If you’re launching the app in Google Play Store, you probably have a freemium model where users can buy extra add-ons to progress in the game or have access to extra features. Being optional, you can only count on a few users to actually buy the extras, and you need to look at monetizing your app.
One of the best ways to earn extra revenues is to look at the different options of monetizing the app. Monetizing the app would be profitable way to earn from the hard work you have put into android app development. What are the strategies that you can use? There are three most common strategies that you can use to earn money from the app.
- Paid Apps
Put a price on your app and let the user buy your app if they want to use it – however, statistics suggest that this is a good method only in the iOS store. It’s difficult to have Android users buying an app outright.
A paid app is the most common way of generating revenue. However, it has own issues. If you are looking to raise the number of users downloading the app and generate more revenue, it won’t be easy. The most installed apps are always free and users always look from free options.
Go in for a lower prices; set a price that user can pay easily. Make sure that the features offered in the app are not available with other apps.
- In-app purchases
This is popularly called the freemium model by the developer. It is one of the most effective way of earning from app. The app is free to install but users can buy more value items or features from the app. This is a better model as users are able to assess your app and use it – increasing user engagement and trust. If users love the functionalities on offer, they can pay more for the extras.
In this model, you provide a certain value for free; if the user does not pay for in-app purchase and they can continue to use it for long period. In turn, you always can increase the number installs. This kind of model is best for games, personalization theme or more.
- In-app ads
It is another way to earn revenue. You can add ads to your app. The app is free to use but you dedicate special ad slots that can come up at specific intervals. Whenever the user taps on the add you get certain revenue. This method has been used on desktop websites – if you are offering something valuable and the ads are relevant, they will not be a distraction.
You can also employ other strategies like increasing subscription rates. or giving special offers time to time but opting for a freemium model or in-app ads are often the way android app developers and app entrepreneurs go to. Easy to choose and implement, they offer a constant source of revenue while you can focus on other marketing strategies.