Making a business of a mobile app or MONETIZATION

Many entrepreneurs make a mistake thinking that what you need to know to make an app is just how it works and who will be using it. While those are first questions amongst things to consider when developing an app, however, next (and most important) step will be supporting your app.

So you have done everything right, your app is being used by your target audience. Now they will ask you for more features, they will be reporting what they do not like. You need to keep up and have what is needed to create and app and support growth of one - money. Here are few ways to do it

Paid download

Some apps are free to download, some apps you have to pay to download. In order for people to want to pay for your app you have to be accurate in your target audience. This approach is good for niche apps like: budget management apps, media managing apps, music apps etc.

Free download, though, is a good way to attract users to your app, give them a feel of what this app can do for them and than ask for payments through in-app services (see below).

In-app purchase

One of the most common way to make some money of your mobile app. Make the service you provide purchasable. In reality, there are dozens of options to do so. Most common of them are

  • Virtual tokens to buy things - use virtual tokens inside your app. Like this app we built CelebrateLive. They offer live streaming and use virtual tokens so that people can buy and exchange gifts during broadcasting.
  • Virtual tokens to pay for services - like Friendroulette does. They offer virtual tokens which buy you communication time. Users have to pay for their communication time beforehand by purchasing tokens with real money.
  • Extra features - you can always sell more options for money. Like game apps. They offer new level and extra power for $0.99.Extra features - extra money.

Subscription services

This is what you need to know to make an app based on subscription services. Subscription brings you a stable cash flow as it is usually based on recurring payments. You have a better chance at getting your users interested when offering them different packages.

Think which categories of users you might have and offer them packages. Packages are basically the cheapest way to get your services, the most expensive way to get your services and the compromise.

For example, you app is about arranging events like these our clients. People should be able to create an event and bulk invite their friends. Based on subscription you can limit number of people to invite er each event.

Based on subscription you may offer extra services to track events status. Based on subscription you may offer to upload a limited number of pictures to an event or have multiple hosts.

Built-in ads

Is probably the easiest way to monetize your app. Just pick an ad provider and add ads to your app. You will be making money of taps users make on those ads. Additionally, you may offer your users to download ads free version for money.

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