5 Real-Time Hacks To Make Money With Apps: application development
We are already familiar with the BuzzFeed of application development in the industry. The app economy continues to break the record with every innovative solution. With businesses revolving around mobile application development, we can conclude that any enterprise can make money using apps if worked smartly enough.
A great application demands a problem-solving approach, rich user experience and interactive consumer base. A reliable mobile applications development company also relies on market research and product value, and the factors mentioned above. All in all, if you have a creative way to solve a problem, there’s always room for building an application and making money out of it.
But do mobile application development pay well?
Well, it entirely depends on how you utilize your application. If you are a number person, here are some statistics to prove the rewarding benefits of mobile applications.
- In the year 2021, consumers paid approximately $111 billion on applications.
- The year 2020 has been the biggest application shopping year so far.
- Users from the past two years send more than 6 hours on applications every day.
- Mobile application ad expenses rose to $240 billion in 2020.
We could go on and on about the benefits mobile applications bring to businesses. However, our need of the hour is to reveal some of the most effective ways to earn money from the applications. So without making any further delay, let’s bring on the answers.
Five efficient ways to make money from mobile applications:
1.Instead of a prototype idea, have a transparent business application model:
Now, you ask if there is a difference between the two? Yes, there is.
An idea can be famous and appreciated by many enterprises; however, a business model tells you what made the users pay for your app idea. Here’s an example:
If you plan to develop a mobile payment application, it’s an excellent idea. In fact, with digitalization taking over abruptly, these payment gateways are the only options to run a successful business. Apps like Freecharge, Mobikwik, Paytm are appreciated and downloaded by millions of users. Still, due to a limited business model strategy, they could not earn profits for a continued run.
Similarly, many such apps with excellent business approaches scramble for money due to the lack of a model. This is why it is essential to scratch, understand and strategize a business model before you start working on your application.
For certain good mobile app development company in the UK, it’s a standard practice to follow a sincere flowchart and then initiate the development.
2.Understand the Flow of Money (App monetization Techniques)
How do free applications make money?
There are infinite ways to make money from apps. Most mobile applications earn benefits from in-app purchases. At the same time, other apps rely on subscriptions and advertisements. You just need to find a perfect fit for your application business.
Here are few monetization strategies that you can follow to make the most out of your app:
- In-app Ads-
In-app advertising is a primary source of revenue for mobile applications. It started with print media hundreds of years ago; therefore, it will definitely work for digital media as well. Mobile ad spend is increasing rapidly, and if you manage to get sufficient downloads, it’s easy to monetize through in-app advertisements.
Remember to keep a sizable number for your downloads. The higher your downloads are, the more you earn from your ad space.
- In-app purchases –
This strategy applies to the applications that offer specific add on features and core services at a price. These purchases are generally optional, but on the other hand, if you have happy customers, they would love to pay for the add on features.
This strategy works on gaming applications, but you can try your hands on these for any genre.
Offering free core services but charging a subscription fee for added benefits is called freemium. For example, Apps like Tinder Gold, Spotify premium follow a freemium policy.
3.Your App should solve a real-life problem :
Although you don’t necessarily require a groundbreaking idea for your application’s success, the chances of popularity increase if your app has a decent solution to any daily life problem, along with this, a mindful and minimal design pressing creative technology is an added benefit.
So basically, what you really need is an excellent solution to a genuine consumer problem. For this, you can coordinate with any reliable mobile app development company to back your app idea with research and facts.
- You see, hailing taxis was a significant problem in metropolitan cities, leading to the world’s most popular application- Uber.
- Meeting friends and partners in your area solved a life crisis by Tinder.
- Planning affordable trips with homestays- Airbnb and MakemyTrip can be your suites.
4.Planning a profitable exit:
Here’s a very relevant instance for you. How does WhatsApp make money?
We didn’t think WhatsApp was making any money until Facebook bought it for $19 billion.
There are many similar cases of innovative apps being acquired by tech giants.
So if you feel like there is no ad space for your gaming, there are ready tech giants to take over and give you a profitable exit. If you notice, founders of such exceptional apps didn’t need to compete with the followers; they just focused on making a potential application. That’s how when you decide to exit; you make money.
5.Double down the user research :
There are two big advantages of thorough user research. First, you will understand if this app idea can actually bring revenue to your company or not.
Second, it sends you in the right direction. You can create a general survey and share it with prospective users. They will tell you if they are willing to pay for your application.
In the later phase of testing, your user research will lead you to areas of improvement, friction points and allow you to fine-tune every aspect of your application.
There is always room for a good application. This opens a wide door to the revenue and potential benefits you can utilize. While following these life-saving tips, we would also recommend you take services from a good mobile application development company for a smoother run. Now go along and come up with a mind-blowing profitable app idea.