App Monetisation – Best Practices

Brands looking to establish a robust online presence strive to create a fully functional mobile application. It not only allows them to enhance their customer mobile engagement experiences but also creates a robust revenue stream. Yes, earning recurring revenue through mobile app monetization is one of the biggest motivations behind the creation of a mobile app.

Mobile app monetization can be defined as the process wherein a brand leverages its user base to generate revenue through different options on a mobile app, such as advertising, paid apps, in-app purchases and so on. But this sounds much easier than it actually is, as there are various factors that need to be considered before being able to monetize an app.

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App Monetisation Best Practices

There are several different app monetization options available for brands based on their revenue model and targets. Here are some of the best app monetization practices that can be used by different brands: –

1. Focus on user experience :

The first and foremost point that a brand must focus on is to improve the user experience. An app must deliver a smooth user experience and must protect all costs. Any issues with user experience can derail monetization attempts. User experience can be streamlined by keeping it clean and ensuring minimal impact in case of maintenance issues. Another option to optimize user experience is by increasing customer engagement on the app, which leads to more time being spent on the app, further helping with the monetization efforts.

2. Target new users :

When it comes to apps, customer churning is considered a normal phenomenon. It is, therefore, important for brands to constantly invest in acquiring an increasing number of users to achieve a scale in monetization efforts. By creating a sizeable user base, businesses will be able to leverage the monetization drive effectively.

3. Multiple Monetization Options : 

Brands need to ensure that they can create a hybrid app monetization model to maximize the revenue from the app. The best way to ensure this is to implement multiple app monetization methods simultaneously. This will ensure that no revenue-making opportunity is lost, but attention must be paid to ensuring that the user experience is not harmed in any way.

4. Regular updates : 

Guidelines specified by app stores are updated regularly, so companies must ensure that the app is updated regularly to remain in compliance with the latest guidelines. Additionally, regular updates are also necessary to ensure that the app is compliant with any upgrades to the operating system to deliver a smooth user experience.

5. Unique Value Proposition : 

The chances of making money through an app are minimal if you create the ‘n^th’ app to solve a common issue. A company must invest its time and effort in creating an app that either solves a problem that no one else has addressed or solves an existing problem in a better way. This uniqueness of the app will certainly help with the monetization efforts.

Best Tools for App Monetization

Some of the best tools that companies can use to drive their app monetization strategies are as follows: –

1. Google AdMob : 

It is an extremely well-known mobile app network used by millions of advertisers. Developers must create an ad space in the app wherein the advertisers would bid for the ad slots; the system would then display the ads that are engaging for the users.

2. MoPub : 

It is another leading advertisement network that syncs advertisements with a refined auction payment system. Companies are able to segment the ad inventory and use inventory packages to reach the target demographic.

3. Chartboost : 

It is one of the leading cross-advertising solutions that enjoys considerable popularity amongst app developers. These monetization platforms encourage developers to sell their ad space to one another and promote cross-platform advertisements.

4. Facebook Audience Network : 

It is one of the most prominent app monetization platforms that enables advertisers to connect with the target audience using apps other than Instagram or Facebook. It enables the developers to get a part of the revenue from Facebook ads when the users click on ads in their application.

How Brands Use App Monetization?

Here are some practical examples of leading brands using app monetization to drive their revenues: –

1. Match.com :

This app offers a free trial period to the users, after which they can choose from any of the available membership plans on the app.

2. Cam Scanner :

This app allows the users the option to use certain free features for an unlimited time. If the users want better features, they must upgrade to a premium plan.

3. YouTube :

YouTube is offering users a chance to enjoy an ad-free experience by paying a monthly fee under ‘YouTube Premium’.

Whether it be Google Play or Apple App Store, millions of apps are already available for the users to download, and hundreds of apps are being added every day. This makes it important for the brand to ensure that the app includes all the features and functionalities that the users desire. Users must be able to relate with and enjoy using the app for any of the app monetization strategies to yield desired results.

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