By TheMadTeam on July 28th, 2020
5 min Read
You probably already know of the various marketing advantages that a mobile app can offer your business. But what if I told you that you could turn your app into a money maker, especially when you work with the best app development company in Sydney. Sounds like a great idea, right?
This is what app monetisation is all about. At Mad About Apps, we know and understand how that feels – earning revenue from your app. We are also fully aware of the risks that come with poor implementation of monetisation.
If you don’t involve a professional mobile developer with reasonable experience in this process, the chances of you making costly mistakes are high.
Our goal today is to let you in on practical app monetisation models you will never go wrong with if you implement them correctly. They include:
Offer Free and Paid Versions For Your App
This is one of the most popular methods of app monetisation. There will be two versions of your app. Developers will limit certain premium features on the free version of the app that will only be available on the paid version.
This is a very effective monetisation strategy for two major reasons. First of all, you can rapidly increase your app user base by allowing them to try out the basic features of your app. A good number of them will definitely upgrade once they realise how useful your app is.
Secondly, you can still make money from the free version of the app by implementing in-app advertising. Users who want to use your app without ads can make a one time purchase to get an ad-free stunning app.
The Subscription Model
This is another effective monetisation model. However, you will need to hire a mobile app developer in Australia if you want to implement it correctly.
This monetisation option is perfect for apps that offer a service to the user. Perfect examples include exercise apps and news apps.
You will have to first make your app free to download. Also, make the user experience is perfect. The premium features of your app can then be locked behind a subscription model.
You need to offer your users a wide choice of subscription options if you want to gradually grow your paying user base over a period of time.
The In-App Purchase Model(IAP)
This monetisation model is great for apps that reward the user for loyalty and long-term use with special rewards. Good examples include dating and gaming apps.
The basic version of your app should be free. If your users would like to obtain special features, then they will be required to make a purchase. In gaming apps, this strategy is called pay-to-win.
The beauty of this model is the fact that you can use different approaches to make money from your app. For example, if a user does not feel like paying for a feature, you can make it possible for them to obtain it by participating in an in-app survey or watching a certain number of advertisements.
The possibilities are endless!
The Paid-App Model
You can also opt to make your app only available through paying a one-time fee. However, you need to make sure that your app offers a unique service that is hard to find anywhere else.
That means that you need to work with an app development company in Sydney to make your app as unique as possible.
Your app should also be hard to replicate. Otherwise, competitors will create similar apps and undercut you by offering their versions for free downloads.
The great thing about this monetisation strategy is that you can still offer users other advanced features for a reasonable fee, making it scalable over time.
App monetisation is a lucrative business opportunity. However, you will need to work with an experienced mobile app development company in Sydney if you want to avoid the pitfalls that come with monetisation. At Mad About Apps, our goal remains to create tailor-made monetisation models that are unique to your app and business. We have witnessed this double up the chances of success for many businesses. Contact us today to learn more about our mobile app development services in Australia.
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