The mobile app sector is in a state of amazing growth, with millions of users actively engaging with apps every day. According to Statista, the global revenue from mobile apps is projected to reach an impressive $935.2 billion by 2023, a significant leap from the $581.9 billion recorded in 2020. This phenomenal growth signifies a substantial opportunity for entrepreneurs and startups to develop innovative apps that can address problems, entertain, or enrich users' lives. However, in this potential, what are some groundbreaking app concepts that could potentially transform into billion-dollar enterprises in the future? Let's explore some of these exciting ideas that entrepreneurs and startups should definitely consider: Immersive AR-guided Exploration App Augmented Reality (AR) technology, which overlays digital elements into the real world, has numerous applications across education, gaming, entertainment, and tourism. There will be 1.73 Billion mobile augmented reality (AR) ac
Building a mobile app is, no doubt, a challenging process. Once this challenging task is finished, businesses meet with another challenge; Monetization. Mobile apps can be monetized through multiple strategies, but you must know about these channels. So, here are the top 6 strategies to monetize your app that will ensure you shocking profits and constant leads.
In-App advertising
Do you know that global mobile advertising spending is projected to reach $495 billion by 2024. Banner ads are easy to adopt for app developers. They have been in the app marketing channel for a long. With the evolving AI, today you can display advertisements related to users’ preferences. Advertisements can be in the form of video ads, native ads, text ads, and interstitial ads.
As a business, if you are not preparing a strategy for in-App advertising, then you are looking for the primary source of income. However, this channel works when it is free and suitable for in-app advertising.
In-App advertising requires a mobile network on the client's side. The advertisement algorithms are not your matter. You just have to provide space for the advertisements in your app.
The app advertising model includes the following:
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Cost per mile (CPM)
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Cost per click (CPC)
• Cost per action (CPA)
If you are not sure about the placeholder for your app, you can reach back to your custom app developer to clear the query.
In-App purchase model
The in-app purchase model is one of the most common purchase models for premium apps. If an app is free to use but wants to deliver a great user experience without any advertisement, they opt for an in-app purchase model. In this app monetization model, a business strategically offers customers to get the paid tools and features in the app.
In-app purchases can be renewable or a lifetime, depending upon your business requirements or cost model. The most common example of an in-app purchase model is in games. In fact, 50% of mobile gamers prefer free ad games. Games have a number of elements that can be purchased by using the money within the app. However, the game stays free for everyone.
Email-marketing strategy
Email marketing is 40 times more effective as compared to social media marketing. Users tend to show interest in the product 3x more than on social media channels. This model is a pure strategy. You have to build an Email marketing strategy if you want to generate leads from email marketing. While building the Email marketing strategy, focus on the following:
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Design and copywriting
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Catchy CTCs
• Writing by keeping the audience in mind
The main focus of email marketing would be to update your customers. You can update your customers about the following:
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Deals/Discounts
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Events or activities
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New in-app items
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Expansion
• Workplace
SMS Marketing
SMS marketing is quite like email marketing. However, this type of marketing is slowly decreasing its presence. But you can still use SMS marketing to market your products. Customers look for certain deals, and SMS is the fastest way to deliver them updates even if their internet is turned off on their smartphones. You just have to plan it right. Once you make it right, SMS can be the fastest channel of marketing as it can get a clickt hrough rate (CTR) of up to 36%.
Partnering with brands
Certainly, there are multiple subsets to a business that can benefit the same range of customers. And it is possible that you might not be producing or offering the subset services. In this case, you can partner with brands offering the subset services. For example, you can be a camera app, but you can partner with the filter-building app, which can let users apply multiple filters in your camera app. This way, you are building brand value for the other partner, and you can sign the contract of fees for the same.
Make it premium
Finally, you can use premium app monetization. Premium apps are paid apps on the app stores, and users cannot install them on their phones without paying the fee. When you are sure about the quality of the app, then you might decide on keeping the premium monetization model for your app.
Ending words
The above monetization strategies will
help you decide monetization model for your business. You can go for multiple
options, or you can keep one of them. The choice depends upon you. When you
monetize your app right, you grow constantly.
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