The Mobile Advertising comes of age and Mobile App Developers have eventually caught wind on how much money is really possible by creating great mobile apps. Mobile app developers have started embracing this opportunity but for most of them the question remains same:
How to monetize an app?
However, there is no dearth of great application ideas. The issue lies with Developers by not understanding how to properly optimize their apps for revenues and therefore not being able to retain revenue for ongoing development. So, what’s lacking?
Time and time again when we offer customized mobile app monetization strategies and marketing plans for Mobile App Developers, we realize that they typically wander off the beaten path. Their brilliant app idea doesn’t behave like a cash cow, but their monetization tactics do!!
Frankly, I’ve seen a lot of absurd hype within the Mobile Apps Industry. Just like everything else, there is no free lunch. If the developers think building an awesome app is going to land them a new Lambo or mansion, they’re barely even scratching the surface of what’s possible.
So what is it that needs to be done? How to shoot up app monetization?
One of the suicidal mistakes I’ve noticed is that, mobile app developers price their application(s) incorrect. Now, if you decide to offer your app at a certain cost then you really need to consider the actual value of your application and whether it is really worth a couple of dollars.
Before setting a price on their apps the developers should ask themselves a few questions:
· What value does the app add?
· What is (are) the USP(s) of the app?
· What are the real benefits of the app?
· What similar apps already exist?
· What are the price points of these apps compared to their own app?
· How many downloads have they already generated?
· Which category does the app falls in?
· How can the app aid people?
· Will people use the app on a regular basis?
Monetization rate varies based on different factors; Geography and Demography are major factors which an app developer needs to take care of. Following are some of the mobile app monetization strategies developers can start putting into practice right now:
1. Pay Per Download – Paid downloads work as users pay up-front to download the app once it’s available in one of the app markets.
2. In-App Advertising – One of the most popular among mobile app developers. In-App Advertising works by allowing ads run on space sold within the app and revenue is based on number of user impressions and/or clicks.
Video Ads: High-quality Video Ads are streamed in-app.
Rich Media Ads: A full landing page is embedded inside an app, with a fixed close button at the top. Advertisers can build rich experiences which are directly embedded in another app.
Full-Page Banner Ads: Ad is displayed as an in-app interstitial to users, with a fixed close button at the top. Advertisers pay on a CPC basis.
Full Screen Ads: We at AdIQuity have recently launched Ads `N` velope. A solution that helps developers earn much more by showing full screen ads pre & post app.
In mobile advertising (like with any other advertising), it is all about delivering relevant and right ads to users. Targeting users based on location and content they are viewing is just considered the essentials. Following this strategy will help increase number of clicks, conversions and gross revenues from the apps.
For In-App Advertising, here are a few key things to remember:
· Text Ads / Text Banners should always get their own dedicated screen within the app
· It should be made sure to “merge” the ad to look like part of the app in terms of original design – It’s less intrusive
· Apply Frequency Caps –Only allow ads to show enough to get attention and not annoy the apps users
So, I hope this post helps app developers monetize their apps to the max.
Do write to me on firstname.lastname@example.org for more help on app monetization. (Author is a Developer Monetization Evangelist with AdIQuity)