App Monetization Strategies and Models for Success
Many people attempt to develop apps as a quick way to make a lot of money. Unfortunately, most people do not succeed, because they are not choosing the right app monetization strategies. These tips may help create a better payout from your app.
You should have data available that lets you track your users. It can tell you how often your app has been downloaded, what platforms, and the average length of use, among other statistics. You can also see when and how people are spending money. This tells you where your app is succeeding and where it fails. You should then be making changes to the failed aspects to increase spending.
Set the Value
Your developer and you have put hours, days, months, and possibly more, creating your app. Along with the idea, you need design, formatting, testing, etc. Though your app is worth millions to you, your users are not going to agree. Often, many people are turned off if they need to pay even a dollar. This means you need to ensure your price is not too high. Ask people what they would expect to pay for your app, and take that average into consideration.
There are various platforms available for which you need to customize your writing. If you set your app up for a Droid, you need to customize it for Mac products, as well. This doubles your consumer base and increases revenue.
Once the money comes in from your app monetization, it will be time to start paying your workers. In order to make this process easy, choose a company that does developer payments. Your workers will be paid, and you don’t have to stress about percentages or other fees.
Succesful App Monetization
When you are going to begin earning money from your app, it is important to know approximately how much money you can actually earn. Very few people become successful millionaires from an app that they created. It can, however, still be a sizable income if you hit the right market.
You may think most of your app monetization will occur through clicks. Downloading the app, though, can also give you higher profits. Earlier this year, the total revenue met on app downloads averaged two to three dollars per download. Some games saw revenue as high as seven dollars when downloaded. If you target the right audience, this can lead to a large profit margin.
In App Purchases
In-app purchases are where the largest revenue will be seen. People want the special benefits, lack of advertisements, or more energy to continue playing. This impatience can be seen in your wallet. In one year, alone, this method of app monetization grew 23 percent, totaling 76 percent of your revenue.
One of the best benefits about apps is that they can be downloaded worldwide. By simply rewriting text in another language, it offers an unlimited customer base. In a variety of countries that were analyzed, the US, UK, and Germany all made approximately one dollar per number of apps downloaded. Japan, however, saw a much higher increase averaging three dollars. Take advantage of monetizing your app so that you can reach customers all over.
Successful app monetization has changed over the years. Rather than relying on clicks, remember to utilize downloads and purchases. Then you can take a larger check to the bank and choose a company that you can trust to disperse your developer payments.
There are new trends that can be used for app monetization. These tools do not offer immediate profit, but give you data you need to improve customer satisfaction and keep users on the app longer.
Improve Customer Satisfaction
In-app purchasing is now the biggest revenue, but you may want to offer the opportunity to complete a survey. While some people may choose to pay, you can allow them to receive the item by submitting answers to questions. This can be offered throughout the year or for a limited time, but gives you marketing data you need. Your customers can tell you improvements to make, details they love, and any other answers you may want. You can then use this to have your developers edit the app and increase customer use and downloads.
Lengthen Customer Use
There are now new products your developer can add to your app. One of these is a sidebar that can be swept so that clients stay in your app longer. The sidebar can contain links to social media for easy sharing, and to payment options for in-app purchases. You can have it link to whatever payout platform you choose for customer ease. If you choose to have an outside company handle your payments, this is where you can use an easy integration like iFrame for seamless payment without leaving the app. The longer your customer stays within the sidebar, the longer they are using your app, so you want to make sure there are a variety of options there for them.There are new app monetization methods popping up all the time that your developers can use. By customizing these options and adding them into your app, now, you may find an increase in profit margin and higher customer satisfaction.
Asia Leads App Monetization Revenue and Developer Payments
Developers across the world are taking the risks of creating apps and hoping they have the next big thing. A report tracking app monetization and revenue results, though, shows Asia is making more than anyone, totaling 41% of the world’s app revenue. The question is why apps are so lucrative there, than elsewhere. Statistics and recorded data illustrate how the culture and technology are different in Asia.
China does not have the same Android platform that the United States and other countries do. Instead, China offers Wandoujia as an alternative. A mere 3.5 percent of technology capable of running Google Play has it installed. This means developers who rely on Google are extremely limited.
Though Asia took in 41 percent of app revenue, the United States and Europe reached 41 and 23 percent, respectively. Some of the top downloaded games that help increase developer payments include:
– Angry Birds Go!
– The Hardest Game in History
Developers may want to see what made these particular games so popular, when creating their own. Implementing similarities in strategies or design can help their game sell. In the last year, revenue increased 162 percent in Asia and 46 percent in the United States. If you look at country specifics, South Korea showed the most growth, at a whopping 271 percent.
When you look at the statistics, it is obvious that developing apps is still a lucrative venture. If you include Wandoujia in your games, you can increase your revenue by appealing to one of the most populated countries. Though there will be multiple forms of payment and currency, there is software you can integrate to take care of it for you.