Mobile apps market is significantly growing and there is a bright future with revolutionary change in technology. Several startups and established companies are desiring to have a presence on App Stores so that they can increase current sales and capture new customers. 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 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 beautiful design and unique product or service can encourage people to download and start using your mobile app. In this blog, I have explained some traditional and popular methods from which you can start generating revenue.
Most Popular Methods:
In App Purchase
In App Purchase is the most preferable method of making money through the app. It is considered as consistent earning solution if your app is made for user enjoyment or having a subscription based model. In App Purchase is also an app feature and it does not navigate user to any payment gateway to pay. IAP encourages app users to quickly unlock premium features, purchase a membership plan, points or any valuable source like educational videos. IAP is well familiar process and it is not much difficult if you compare it with payment gateway. You just need to ask your developer to implement IAP in your app to sell features or services. App Store and Google Play Store process in very simple and you can get paid easily.
In App Advertising
Advertising is another popular and largest revenue generation source. It is basically generated through freemium apps. Either you have to integrate an 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 in your app to boost up the revenue. An advertisement is always a better choice for consistent revenue generation. If your app have a broad user base and downloads then advertisement can drastically increase your revenue. It works in several ways for revenue generation. Ad size, position, placements, clicks through, impressions, user location and format actually matters the revenue. Video Ads have more worth than static or irritating ads.
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 display a short video or app images to click and download. Playhaven and ‘Chartboost’ are few ‘CPI companies’ that you can incorporate their services in to your app. CPI services display other apps, software in a predetermined time and allow user to download and install apps. Approximate $1 you will get paid if you provide that installation service from your app.
Use Subscription Based Model:
Subscription based apps are 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 full app or premium features. On the other way, you can design different plans like Silver, Platinum and Gold with set of defined features for sell.
You can use mobile affiliate networks to generate revenue. You just need to find some best affiliate marketing companies or platforms and connect with affiliate 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.
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 kind of a feeder system that gives users a sense of what would they get in next version. This enables easy to sell full version of app with premium or extended features.
Some Example of Money Making Apps You Want to Develop
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 desired to start with one platform like iOS or Android with minimum set of features. You can generate large sells and earn more profit when your product got accepted and app is well marketed.
Ticket Selling Apps
Weather 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. It needs lots of marketing and business affiliation to make a versatile app.
Event & Nightlife Apps
You can list several restaurants and bars in your app and allow customers to find out nearby event happening at bars and restaurants. User can make reservations through the app and you can earn commissions. It is like affiliated business and your app will be a great communicating platforms between users and restaurant/bars.
Location based dating apps are top choice of youngsters on App Stores. If you are planning to build a dating app with unique idea, you must have some premium features and subscription based model that allow users to access more features of the app.
Educational apps with PDF and video lessons are good source of revenue generation if you belong to the education industry. Student most like to learn through videos and online lessons and they do not hesitate to pay and unlock paid education content. In App Purchase is most preferable method to sell these educational resources.
Photography apps with editing tools are trending apps on the app stores. Instagram is great inspiration and it is turned to the choice of businesses for doing paid promotions and advertising.