App monetization can be challenging. There are over a million apps both in the Apple App Store and Google Play. While the multitude of apps available, which cover just about every topic you can think of, certainly makes it harder for you to find success due to the incredible competition, it doesn’t make it impossible. In fact, those who succeed do so not just because of selecting the right SDK, but because they’ve figured out the most effective way to earn revenue from their app.
When talking about key strategies, keep in mind that what works for one app developer may not work as well for another. It’s important that you know what methods work best for your particular application, your market, and your goals.
What works for the web doesn’t always work for mobile
One mistake all developers should avoid is to copy/paste what works on the web. For instance, avoid banner ads. These ads create a very unpleasant experience on mobile, which can result in users quickly abandoning an app. On the other hand, native ads, virtual currency, and freemium are all effective monetization strategies.
However, if you’re new to the game, you might find that implementing these strategies is easier said than done, which is how designing a mobile advertising platform with the help of an experienced ad network can be useful.
Ad networks can be helpful
There are several different ad networks that can help you, such as Appnext. As a mobile ad network example, Appnext can help you grow your business via app promotion. Through this ad and monetization network, you can maximize your mobile revenue by recommending the apps that are the most relevant to your users, which enables you to earn more for each app installed. Essentially, with premium ad networks, you achieve global reach, open API and Native Ads SDK and find the right app users.
Use the top monetization strategies that work
Overcoming the challenges presented by app monetization requires employing the current best strategies that can effectively help you earn revenue. Depending on your app, you may use one of the strategies listed below or combine a few.
Freemuim- This is not a new strategy but it is one that still works well. It enables users to demo an app, but restricts them from accessing premium features. If they want the additional content, they need to pay for it.
Native ads- This form of advertising enables developers to earn revenue from display ads without the user’s experience being interrupted. The ads blend in with your app and are relevant to users.
Virtual currency- This app monetization method tends to work best with games. It is currency that only works with your app. Players can obtain the currency by playing the game, gaining experience, completing challenges, or by completing special offers from advertisements. They can even choose to purchase the currency. With the currency, players can “buy” extra features, levels, etc. in the game.
The bottom line: successful app developers tackle challenges by determining what strategy works best for them.