As far as high-tech goes, mobile reigns as one of the most popular subsets of the industry, and it’s only showing signs of further growth. Whether you’re a veteran or a newbie to the mobile market, continue reading to find out how to make your app as financially rewarding as possible and foster a steady, scalable, and successful mobile business.
Use a blended model
Instead of focusing all your monetization efforts on one method (e.g. in-app advertising versus in-app purchasing, paid app versus free/freemium), test out the mobile waters by getting your feet wet in a variety of strategies. You’ll likely come to possess eye-opening insights by pursuing methods (or a mixture thereof) that you perhaps hadn’t initially anticipated to be rewarding. Older methods of advertising, for instance, that focused primarily on banner ads have been replaced by more engaging multimedia calls-to-action that generate more clicks and conversions than basic banners’ paltry 0.1% CTR. Video ads that organically fit into the app’s natural flow (e.g. after completing a level or advancing to a new section) are more immersive than their predecessors. Native advertising, on the other hand, is another great option by truly integrating ads into the look and feel of the platform where the users already spend their time. On the purchasing front, apps that require payments at download may dissuade potential users from opening their pockets, and may exclude a significant portion of the app’s target demographic. In this instance, a mixture of freemium and in-app purchases may be your best bet. You’ll garner valuable data on your users, offer them a taste of your app’s capabilities, and have a solid foundation from which you can reel in attractive for-purchase offers. Of course, A/B test to tailor the perfect monetization model that suits both your mobile business and its users.
Make users feel like VIPs
The heavy use of technological devices has the ability to make individuals feel isolated despite the devices’ high-powered connection to all corners of the web and the world. Design your app so that users don’t feel lonely or isolated, but rather valued and empowered. Such initiatives may include a personal in-app greeting by name, offering them a look into their recent activities, and/or incentives and reminders to continue coming back to the app. Based on your app’s offerings and its audience, VIP subscriptions and offerings may be the monetization model that’ll bring the most bacon home. For example, JSwipe, a dating app that caters to young Jewish singles, has recently offered a premium monthly subscription called “First Class” that provides additional services, benefits, and profile visibility to subscribers. Your team can develop noteworthy features and accompanying paid options by tapping into the psychological need to feel nurtured, special, and at the cusp of premium services.
Make it social
Humans are inherently social beings, and the internet and apps have brought this propensity to a previously unforeseen level. Individuals often want to be in the midst of what’s going on, be in-the-know, and have access to resources that’ll allow them to carry out their social practices. Use this knowledge to your advantage by leveraging social and sharing aspects with your app. Emphasize viral potentiality by showcasing your app as a social experience that’s meant to be inclusive with the user and his/her friends. For instance, P2P payment provider Venmo offers nearly the exact capabilities as its predecessor, PayPal, yet taps into the social aspect by gearing the app towards millennials in group settings. Nearly half of Venmo’s transactions deal with splitting bills with friends at restaurants, making the app inherently social and thereby encouraging the user’s friends and family to download and use the app as well. Once you’ve developed a great product, encourage your users to be your word-of-mouth ambassadors who will then share your app with their social circles.
Though mobile monetization may appear to be a wary world of countless options, use this variety and diversity to your advantage to craft a money-making strategy that works uniquely for your app and its niche offerings. In addition to focusing on numbers and metrics, don’t forget to take heed of the human qualities your potential and existing users possess. Users don’t want to shell out their hard-earned money on just anything. Incentivize them by offering a great app, a personalized experience, and a host of options that speak to their needs for self-affirmation and sociability, and then the money should be rolling in in no time.