How to make your “Free” app a gold mine
It is surely not that easy to make money from your apps. It is very surprising that few top app development companies make money out of few apps only. Yeah! Competition in app industry is that tough. To fix the price of your apps is a race from top to bottom. While creating apps for Android and iOS play stores, it is a toughest decision for developers that how to get the app to pay for itself. It is hard to get your app discovered by the users among the millions of the apps already available in the play stores.
According to a survey, people growingly prefer free, ad supported apps, for their smart devices but still so many developers are still in the dilemma that whether they should go for Free apps or paid apps. Strange! But developers must make this hard decision that should they charge their apps or keep it in a ad-supported model.
Developers have plenty monetization options available, each with its own needs and pitfalls. Before moving forward with monetizing strategies for your apps, app developers should ask few questions in order to decide any strategy to make money out of their apps and to find answers to an ultimate question that “How can I monetize my app?”
1) Is my app appealing enough for people to use it frequently?
2) Are people willing to pay an up-front fee for my app?
3) How the other competitors of my industry monetize their apps, and how much are they successful in the same?
Now let's have a look at the strategies of “How to monetize the free apps?”
1) In- App Advertising strategy for your free app:
This is the most simple way to “Monetize” your free app by adding in-app advertising. Indeed! It is the most traditional structure to have free lite edition of your app with an option to contain the ads within your app. Makers of apps do not have to do any struggle to employ the best advertising sales people because there are some easy ad-serving services like InMobi, AdMob or Google's own add integration services will help you to easily integrate ads in y our apps which gives yo immediate earning from your apps.
We personally would recommend you to sign up for ad exchanges, those people will let you to integrate plenty of ads at the same time with the highest possible rates.
2) Sponsorship- Another way to montize your free app:
So what is a sponsorship? Sponsorship is something which requires same level of tech inputs but more sales process involved. If you have a particular type of app that entice a niche group of people than it is quite possible that someone would agree to sponsor your app for a particular time to pass on their message to that niche group. Of course you need contacts in order to crack the deal. So be prepared to generate particular sponsored content for your app- and also making it up for advertising content. You also have to make sure that how much are you and your audience is comfortable in having a sponsor. Generally users will accept the sponsored content as far as it is clearly earmarked and obviously you don't want to kill your app for a single pay day.
3) In-App purchases- Popular way to make money from your free apps.
This is surely a very popular way to make money out of your free app. You just give away your app free and than keep charges for additional purchases within your app. In gaming apps you can offer chargeable short cuts power ups during the games. If we see from a technical perspective, this is tougher one as you have to create a payment system in your app. And to create a payment system you would require a payment holding company such as PayPal, which demands some of your money you make.
So just make sure that when you want to go for in-app purchases to monetize your app, make sure that your app is so likeable and popular that people would not hesitate to make extra chargeable purchases to use it more.
4) Promote paid version with free version of your app:
A simplest of all. This strategy is the most simple way to generate more revenue through free version of your app. Create a lite version of your app for free and give the opportunity the users to buy a better- updates version. You can also combine two methods here listed above. You can make your free version with advertisements and make the chargeable apps they enjoy without any ads.
Technically as we said above is it is the simplest of all. You just have two make the same app for free and paid. You need to promote your paid version with the free trial of your app. So this way your free app will get popularity and it will be beneficial for your paid version.
5) Bundled deals- The perfect way of “Making money” App:
Basically in this method you make a service based app which you keep it for free for your users but you charge for the service or data that app provides. For instance: A company pays a lot of money for their business analytics through an app. That app you can download it for free but you pay for the additional information and the data that apps provides.
So technically you make a free versioned app and you take the charges for the service accessed by that app. This is surely not proper method for a game or a usual app. This is only appropriate for an app which provides different services through it.
So many app development companies uses different methods to monetize their apps. We have listed some of the most used and beneficial methods to generate maximum revenue from your free apps.Back