These mobile apps have made human lives considerably easy, providing them with assistance in their daily tasks, from apps that help in organising work to apps making the commute a breeze. There is more than one mobile app available for every human need or problem.
This is why various tech giants like Apple, Samsung, Google, and many more compete to produce the best device in the saturated market in hopes of attracting a large number of consumers, thereby increasing their revenue by a large margin.
The smartphone users are projected to reach 2.87 billion by the year 2020, and the mobile app revenue is expected to increase by up to $189 billion by the same year, 2020. This startling progress in mobile app revenue shows the immense potential apps hold for businesses in terms of providing profits. And no doubt, businesses are realising this bright prospect as there was a population of 2.1 million apps on Google Play store and 1.8 million apps on Apple’s App Store in just the first quarter of 2019.
The current digital space has allowed us to even market our app for free. This mobile app revenue growth has pushed mobile app development practices to a whole new level, with mobile app development companies competing to provide top-notch services to their clients.
There isn’t a standard through which apps make money, but many factors contribute to an app’s success. Ultimately it depends entirely on you, your app, and the customised app marketing model that will not only promote your app but rake massive revenue for your organisation.
However, there are specific fool-proof strategies that you can apply to increase your app’s revenue.
1) App Monetization Model
There are plenty of app monetization strategies available for you to make use of without annoying the users. The most popular and successful app monetization strategies are:• Freemium apps: These apps are free for the basic features, but to gain access to more advanced features, it requires a subscription fee, which could be one-time only or renewable.
• In-app purchases: These apps are free but come with additional features that require purchase. Take gaming apps, for example.
• In-app ads: Collecting money through displaying of ads within the apps.
• Subscription model: Consumers are charge with a subscription fee to use the app (which could be a yearly, monthly, or one-time purchase plan.
• Paid apps: As the name suggests, these apps require a download fee, which is for one-time only.
Among the mentioned above, the one app monetization strategy that has proven to be the most fruitful is the in-app ads. According to Statista, the global in-app advertising revenue will cross 117billion US dollars in 2020 – which is quite impressive and shows the successful generation of income through in-app ads.
2) App Promotion on Social Media
One of the easiest ways to generate conversion, shares, and recommendations is by building app awareness on social media. Why? Because social media platforms have become the main driving force for marketing practices harbouring 2.65 billion people on social platforms in 2018 –which may grow to 3.1 billion in 2021.So curate the right social media campaigns and strategies that will allow users to learn about your app, engage with its social content, develop interest, and ultimately become a user of your mobile app.
Not only will social media increase your digital presence, but it also helps in establishing a decent user-base that you can then make use of various other social media app marketing strategies.
3) Devise a Retention Strategy
One of the biggest struggles any app faces is retaining its current consumer-base. If your app’s not doing great in that area, chances are it will eventually fail to provide you with any revenue further on in the near or distant future.
According to Localytics, 21% of the users abandon an app after just one-time use. This percentage has been gradually increasing since 2018.
So focus on making sure a maximum number of subscribed users are using your app – and for that, you would need to come up with robust retention strategies that will work tremendously for your app. Some of the common and most used ones are as follows:
• User-Friendly App: Make sure your app provides a seamless and easy-to-use experience. Make that first impression count.
• Adequate Push-Notifications: According to Marketing Land, mobile app push notifications have been driving retention rates up to 180%. The high and promising percentage shows that when push-notifications executed properly, yield great results. These notifications curb potential abandoned by reminding the users about your downloaded app.
• Impeccable User-Experience: The best way to do this is personalising their interactions with your app – which could be as small as displaying their name or as elaborate as posting the right customised content catering to their search intent or interaction behaviour.
• Offers and Incentives: You can establish an exciting reward system that keeps your users coming back to your app – this could be anything from exclusive access to certain features, content, offers, or even limited-time discounts and much more depending on the nature of your app.
4) Improve App Store Optimisation
Much like how vital Search Engine Optimisation (SEO) is for mobile apps, App Store Optimisation (ASO) is another crucial aspect for maximum visibility and user engagement – which will then add to increased revenue. A regular app store search collects a whopping 67% of app downloads. So make sure you are not missing out on this key factor.There are some aspects to ASO that you should focus on:
• App Name.
• Reviews
• App icon
• HD screenshots of your app or an HD video
• Category of the app
The above-mentioned elements are responsible for representing your app on the app store(s). So please make sure these are optimised to their fullest, so your mobile app gets to stand out among the competitors when the users search.
Key Takeaway
In a world where mobile apps have become a necessity for the users, it has also become easy to make them profitable and a sustainable revenue stream for your organisation. However, it isn’t as easy as downloading an app and requires a smart implementation of strategies that need constant monitoring.So by retention methods, social media marketing, ASO, and more techniques- converting your app into a successful revenue-generating product is very much possible.
We give you the best daily information on news, technology, lifestyle, career, health tips, agriculture, business and entertainment. If you can write very well and want to make a living writing online, click HERE!