“Mobile is not the future, it is the now. Meet your customers in the environment of their choice, not where it is convenient for you.”
Business apps are relevant in today’s age of fast connectivity as it is conducive to achieving that direct engagement with your target consumer. Your interested users and potential buyers are the ones who are most likely to download your mobile app and navigate through it for the relevant services/products.
That’s the reason mobile apps have a vital role in maintaining the brand relevance and market competence for any business that is trying to establish itself in the digital ecosystem.
One of the key challenges to meet is finance for these business apps. To keep these business mobile apps up-to-date web developers need to generate sufficient returns on their investment in mobile apps so that they can continue providing seamless service through updated and latest versions of their app.
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In this blog, we are going to discuss the best and most viable mobile app monetization strategies that you can implement for your business apps.
In-app advertisements in mobile apps are always in demand as this income model still generates good revenue for the businesses.
As per recent studies and marketing forecasts, the in-app marketing revenue will triple (approx. $226 billion) by 2025.
These in-apps outperform banner ads because they can be used to promote specific audience relevant apps in which the target user is most likely to take interest in.
As much as this strategy appeals to the user, the cons of this strategy are that it generates a low engagement of an average CTR of 0.1%.
Another monetization strategy for your business mobile app that you can use is interstitial advertising.
Unlike banner ads interstitial ads are full-page ads that generally appear at transitions and natural breaks in the app; for instance at level completion or between levels in a game etc.
This app monetization technique works well as these ads are not like banner ads which are more persistent and invasive that can annoy a user when they are using the app.
Since interstitial ads cover the whole page, the user is less likely to ignore it when it appears on the screen and thus you can improve your user engagement and thus high rates of CTR and CPM.
Native advertising is quite a popular monetization strategy for businesses such as news websites and social media where they can seamlessly include these ads which blend well with the host application.
When compared to other ad formats, the native ads have better performance in terms of an increase in CTR and revenue.
Native ads are not annoying or disturb your user experience when you are on the app and that salient feature of this ad type offers you the opportunity to establish brand credibility with your prospective buyers.
This mobile app monetization strategy comes under the umbrella category of subscription apps.
Spotify is a globally recognized music app that has successfully implemented and leveraged this freemium membership monetization strategy.
With the freemium pricing model, a user can first use and try the app for free before switching to the premium version.
This monetization strategy can be leveraged to generate consistent income. In this monetization technique, the user will subscribe to the premium mobile app as soon as they download it and that comes with a fixed sign up fee.
This method will help app developers/business to generate a consistent income stream as app subscriptions will offer steady revenue.
With steady revenue, the business/app developers can create and improve the mobile app that is user-friendly, useful, and accessible.
Another prominent monetization strategy for mobile apps, more common in the gaming industry is the in-app purchases.
Under this strategy, users can use actual money to purchase premium features, unlock new levels, and get game coins or game relevant products in the mobile game application through an in-app purchase option.
There are different types of in app purchases, namely consumable (such as game money, power ups, etc.), non consumable (such as unlocking hidden levels or bonus characters, etc.), auto renewing subscriptions, and non-renewing subscriptions.
The in app purchase option is convenient as the user can conveniently complete the buying process within the app.
These were some of the app monetization strategies and techniques that you can implement for your business mobile apps to get more user engagement along with options to generate consistent revenue. Midas offers you premium services for your mobile web and app development services from India. We are web experts with over eighteen years of industry expertise and an outstanding clientele from every part of the globe. We design, develop, optimize and assess your business websites and mobile applications to ensure your digital business complements & scales along with your offline business. Stay tuned for our next update. You can Give Us A Call For More Information on our coveted web services.