Developing a mobile app for business has become a trend. Every startup business or existing business would like to have a mobile app for their customers. The App can be Money Making. The App can be developed with new ideas and methods to earn money. These days, the apps market is significantly growing and there is a bright future with a revolutionary change in technology. Several emerging startups and entrepreneurs have developed proven business models with innovative apps. For business, apps can be used to increase current sales and capture new customers as well. When you got an app idea, a question will come up in mind that how to make money from my app? It is not easy to make money from the app you will have to travel a long journey to get featured on the app store and start earning from your new app. An app with a beautiful design and unique product or service can encourage people to download and start using your mobile app.
You can hire an app development company to implement some money-making methods in your app. In this blog, I have explained some traditional and popular methods from which you can start generating revenue. Also, explore a money-making app like Uber is the best example in the digital world.
1. Most Popular Methods You Want To Implement
Following are the most effective methods considered as best app monetization:
1.1 In-App Purchase
In-App Purchase is the most preferable method of making money through the app. It is considered a consistent earning solution if your app is made for user enjoyment. It is also used when you have a subscription-based model. In-App Purchase is also an app feature and it does not navigate the user to any payment gateways. The IAP encourages app users to quickly unlock premium features, purchase a membership plan or points or any valuable source like educational videos. The IAP is a well familiar process and it is not much difficult if you compare it with any payment gateway. Also, you just need to ask your developer to implement IAP in your app to sell features or services. App Store and Google Play Store processes are very simple and you can get paid easily.
1.2 In-App Advertising – Implement Ad Network
Advertising is another popular and largest revenue generation source.
It is basically generated through freemium apps. Either you have to integrate Ad networks or simply sell hot places to business users of your app. iAd and Admob are two popular Ad networks you would like to integrate into your app to boost up the revenue. An advertisement is always a better choice for consistent revenue generation. If your app has a broad user base and downloads then advertisements can drastically increase your revenue. It works in several ways for revenue generation. Ad size, position, placements, click through, impressions, user location, and format actually matter the revenue. Also, video Ads have more worth than static or irritating ads.
1.3 Cost Per Install – Implement CPI Network
This is a new mechanism that allows you to market other third-party apps from your app and get a commission on each download. In several apps, you will see a pop-up ad that displays a short video or app images to click and download. Play have and ‘Chartboost’ are few ‘CPI companies’ that you can incorporate their services into your app. Also, CPI services display other apps, software in a predetermined time and allow the user to download and install apps. Approximate $1 you will get paid if you provide that installation service from your app.
1.4 Use Subscription-Based Model
Subscription-based apps are a good source of making money. Businesses who provide premium and unique services can build a subscription-based model in their platform. You can allow users to subscribe for monthly, quarterly or yearly and get access to a full app or premium features. On the other way, you can design different plans like Silver, Platinum, and Gold with a set of defined features for sell.
1.5 Affiliate Programs
You can use mobile affiliate networks to generate revenue. You just need to find some best affiliate marketing companies or platforms and connect with affiliates or publishers. This revenue can either be in the form of a cost per action where you can earn money every time someone clicks on their ad, installs their app, or carries out any other action.
1.6 Create Paid Apps and Full Version
After launching a free app with a set of limited features, you should focus on building a second version with a set of premium features. A second version should be a paid app and you can invite existing users to download it. This is a kind of a feeder system that gives users a sense of what would they get in the next version. Also, this enables easy to sell the full version of the app with premium or extended features.
2. Some Example of Money Making Apps You Want to Develop
Follwing are the best ideas to create your first mobile app:
2.1 Product Selling Apps
If you have any product line or going to start a manufacturing unit, you will need a mobile app soon which will be your direct selling platform. This process will take time but you will have your own channel of sales. It is desirable to start with one platform like iOS or Android with a minimum set of features. Also, you can generate large sells and earn more profit when your product got accepted and the app is well marketed.
2.2 Ticket Selling Apps
Whether it is a live event, movies, match or online program, ticket selling apps are very popular and a good source of generating business and revenue. Therefore, It needs lots of marketing and business affiliation to make a versatile app.
2.3 Event & Nightlife Apps
You can list several restaurants and bars in your app and allow customers to find out a nearby event happening at bars and restaurants. Also, users can make reservations through the app and you can earn commissions. It is like an affiliated business and your app will be a great communicating platform between users and restaurants/bars.
2.4 Dating Apps
Location-based dating apps are the top choice of youngsters on App Stores. If you are planning to build a dating app with a unique idea, you must have some premium features and subscription-based models. These features can allow users to interact with others and entertain.
2.5 Educational Apps
Educational apps with PDF and video lessons are a good source of revenue generation. If you belong to the education industry, you must develop an app for your students. The student most like to learn through videos and online lessons. Also, they do not hesitate to pay and unlock paid education content. Additionally, In-App Purchase is the most preferred method to sell these educational resources.