As people around the world spend more time enjoying everything that smartphones can do for them, that time is quickly becoming carefully monetized. To create, launch and manage a successful app business requires a monetization strategy that can sustain long-term growth.
As with other phases in the app lifecycle, knowing your user is imperative to developing a monetization strategy. An app that doesn’t reflect its users’ wants and needs won’t be succesful, period.
The goal is to find a balance between what you offer and how you can make money. Will you use a freemium or paidmium model? What about in-app advertising? How big will your user base be, and what monetization preferences will they have?
View the app stores as more than just passive platforms; they play a critical role in enabling users find your product, but they may also take a percentage of the revenue you earn from these users. It’s important to factor in potential costs associated with the app stores as you choose your monetization model.
The world of app monetization is growing at an astounding clip. Emerging economies continue to adopt smartphones and more mature markets are seeing users spend more time and money in apps than ever before.
Whether you plan to offer in-app upgrades, subscriptions or creative avatars and filters, fill your app with relevant advertising, directly sell good and services or inspire brand loyalty and awareness, apps can help you build a better business. With the right strategy, research and a dedication to evolving, you’ll be on your way.