App or A Money Shedding Tree? - How to make money by your App
Since the introduction of mobile App technology, the number of mobile Apps that have gone live, on the play store & App store, has touched a humongous mark of 3M. Out of this unbelievable figure, the percentage of Apps that have been created for the sole purpose of making money, believe it or not, is well over 95%. And that is a huge number!! We say, there is nothing wrong in this, after all who does not wants to make million bucks. Good news is, making million bucks is easier now.
To put the above figures into perspective, Supercell the creators of the games like Clash of Clans have generated USD 964M in 2018 and Tinder, one of the most consistent and the top grossers for another year, has touched the gigantesque mark of USD 800M. There is no end to this enchanting list. People across the globe spent $19.5 billion on the Apple App Store and Google Play in the first quarter of 2019.After reading these unreal stats there is one thing that pops in our heads its "When they can do it, so can I", to this our encouragement is "Yes! You can!". Lets show how.
There exists many ways by which you can turn your App into a money making machine. All you need to do is to be aware of what will when. Don not worry! We are here to help you out in this little brain storming. To make it absolutely easy for our readers we have shortlisted a few trial and tested ways, which have proved really successful consistently.
1. Subscription: One of the very common and highly popular ways to make money via App is to use the subscription model. This proves to be very successful for the Apps domains like fitness, medical etc., where the users are willing to pay in return for accessing your Apps content and services. The fundamental behind this is, when you offer something value-for-money to your users, they will stay devoted to you and will never mind in paying you month after month. One of the most successful examples of this model is Tinder & Netflix. While Tinder has cross USD 80B mark, with its crazy 60.20M subscribers Netflix stands at USD 34B in revenue in the first quarter.
2. In-App Advertisements: This one is the mostly used and very traditional way of making money. Advertisement has proved successful, not only for the media & entertainment industry but it is been equally successful in the App world as well. In-App Advertisements can be implemented in several ways like Click Per Impression or Cost Per Click. How you incorporate this varies with the App types and domains. Opting this method not only offers help to your associate businesses in grabbing the eyeballs but it ensures more revenue for you too.
3. In-App Purchases:As the name signifies, this method is used in the Apps that lists elements that can be purchased while using the App. This is tremendously successful in the gaming Apps where the users make purchases to move to the next level. What could be better examples than the games like Candy Crush that ropes in an unreal figure of more than USD 4.1M per day using this approach. This example is serves the best benchmark of what you could achieve when you implement right things at right place.
4. Affiliate Marketing: This is one of the most simple and genuine ways to make the profits. Though, initially it might seem a little slow but it can prove to be successful in the long run. The simple story and idea behind the affiliate marketing is that you promote someone else’s work in your App and every time that work is accessed or downloaded using the link in your App, guess what happens? You get paid!
5. Freemimum This is a new term that is coined for the App world. As the name signifies Freemimum is the amalgamation of two words “Free” & “Premium”. It consists of offering your Apps advanced version to the user in return for the money. The most basic idea is to keep the advanced and best features locked until the user buys them. While the App is free, the features will be paid and hence the word Freemimum. This idea is successful most of the times. All you need to do is to keep your users addicted.
Mobile Apps have proved to be a major game changer over the years and with the ever evolving needs and technology it will continue in the coming years too. While there are Apps that are earning millions but still there are thousands of Apps that are yet to start. While the options will always be there but the hardest and the utmost important part of choosing the best will always lie on you. So, we always recommend of choosing while looking at the future. While some addictions are bad but Apps is profitable!