Any marketing strategy is always followed by monetization ideas. A marketing strategy is incomplete without any ideas for making money out of it! If you cannot value your app correctly, then there are high chances your app might get lost in the crowd. Depending on various factors like your audience, your popularity, the purpose of your app and the platform on which it is built, the pricing of your app is the most crucial stage. The question is how to monetize android apps. There are many existing models and strategies to make the work easy for you. Here are some of them:
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- Freemium model: This is the most commonly used model. It triggers the “buying” sense in your customer. You make few features of your app available free of cost. Then comes the hard game. To keep enjoying those features, after a certain period your customers will have to pay a tiny bit! It is evident that 80% traffic is from free apps, but subscription model works best for content based applications. Mostly gaming apps come with this model where purchasing will open up new levels for the gamers.
- Paid Apps: You can launch your app as a paid app from its first day but then you cannot put any price tag what-so-ever. It is most lucrative if the price is below $4.99 point. Common customer psychology shows that even for the best of apps, they wish to spend little. You need to strategize your marketing accordingly. For instance, if an app comes at a price of $4.99 and is offering a limited edition at $0.99, it can pull in a lot of traffic.
- In-App Advertising: If your app has more than 100,000 users spread across the globe, then you can readily opt for banner ads and app video ads. There are many formats in which you can do the same.
The loop for creating an android app gets completed only when you have a monetization model ready to implement for it. If you are not marketing your app effectively, the entire effort might just go in vain. Its time you do every bit to bring your app in limelight.
If you have an idea that can sell, create an app. To learn app development, register for the upcoming android course and then, let your skills do all the talking. Check out “Box with Sambha“, a cool gaming app, now available at Google Playstore built by homemaker Durga. She is from U.S. and used to work on .NET before she started with our Android app development course.
Read more about her app here.