Thinking about an app for your business? How can you can monetize your app? Our App Developers have outlined some key points to help understand how monetization works below.
Monetizing your app can be extremely beneficial when thinking about the success of your business. There are many ways to do this, and our App Development team have created a list of the top 5 ways to monetize your app. What could be better than letting your app help with increased cash flow for your business?
Take a look at 5 ways your app can make you money!
Make money by selling data-driven advertising space using banner ads or video ads, just to name a couple. We have all seen these within the apps we already have on our mobile devices, simple, straight-forward and to the point advertising.
Provide a free stripped down version until the value is established, your users will want to continue to the next level in their game or be able to access more content after they’ve gotten a taste of what your app has to offer.
Pay to Download:
Pay a one time fee to download the full version; this is a standard way to drive cash flow upwards for your app. It simply asks that users pay a one time fee to download all content in your app.
Another straight-forward approach to directly gaining profits from your products and services, for example, in a game setting allowing your users to purchase credits to upgrade items or unlock certain levels.
Advertisers fund rewards to users within your app to increase engagement. A good example of this would be the app, RunKeeper, where users can receive an award for certain app related achievements, which are provided by the sponsors. Ultimately, this app was actually purchased by Asics, which turned out to be very profitable for the creator of the app. (Click here for more information about this.)
The Bottom Line
Whether you decide to gain sponsorships or include in-app purchases, monetizing your app should definitely be on your mind while developing your mobile application. If you’re interested in discussing your questions about app monetization, please reach out to us.
Vog is proudly Canadian, and builds more than just an app. At Vog, we help build your business.