The current mobile market is volatile and there are people who are not yet bothered to get involved. Apple (iOS) and Google (Android) are battling for supremacy and the former is actually showing healthy signs of growth.
Microsoft is nearly out of the picture although it has offered additional edit features for the Office suite for its users. One can even see varied price drops for smartphones, and apps. Samsung reported a downfall in revenue too.
64% of adults in America are said to have smartphones, out of which another 34% use their phone for social media and commenting online. The mobile market is huge, and has got people spending, on an average, three hours a day. This time is bound to increase in coming days. Regardless of the quality of the app and its concept, one needs to have a revenue stream and a proper monetization model. The type of app and the targeted demographic is key to understanding the revenue stream.
The mobile commerce revenue is set to increase for all those involved and companies should do everything that they can to maximize revenue. Here are some tips to increase mobile app revenue by thinking out-of-the-box.
Offer Ad-free Versions of the App
Mobile advertisements have mostly been the main source of income for mobile app developers. Full-screen ads are also in use. But for increasing revenue, one can offer ad-free versions of the app for a subscription, or just a single -time payment.
Plant Hotspots in Your Apps (Gaming, too!)
This idea can be targeted at those who are keen in developing mobile gaming apps, since games provide number of “hotspots” for showing ads, or for introducing additional features. A hotspot is mostly a space when the app user is most engaged in, and the moment is grabbed for the ads. One can actually guide the user to signup/purchase/subscribe your offering.
Most book readers and other users can be lured to purchase a subscription, or to buy a book they’re reading. One can coerce people to immerse themselves in a product before they buy it with a chance that they are going to use it!
Try Gamifying Parts of Your Apps
The best and the most spectacular applications become redundant and boring once there is nothing new and exciting which is introduced. One can try interactive methods including gamification of apps and rewards for enticing them to use the application. The goal of the same is to make users feel good about their app accomplishments. Reward the users with points, badges, medals, or even cash. Let them redeem/exchange their rewards for with additional premium features within the app. This helps them to keep going.
Encourage everyone to participate in the games and introduce the newer and better aspects of the app with each milestone.
A Trial Version with Unlimited Features Works!
Many mobile apps have introduced features that are open only to premium subscribers and those exact features are what can entice people to buy it. Instead of limiting the features with previews, let the users experience the complete app for at least 14-days and let them understand how it works. Once they get hooked in, they will be ready to pay for it.
This particular method is effective if the features are different from any other app. Users will then want to use it even after the trial period is over. An initial discount will help them to make the decision once the trial has ended.
Experiment with Diverse Revenue Streams
If none of the ways are working, one can rely on good old multiple revenue streams by using ads, publicizing the app on many places and create great copies about how the app is beneficial for users.
Here are some of the traditional ways to bring in revenue:
- Enticing Banner ads
- Interstitial ads like RevMob
- App Surveys
- Physical goods
- Affiliate sites and programs
- Periodic Subscriptions
Freemium Apps that Allow Multiple Purchases
While similar to freemium model apps, a freemium app which will continue to entice users to pump money is one model that encourages users to take benefit of additional in-game items at low prices. Let the users decide for themselves if they can shell money to advance their in-game ranks. Candy Crush has worked it out well in this context.
Partnering with a Sponsor
Unlike traditional advertising, one can roll in diverse ads from different companies, and you can have multiple sponsors to work on your app, including Amazon and Dunkin’ Donuts. With the partnership, it is a win-win situation for both the parties.
Video advertising is very popular and developers are keen to tie up with ad networks for displaying video ads on their app. These ads can get overwhelming, but when properly implemented in hotspots, they can engage users better than the banners.
Having your app not used or seen by anyone is a big problem. That’s where companies offering promotional services like Appshout matter since it exposes the app through many app reviewers and consumers. It is essentially a marketing team for your mobile app which will make your app known to the general public. A site or social media can work too moderately and sometimes go viral. But using a promotional services company works better.
Keval Padia is a Founder & CEO of Nimblechapps, a fast-growing iOS app development company. The current innovation and updates of the field lures him to express his views and thoughts on certain topics.