Multi-channel presence is one of the key features of digital marketing. It creates an effective and all round presence, providing customers easier way of getting in touch with the organization. The organization can also use these channels to contact potential consumers. Mobile app is one of the most powerful tool to contact the target audience. There is hardly an individual who does not own a smart phone anymore. This is enough to focus on developing mobile application.
You can offer your app for free, or utilize it to generate income. It could either be done by offering subscriptions or ads. Nevertheless, before you even launch the app, it will be wise to have a monetization strategy.
Start Charging for Your Service
This is the easiest strategy of monetizing your app. Charge the users for downloads. It lets the people know that there is no hidden agenda. So, they might be willing to pay for the app download, without being skeptical. However, if your competition is offering downloads for free, then this might not be a wise decision. If you have a strong competitive edge over your competition, then perhaps you might charge, but not a hefty amount.
Paying for the app is like purchasing an item from the market. You pay once, and access the entire product for as long as you want. However, Google Store and Apple store also take 30 percent app fee for all app purchases. Budgeting is, therefore, crucial.
Ternion Solutions can help you assess your target audience. We can help you establish whether the consumer will be willing to pay for the app? How much are they willing to pay for your services? These factors can help you plan out a budget, and charges accordingly.
Look for Sponsorships and Partnerships
You can also monetize your app by securing a partnership with another brand. It can take your monetization game up a notch. You would need to find a sponsor or partner that has a similar consumer base.
Such a sponsor would add to the customer experience of the users. Sponsorships motivate the users to download apps. If the partner includes ad feature on their app, it could lead the users to click on the advertisement and directly reach your app. If you have a problem in finding the right sponsors for your app, Ternion Solution can step in to help you find your way, and which sponsor is most suited to you. Selecting a sponsor is not piece of cake. Professionals at Ternion Solutions will look for a sponsor that suits your budget, and will reap the most profit for you.
That could potentially convince them to go download your app. This click through rate can increase downloads. The CTR can sometimes go as high as 12 percent. You can sell the partnership by offering splash screen where the content of the ad is displayed in full screen. This gives the partner greater exposure.
In App Ads
Through in-app ads, the customer experience is enhanced. On the mobile web, ads are mostly compressed and seem unappealing to users. In app ads are adjusted to fit the screen of the phone and hence appear better. Thus providing better engagement. Location is a central factor as it decides the delivery of the relevant app.
In app ads also need you to assess your audience, and budget. Once that is determined you can select one of the following three streams that best fits your strategy.
- Cost per Thousand Impressions (CPM): The rate charged for every 1,000 people who see an advertisement.
- Cost per Click (CPC): The rate charged every time a user clicks on your ad.
- Cost per Action (CPA): The rate charged if a user clicks and completes a specified action.
This kind be a bit overwhelming for you to decide. Again, with Ternion Solutions, you can choose the best optimal solutions. The organization is here to walk you step by step through the pros and cons of each rate, and how it will affect your monetization strategy.
Paid Premium Accounts
This is one of the most common strategies employed by app services. The app offers basic services to all users. Ternion Solutions helps you design enhanced features which are unlocked or made available only after payment. It is easier to attract users this way. They create a free account, use basic services. After a while, they will be driven to make the purchase for enhanced experience.
Many apps offer this service. Anti-Virus software, Adobe, Spotify, and even Youtube has jumped on the band wagon. It is a great way of selling enhanced features without losing any customers. You can offer 7-day free trial. If people enjoy it, chances are they will be willing to make the purchase.
Subscriptions Can Also be Useful
Subscriptions is one of the oldest monetization strategies. Services like Netflix, HBO Max and others offer monthly subscription with unlimited access to their services. You can either apply Neftlix’s approach.
Another way of earning money through subscription is to offer different services for each subscription. It is similar to premium accounts. But in a subscription, the user has to make monthly payments. You can formulate various subscription plans and their cost according to the features you provide.
Conclusion
Having an app is essential for your business growth. However, your app could be your business and you can utilize it to generate significant income. By carefully planning the monetization capabilities you can help increase the profits for your company.
Choosing a monetization strategy requires some rigorous thinking, measuring the long term goals, adjusting the budget and assessing the target audience. Only then, will you be able to utilize app monetization.
Ternion Solutions can readily assist you in choosing the best strategy to maximize your profits through monetization. It begins by assessing your target audience and your product. Wrong strategy, or ill planned can incur losses. Ternion Solutions is committed to making your business experience top notch, and allay all your worries.
