money from your apps.
Here are three top app monetization strategies to help you make money from your apps right out of the gate.
This is, by far, the most popular way to monetize your app. You can integrate ad networks in your app. These networks will show ads strategically on your apps, and you will earn based on the clicks & impressions these in-app ads generate. Some popular ad networks are Google Admob, StartApp, Facebook Audience Network, etc.
Pros – quick & straightforward, healthy earnings
Cons – can affect the user experience, too many ads could lead to user fatigue & increased uninstalls
There are five main types of in-app ads- banner, full, native, reward & affiliate ads.
You should always remember to use in-app ads in moderation so that they don't affect the user experience & drive users away.
This strategy has become very popular with games & apps in recent times. You can allow your users to access more features of your apps & games by paying a small one-time fee.
This is a painless process since both Google & Apple entirely take care of the payment part of the equation in exchange for a 30% cut from the sale. A popular example of in-app purchases is Remove Ads, where the users can remove ads from their apps & games by making a small payment.
A large user base can be extremely valuable since it can help you generate a lot of data(User behavior, interests & patterns). This data can provide crucial insights to advertisers & help them optimize ad serving.
Data that you collect directly from your app is called first-party data. This data can be used by developers to understand better how the users interact with their apps, or it can be sold off. The best part about this strategy is that the app user experience remains unaffected.
To sum up, the amount of money you can make from your app depends on the number of daily active users you have. And based on the strategy you select, you can earn anywhere between a few hundred to a few thousand dollars a day.
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