Monetization of Mobile Apps

With growing demand of mobile apps, they have become a very good source of passive income for individuals and app developers. Today, there is probably an app for every job or task right from monitoring babies to write songs, endless games. Mobile apps releasing everyday have made world a small place to live in. But it has also posed another big question - how do you earn out of your mobile apps. In the endless sea of new apps releasing every day, how do you make your mobile apps visible enough so you can earn revenue from them?

Monetization of  mobile apps depends largely on the type of application along with the user experience one is trying to create & manage.

Mobile apps monetization can be done using:

Freemium Model:

Freemium is a combination of free and premium. Freemium model helps to monetize apps as it attracts the users by offering certain products and services free of cost which compels the user to pay for premium having advanced features and functionality.

In-app purchase:  

In-app purchase helps in monetizing apps as the developers highlight attractive features of the app which compels the customers to purchase upgrades, premium and innovative content directly within the app without landing onto to the App Store or the Android Market

Free & Paid iPhone apps:

Free and paid iPhone apps helps in monetization as the free apps use a pay-per-click advertising model which uses a free app as a preview or “teaser” app for a paid version but paid apps have greater income potential  

Cross Selling of apps:

If you have multiple apps on the app store, they probably are the best way to advertise your apps and get more customers. A person who has downloaded one of your apps might be interested in other apps offered by you. They might not find the apps in the App Store. But there is a chance they get to know about the app in your apps which they are already using.

Advertising:

Advertising is another tool to monetize different apps. The need is to identify the best solution for any application for each ad format and optimize accordingly. Advertising helps in enhancing the monetary value of an application.

These are some of the ways using which one can monetize apps.  With the help of these ways, different mobile apps development firm can enhance the monetary value of their apps. These methods enable to enhance the business productivity of any firm.