Initially, mobile phones were used majorly as a medium of communication. But with days passing by mobile phones graduated into smartphones owing to the use of apps or applications. There are different types of mobile app development that are being used worldwide currently for multiple purposes ranging from education to real estate, from hotel booking to healthcare.
With the increasing demands of mobile apps, the mobile app development business has become highly competitive and lucrative. Companies that are operating in this business domain are looking for innovative ways to make their apps popular and successful through the use of artificial intelligence workflow stations.
Now you may wonder how to make your apps popular and successful. You can approach a noted mobile app development company to know more about the trending techniques that can make your apps stand out in today’s competitive market.
There are several techniques through which you can monetize your apps. This is because different apps differ in their agenda, target users, look and feel, etc. Hence you need to decide on your appropriate monetization technique beforehand as it can influence your brand image.
Listed below are some of the popular revenue models that can be incorporated in the spectrum of mobile app development services. Before going into the details of the revenue models let us point out some key factors that can make your apps distinctive from others.
- What is the USP of your app
- How can your apps serve the purpose of the users
- What are the trending revenue models and how are they facilitating in revenue generation
- How your apps can engage the target users
- Once you figure out these, you can move forward to choose any one of the following suitable revenue models.
Prospective Revenue Models For Mobile App Development
In-app advertising
In the current scenario, this is one of the most popular revenue-based models that you can find in the majority of the applications. Under this model, the apps can be used for free and for payment purposes these are diverted to the advertisers.
The main aim of this revenue model is to obtain a wide base of data and user information. The data will be distributed among the app publishers and those data will be further used to make money by placing relevant ads. Market research has shown that the ads placed in the apps are clicked by close to 53 percent of the global users.
Freemium
From the name itself you can easily guess that the apps of this category are also free to use. But freemium apps are available free with limited or basic features just to keep the users engaged.
However, if you wish to use the apps in full swing then you have to pay for the advanced options. The best part of freemium apps is that you can keep your users loyal along with retaining them with the monetization options.
Paid apps
In this model, the users need to pay for downloading. Paid apps act more like products in the market. As apps belonging to this category cannot be used for free, you can imagine that they have to be unique with respect to reviews, ratings, and features.
This is because all these factors will act as parameters that can influence prospective pay and download in comparison with the free apps available. In other words, paid apps must capable to have distinctive functionalities so that the potential users can find a reason to pay for downloading and usages.
Subscription apps
Under this revenue model, the users can experience the free trial and pay later service. First of all, subscription apps will come as a free trial that can engage users for the later payment mode. Amazon Prime, Hotstar, Netflix are some popular examples of this category.
This is a good revenue model as the target users can either choose monthly or yearly plans based on their convenience. For recurring revenue generation, this model works great but you need to focus on content up-gradation as users won’t feel happy to see repetitive and predictive content.
Sponsorship app
With respect to app monetization, this is a unique concept. Here the awards or rewards are given by the advertisers to use those within the apps for earning more. This will not only make the users happy and satisfied but will also encourage them to invest more in increasing the scope of earning.
Hope this will give you a clear idea regarding some of the commonly used revenue models that can make your apps popular and successful. Using any one of those mentioned above can also help your business earn more through apps along with engaging users for long.
Monetizing apps can not only give you good income but can also enhance your brand value as the users feel satisfied in using the apps to meet their desired purpose with ease and efficiency. You can hire an app developer who can deliver tailor-made solutions to encourage your users to opt for payments.
Considering the motive of the apps you can monetize those to ensure users’ satisfaction and loyalty. In the majority of the models discussed above, apps with basic features are available for free. But for premium services, users have to pay. This proposition works well as the users are attracted and retained in the first attempt.
Conclusion
All the revenue models mentioned above are worthy provided you wish to make your apps exclusive in functionalities and income generation.
Once you find your apps getting due recognition from the users, you can take a step forward to incorporate monetization techniques so that more users can be attracted along with yielding financial stability. However, if you plan to monetize your apps from the start, the paid model could be your solution provided you have the features installed beforehand that can segregate your apps from the competitors.
