Developing an app can be a blast because it gives you the opportunity to make life easier, better, or more fun for the people using it. These are commendable reasons to create an app, but ultimately, if you want to be successful at app building, you have to learn how to monetize every application.
There are many ways to do this. Each way has its merits, but if you’re looking for the best ways to make money on your app fast, follow these five tips.
Sell Your App
It’s true that free apps can make money, and that’s definitely a strategy you can choose. As a matter of fact, some of the suggestions in this article pair well with free apps. But, if you want to make money on your app, consider selling it upfront.
By selling your app, you can ensure you get what your app is worth without waiting around for users to make other in-app purchases.
Creative Pricing Strategies
There are a lot more choices to make than whether or not to sell your app. There are actually a few other pricing strategies to choose from. For example, some apps may opt to charge a monthly or yearly fee instead, ensuring a constant stream of revenue.
In-app purchases are always a great idea because they enable you to monetize your app over time. They can even be used with both free and paid versions of any app! They are especially effective when paired with gaming apps.
Although selling your app can provide you with revenue upfront, free apps still dominate the market because their creators have their eye on the long game. Not only can in-app purchases make free apps more lucrative, advertising can help you make more money too.
You do have to be careful. Advertising can be very irritating to a user, so it’s important to do it right:
- Only choose advertisers that have something relevant to offer your users
- Be very careful about app placement, and make sure opting out of popups is quick and easy
- Reduce or eliminate advertising for paid and premium apps
Multiple Payment Options
It doesn’t matter if you want people to pay for your app upfront or if you want to focus on in-app purchases, you have to make it easy for people to pay.
There are a number of ways to do this that include:
- Accepting multiple forms of payment including credit cards, checking accounts, and PayPal
- Create flexible pricing plans that include weekly, monthly, and yearly payments
- Create in-app purchases at a variety of price points
Always give users the opportunity to store their payment information in your database for easy purchasing in the future. The easier it is to pay, the more likely they are to spend money.
How you choose to monetize your app is up to you. If you choose the right strategy for your particular application, you can ensure it pulls in plenty of cash.