The Leading Ways to Monetize Any Application Smarter

Building your app is only one step in making it successful. Marketing is another crucial ingredient that can make or break your journey. However, even when you seemingly prepare everything, you can forget app monetization opportunities!

They’re essential for making money, especially if you offer the app for free. But what monetization options are the best? Let’s see which strategies are the most profitable and won’t disrupt your users’ experience!

The ins and outs of app monetization 

Let’s start with the basics. App monetization is the strategy you use to generate income from an application. The most straightforward method is making a paid app, meaning users must pay to use it. However, even free apps have many options for turning free clients into money!

But app monetization is not only about making money. It’s essential for ensuring that your app continues growing (and you have the funds to do it). So, it’s main benefits include: 

• Sustainability, since you can continue building and improving your app with the extra funds. 
• Having more income options helps you stay motivated and avoid dropping the project.
• If you implement app monetization just right, it will bring value to your users. 

But, of course, app monetization can be a tricky beast to tame. For instance, people tend to focus on increasing their revenue. So, they disregard the user experience. Considering the steep competition in the app market, you need to adapt. After all, there is a chance that a competing app will offer more seamless monetization. 

Making the app freemium 

Hooking your audience with an original idea or helpful service is crucial. And it works splendidly if you decide to go for the freemium model. Essentially, the freemium model means offering your app a basic version for free. However, users need to pay if they wish to unlock some special features or remove limitations. 

It’s a clever idea, letting you reap the benefits of both worlds. Nonetheless, deciding which features/options should be premium might be difficult. An important note is not to give users too much with the free plan. If you do, they will see no point in upgrading! 

Sell APIs to earn from your skills

While not exactly an app monetization strategy, a handy API (Application Programming Interface) could make you money. For instance, you can offer it to other developers, and then they can build on top of it. Additionally, APIs are not only useful for beginners but also for seasoned developers. For example, as an app owner, you could also pick up an SDK (Software Development Kit) to monetize your app. So, you add it into your app, and it gives you certain functionality.

Ads won’t let you down

Ads are trusted friends of many app creators. You can add different types of ads to your app, from banner ads to video ads. To get started, you can use other ad networks: Google AdSense, AdMob, Unity Technologies, or AppLovin. 

Nonetheless, be mindful of the user experience. For instance, running an ad immediately after the app launches could force users to close the app. One of the best strategies is offering rewards in exchange for watching ads. 

Collaborate with other creators and brands 

You can also find opportunities to collaborate with different brands. It could mean that you receive a commission for every purchase made. However, it could also include sponsored posts made to your community.

For instance, a fitness app can partner with different workout clothes and gear providers. So, if you offer workout plans, you might also include recommendations for certain quality products. 

Accept donations 

App creators can also set up ways to receive donations from their users. A popular option is adding virtual tip jars. However, you may also interact with your community on platforms like Discord. Then, you might include your bank details in case they wish to support your work. However, building your community and having those loyal clients is essential in this case! In other cases, you might go for different crowdfunding platforms that help you receive donations from nearly anyone.

In-app purchases 

You can include specific boosts or special features available after making a purchase. For instance, a gaming application could offer unique character skins for money. However, your app experience shouldn’t heavily rely on users paying for something. In other words, gaming communities do not receive pay-to-win strategies very warmly. So, be very wary of current trends regarding in-app purchases. 

So, app monetization is essential in turning your app into a success! You have many options: ads, freemium models, in-app purchases, APIs, or collaborations. You also probably won’t stick to only one app monetization method. In fact, you should use several of them to generate the most income. After all, earning enough is crucial for keeping the project updated and you happy!

Cover : Photo by MOHI SYED: https://www.pexels.com/photo/person-holding-silver-android-smartphone-50614/