Mobile apps are hot. The growth is astounding and there is still plenty of room for growth in many areas. As an online marketer, if you are building apps or thinking about it, there are also several ways to monetize apps now and probably will be more in the future. Some of the best ways are:
- Paid apps – Sell the app and make money.
- Advertising – It takes a lot of downloads to make money selling ads on apps, but it’s works.
- In app purchases – People purchase something right through the app.
- Subscription – People must subscribe and pay to get information or join something.
- Lead generation – Collecting and selling leads through an app.
- Affiliate sales – Affiliate marketing done through the app.
With all those ways to make money and stories floating around about people getting rich developing apps, it’s no wonder it’s a hot topic right now. Before you jump into the market though, here are 4 things to consider if you want to maximize the money you make with your apps.
1. Look for scale. Is the market big enough to make money in? We always say “health, wealth and relationships” are great online markets that are really big and will always be around. The same holds true for apps. Obviously there are more than that, but those have scale, they are huge and will continue to grow. Even sub-niches in those verticals are big enough to make serious money in. So make sure you are working in markets that are big enough to make the kind of money you want to make.
2. To sell or not to sell, that is the question. Ad supported apps are good in markets where you can get a lot of installs and people use them frequently. If they only use the app a few times and get rid of it, you might want to sell the app for an upfront fee. It’s a good idea to offer a free trial or limited version as well if your app is valuable.
3. Decide before you start the process how you will monetize. Advertizing, in-app sales, virtual currency, etc., but once you decide which way, don’t be afraid to try some different things. For example, there are many networks out there that can help you serve ads and they are not all the same. Don’t be afraid to try some different networks to see which works best.
4. Market research is key. Do your due diligence before you start developing your app. Look at what others are in the space. How are they monetizing, where are they getting installs, what can you do better.
Once you figure out what market to develop for and how you will monetize, there is still a lot of work to do to make it happen, but you will have built a solid foundation to develop on, so get started and good luck!