So, you’ve built an extraordinary mobile app! Now, what’s your next step? How do you plan on generating revenue and achieving a return on investment from it? If your app isn’t paying for itself, you’re just wasting resources, no matter how great the app’s functionality might be.
The android app development market shows no symbol of slowing down. Due to the high level of competition, you’ll need a lot of patience, knowledge, and creativity to build a monetization model that will bring revenue in.
The android app development companies are growing more drenched with new apps each day. When it comes to creating the most out of app monetization, you need to market it before, during, and after its launch. You can’t just release and wait for the money to pour in. If you want your users to spend money on your app, you’ll have to optimize it for profitable conversions.
Setting Goals and Measuring ROI
You’ll miss out on a lot of opportunities and lag behind your competitors if you fail to implement concrete goals for your mobile app. If you want to bring your mobile marketing efforts to the next level, you’ll have to design and implement objectives and strategies that boost engagement, drive awareness, and increase ROI.
By the time you’re done reading this post, you’ll have learned some ways to turn your app into a profit-generating machine.
Here are some essential steps for setting goals and measuring your ROI:
1. Email Lists:
You might not think of this as a likely first step, but using an email strategy tie-in with your app is the best way to get more engagement from your customers, which in turn leads to more money.
As people rarely change their email addresses. That makes an email marketing campaign a simple way to make sure users actually see your content and connect with it. Regular emails also keep your brand at the forefront of a customer’s mind, making them more likely to buy from your business.
According to Wiselytics, the total life of facebook post is only a few hours, while a tweet’s lifespan is just over an hour. Email, on the other hand, has a lifespan of 12 days.
And the best way to gather those email addresses is to add an email subscription form to your app. An in-app subscription form will give your app a real boost by promoting users to enter their emails, especially if you tempt them with the prospect of some great benefits for email subscribers.
2. Advertising:
If you aren’t counting ads in your app, you might be missing out on a phenomenal opportunity for monetization. Digital advertising through mobile apps has improved communication between advertisers and customers dramatically. This is largely due to the crazy amount of time people spend on their phones. We’re talking at least 90 minutes a day- the equivalent of 23 days a year.
And a lot of the time, people simply don’t want to pay for the apps they spend all that time on. The temptation to download an app that costs $.99 drops away as soon as they see a cheaper alternative.
Advertisers realize the value of mobile apps over those embedded in browsers or sent via messages.
There are types of ads typically used:
# Interstitial/Full-screen ads
# Notification ads
# Capture form
# Advanced overlay
# Banner ads
So, choose sensibly- your decision could make all the difference in the productivity of your app.
3. Sponsors and Partnerships:
If you can secure a partnership with another brand, you significantly step up your monetization game. What you’ll to do is find a partner with a similar customer base who can add something to the experience of your users.
Imagine users on another app who see your brand logo, maybe even an interactive element typically found in your app appearing as a part of the app they’re currently using. That could potentially induce them to go download your app.
So, once you opened yourself up to the idea of hosting and sharing advertisements, definitely consider forming partnerships to strengthen your brand outreach.
4. SMS Marketing:
By using in-app prompts similar to the ones used for collecting email addresses, you can send notices for app updates, reminders, contests, and promotions straight to your user’s text message inboxes. This marketing technique is one of the more effective ways to strengthen your brand because it drives users back to your app.
Conclusion:
From this, you’re well aware of how awesome a mobile app can be for your bottom line. It can allow you to expand your brand and make connections with customers you might never have reached before. And as you’ve seen, it can also be a considerable source of revenue.
