Did you know…
86% of mobile usage is spent on apps by average customers which predicts its continued growth
Mobile app can be a solid revenue source for your brand to hit a billion-dollar success. Yes! These looks like tiny icons but if monetized can not only acquire new app users but also increase engagement and interest as well as boost huge sales!
Your mobile app is a potential gold mine! To drive purchases and sales, all you need to know powerful tactics that are really effective. Here’s 10 effective ways that can leverage app usage and can increase revenues.
- Start with… identifying user benefit from your business app
- What is the intent behind launching your app?
- What is unique about your app?
- What problems your app can solve for users and how?
- Can your business app provide engagement and boost interest for in-app purchases?
- Which business models are used by competitors and how are they different from your app?
- Why will your app users pay for your app?
Once identified, you can tailor the right app monetization strategy that is best suitable for your niche audience to deliver best business value.
- Study your app users, before you launch
You never know if your users will like the idea of charging for download for the first time. So, why not do a bit of research on your target app users even before you launch your app?
Apart from considering your user’s choice, also consider your objective behind pricing your apps or setting it for free. Is your app meant for generating revenues or increase user base? Think and re-think!
- Mix app monetization strategies
Massive users of app come with a mix of massive choices and preferences that might pull or push app users for a purchase. Some app features might appear enticing while others such as subscriptions might cast them away.
Try out a mix of few different business app monetisation models; then, check for their reactions. This way you can fulfil your app purpose and functionality and also have something new for everyone who will download your app.
- Focus on data-driven app engagement
Majority of apps just fail to sustain in business due to lack of engagement strategy. Start collecting interest and preference data of users from personalizing ads, promotions & offers that are highly relevant to the target users. Going by the changing dynamics of trends & preferences will only get you one step ahead to churn users having the biggest buying potential.
- Give out free app downloads
It’s tempting to price up your apps before letting them to users, but free apps can do more than paid-installs.
Whether short term or long, apps that are offered for free have been evidenced to be high in consumer demand. In 2015, mobile apps users surpassed 179 billion amounting to 93% of apps downloads are for free. The crux is to see the opportunity that lies in free downloads; obviously a reason of rejoice for users.
- Compare strategies with competitors and identify your best one
Embark upon what strategies of app monetization that have been adopted by your competitors and what are the results. Once you tally the outcome and infer insights on user base of your competitors, you will easily know how to empower your own strategy to gain trust and generate more profit.
- Let your audience taste the app trial version
It is a good idea to drop special highlights of your app features to give a taste of your app to your users. Offer a free trial version to make your customers feel what your app can do and how unique is the experience of using the app compared to others. Also provide trailers of product updates keeping up the enthusiasm within your customers for something new to see!
- Use coupons to drive app engagement
One way to interact with app users and drive huge app engagement is via coupon promotions of your app. Customers love coupons that comes along with a free service benefit and won’t mind filling up details at the first place. Why not use this tactic for growing your database and create a mailing list? This can also serve a good way to scale up your sales!
- Sell in-app ad space to other businesses
While businesses are fighting to make money through promotions imbedded in mobile apps, it is a good way for app marketers to make some good advertising revenue for free. But make sure that these are targeted to specific potential users who are interested in such businesses.
- Make your app life geo-location based
Your ad campaigns will instantly fetch more visitors and drive more sales as well as user engagement if your app is designed around geo-location based offers, discounts and time-pushed messages. Take the example of Life360, a family tracking app that has generated 25 million users via location-centric app. Stick to it!
To stay competitive in the app market, no scattergun in-app ads & occasional blasts can guarantee success overnight. Choosing the right approach by increasing a mix of monetization options that are timely tested for interested target audiences can really work and prove to be really rewarding in making money.