The boom in mobile apps shows no signs of slowing down, with the range of phones and reduced prices driving growth and usage. Your business may have a trendy app that makes interaction easy for your customers but how do you monetise the app to make it a financially vital component of your business? Here are five key ways to achieve that via your mobile app development.
1. Attract advertisers
Free apps are the most popular, however, your app, whether offered free or paid, is also a gateway to your customer base. As such, it is a viable advertising method for other companies that are not your competitors. Making your app free and being downloaded by a greater number of users gives you a customer base that can attract advertisers. Today’s savvy marketers are aware that ads embedded in apps have more impact than those in browsers or sent via other forms of digital marketing such as SMS.
Advertisers typically pay you based on the CPC (cost per click) and CPM (cost per thousand impressions.) Each time your ad is clicked and in some cases viewed, your earnings increase, hence the more customers who have downloaded your app the higher the potential income from clicks and views of those ads.
In addition to having your app downloaded by many users, it is also important to continually develop content that keeps those customers coming back and interacting with your business while also viewing your business clients’ ads.
2. Seek sponsors
Once you have a large enough user base you can seek out a partnership or a network of partners with a similar customer focus. As an example of this, if your app is health and fitness-focused, then businesses manufacturing fitness products or other health services would be a good match to your app. There are a number of ways sponsorship can work. You might feature your sponsor’s ads on your app in return for your own advertising being featured on their app or website. This can result in new customers being directed to your app from your sponsor’s platform. In another example, your sponsor might provide you with products that can be used as add-ons or giveaways to your customers, boosting sales in the process.
3. Offer in-app purchasing
Even if downloading your app is free to users, the app can allow your customers to interact directly in purchasing your products using the app on their phone. Just as a person can walk freely into a physical store, and then be viewing in-store banner ads, product displays and specially discounted items, so your mobile app can do the same, enabling on-the-spot e-commerce purchasing options.
4. Send out SMS prompts
This is an effective method of driving your customers back to your app for further engagement. Regular updates, discounts, contests and other promotional activities can be sent directly as a text message to your customers via in-app prompts. This won’t be as effective if every message comes across as a cash grab so it’s best to alternate with fun facts and items and general information. This approach will keep your customers engaged without feeling they are being spammed. When you have a new product release or a discount promotion taking place they will be more receptive.
5. Appeal for donations
If your app is free and your customers are enjoying the experience and engaging with strong content then you will find they are more receptive to the occasional request for a donation. Users understand that free content providers require financial contributions to remain active. If you have a customer base that is not ad-friendly and in-app advertising is not for you, then you may find donations are far more readily considered by your users. A PayPal link is one of the popular methods for receiving in-app donations.
Agile software development can keep a mobile phone app’s content creative and appealing, while at the same time leveraging the app to boost your income. At vLinkD, our mobile app development services can help maximise that potential. To find out how, engage with our tech experts today.