Tag Archives: develop

Guide: How to Make Money with Mobile Apps – Monetization Strategies

 

More than 40% of small businesses have a mobile app, and that number is growing. These businesses have many reasons for turning to apps, including providing a better customer experience, increasing sales, and growing their brand.

Other businesses developing an app as an additional revenue stream. Of course, all the businesses like to develop the next billion-dollar app, but the competition is fierce.

It is still possible to generate revenue through your apps but you need to develop an effective mobile app monetization strategy.

In this guide, you will discover four popular mobile app monetization strategies:

In-app advertising
Freemium mobile app
Premium mobile app
Subscription-based mobile app

1: Goals for Monetizing Your Mobile App

Before deciding how to make money with your mobile app, clearly, define the goals for your app by asking yourself 3 questions.

What is your mobile app’s value proposition?
What are your competitors doing?
How will you attract app users?

Mobile App’s Value Proposition

Defining a strong value proposition is key to monetizing your app. What problems do your users have? How does your app solve them?
Your value proposition says how your app benefits users, not which features it offers.

Important Tip. Users are searching for benefits, not features!

What Are Your App Competitors Doing?

Studying your competitors’ app offerings may reveal how you can differentiate your app: features, value proposition, and monetization model.
Do your competitors have apps? What monetization model are they using?
For example, if reviewers on your competitors’ app complain about spammy ads, that’s a sign that you could offer a better user experience with a different monetization method.

How Will You Attract App Users?

Defining your user acquisition strategy is a key step in generating revenue with your app.
A survey of app development firms from around the world recommends using social media (37%), paid advertising (28%), and app store optimization (ASO) (21%) to attract app users.

A plan to market your app and attract new users likely will include a combination of marketing tactics such as ASO and social media or advertising and incentives such as rewards or points.

2: Choose A Mobile App Monetization Model

App user’s today are increasingly unlikely to pay for apps: Only 35% of mobile users paid for an app in 2018.

Making money with a mobile app used to be simple: You had free apps with ads and paid apps without ads. But, as in-app advertising falls out of favor, what methods for app monetization can you pursue?

Here are three of the most popular app monetization strategies:

“Freemium” mobile apps
Premium mobile apps
Subscription-based apps

3: Track Mobile App Use, Purchases, Sign-Ups

After choosing and implementing a mobile app monetization strategy, carefully track your Key Performance Indicators (KPIs).
Your KPIs will include engagement, activity, and revenue metrics:

App usage
Time spent in the app
Number of in-app purchases
Number of subscriptions and sign-ups

Track your results, and experiment to see what works best for your app and your users. You may find that a combination of tactics, such as pairing a premium app with a freemium app is best for generating revenue. Or, you may find that a different monetization tactic is more effective than the first one you tried.

3 Steps to Make Money With Your Mobile App

Step 1: Define goals for monetizing your app
Step 2: Choose a mobile app monetization model
Step 3: Track app engagement and revenue

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Guide: How to Develop a Successful Marketing Plan

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Before seeking out prospects, having a marketing plan is essential to any business. Look at all the strategies….

Getting your initial qualified prospects to make a sale to
is often called front end marketing. When we run marketing
with the expectation of immediate responses by the consumer
to whatever message you put out there, whether it’s Yellow
Pages, newspaper ads or direct mail, this is called direct
response marketing.

Before seeking out prospects, having a marketing plan is
essential to any business.
Look at all the strategies for conducting direct
marketing campaigns and testing variables to determine the
effectiveness of each of the marketing strategies within
your business.

Most people want to be successful, but few plan to be. Very
few people take the time to plan anything. Most people take
more time to plan their vacations than they do to plan
their lives. The most important thing you can do right now
for your business is sit down and develop a marketing plan.
Most business owners fail or they just move along because
they don’t have a plan or goal for their business,

I want you to decide right now to make a detailed plan of
what you’re going to do and how you’re going to do it. It’s
the old saying, “If you fail to plan, you plan to fail”

You can say, I want to make more money or I want to be
rich. That’s nice, but too vague. You want 20,000 sales per
month, That’s not a plan nor will it even come close to
become a plan.

A plan is a detailed specific road of how you’re going to
reach the targets you set out and the date that you want to
reach them by. An example is that you can set sales goals.
You can sell so many of your products for a week or so many
of your services for a week. You should offset these in net
profit instead of gross profit because that is the money
you’re making.

You want to put down the numbers in net profit If you know
your net per sale, and most business owners do not even
know this, but if you do you’re way ahead of the game. You
can work backwards on how many sales you need, Then all
you have to do is increase your number of sales per week or
net profit per sale.

Develop a strategy for making those numbers, decide how
you’re going to advertise. How you are going to get referrals?
This is the beginning ofyour marketing plan.

Go out and pick five of the best ideas or most comfortable
ideas and implement them. Start using them to help you make
your goal.

Choose another five, another five, and another five. You
want to set your goals on a weekly basis. As you achieve
them raise the level the next week. This way you will
continue to improve and so will your income,

Don’t panic if you have a bad week. Just get right back on
track and try to achieve the next week’s goals. You want to
get to know the numbers for your business. It is a business
of numbers. You need to know the net profit per sale, net
profit per service call, and how much it costs to get your
new clients. These are critical in knowing where you are
and if you’re achieving your goals.

Take some time each week to plan. It’s critical. Here is a
simple guide for you to use.

¤ Write down your goal for your total net income you want
next week.

¤ Write down the number of new clients that it will take to
get that.

¤ Write down your goal for number of repeat clients that
you want to achieve.

¤ Write down how many service calls you’re going to make if
you’re a service business.

¤ Write down how many products you have to sell.

¤ Write down the net income for each item and your average
income per client.

You’ll come up with the total income you’re trying to
achieve. Each week put down the actual numbers you want to
achieve and you’ll find out if you’re reaching them or not.
Then you’ll know if you need to increase marketing and in
what areas. Creating a simple marketing plan like this
enables you to keep track with all the numbers and helps
you to achieve your marketing goals.