We have already covered the basal aspects of the app monetization and app store optimization in our previous posts. However, there are certain tips and tricks that you can always apply to monetize and earn money for your application. These steps can also be situation specific and can act as potential catalysts to increase app downloads, ultimatly leading to increased revenues from your deployed application(s). Here are some of the common methods you can employ to monetize your application.
Paid downloads:
Paid downalods are the best way to earn money. But it is but obvious that it is the biggest threshold that user might come across while donwloading an app. According to garntner the number of paid apps in percentage shall decrease in the coming years by a large amount. People are not simply paying for the apps. However if your app belongs to categories such an security, utilitiy orproductivity; you can think about possible monetization through paid deployment. Assuming that you app is unique and solves a latent problem, you may assume downaloads in substantial numbers. If you are riding high on success and have a clear vision for your app, who knows you might get funding as well.
In-app purchase :
Yes , this is what works these days. And this is why you see free apps that are grossing with high revenues.
This is not a joke and there is no prejudice from the app stores. Make the application free and give your target customer a chance to savor the application. Let them feel the addictiveness while keeping the best features away. When your users are convinced that the application is worth having, the one click away features or the full versions become irresistible for them. This drives in- app purchase and this is the reason many android users might have seen candy crush amongst the top grossing game while actiually it is fundamentally a free app in the app stores. Game apps are the biggest money spinners when it comes to in-app purchase. Social network and communications apps can also drive in app purchase. Example, stickers for Line and We Chat.
In app advertising:
This is a tricky one to handle.Prevalent in android, in app ads are basicaly the banner ads that pop up when you start the game (most of the time). Each impressions and then click to navigation is calculated and then the payment is made. One has to sign up with the mobile ad networks and can allow advertisers to run in-app ads in your application. In app advertising is directly proprotion to the engagement of the application. This is more of a visual way of communicating from the advertisers. Hence the users must be hooked to the screen as much time as possible. So when someone makes a music app, that users might minimize after they hit the play button; it is less likely to drive much engagement with the ads. However, a game app or a camera app with more visual attention from the user can be a better deal.
Infact, the Flappy Bird made almost $50k from in app ads. Thanks to the addictiveness and the difficulty that made users hit the play button again and again flashing the ads in equal number of times. Clever!
Cross marketing:
Cross marketing tactics are a great thing. In such a cut throat competition in the app stores; if you can get promoted by another applications or their app owners. Look for apps that are in line with your applciation. If you have a game app and that is based on solving puzzles then you can look for another similar app that falls in the same genre. As the sample is likely to be large, it can be extremely lucrative if you can find some high value users in the process.
Both parties must do this keeping in mind their target audience and then go for the association.
Keep your users engaged:
Keeping a constant buzz around your application is a good thing. It keeps the app lively and is able to draw the user attention each time an update notification is sent. Always try and provide some additional feature to your users in each update. Make changes in the UI and always work on the fluidity. keep up with the trends while redesigning the UI elements. Remember, keeping your application alive means making your users suggest it to their friends and connection. Not updating means allowing competitors to take a lead, affecting the overall app monetization potential.
Don′t be taken by surprise:
Check for competitor apps what are they adding or deleting in their apps. Analyse their course and then decide your action. For example, you made a reward based feature in your game and want to earn some money out of it and you see that your competitor that started a similar feature, removed it already. Was it due to server overload that you competitor could not afford. If you go the same way how would you respond to such a challenge? Brainstorm these challenges and be have a cost analysis and work it out on paper.
The ASO aspects:
App store optimization leads to a better ranking in the app store which leads to more downloads and hence all the actions leading to monetization. You can read our blog on ASO but to tell you some of the basic things that you can take care of, try to-
- Create a distinguishing app logo that defines your app
- Post informative screens, use them as banner ads especially on play store.
- Search and then set the right set of keywords for your app
- Do a press releases for your app on a high value PR site etc.
These ASO steps will ultimately boost your app downloads and hence the revenues associated with them.
App monetization is a tricky business that depends upon a lot on timing as well. The aforementioned steps are some of the major factors that drives app monetization. The steps mentioned are conditional and varies with respect to the app deployed on the app store. Sketch out your
challnages and apply the required steps accordingly.
No comments:
Post a Comment