How to Succeed in Mobile Application Monetization
It is possible to monetize any quality content, and iOS and Android applications are no exception. If you develop mobile apps, you have certainly thought about the ways of making money on them. There are many ways, and below we would like to have a look at the most efficient ones along with the advantages and disadvantages of various strategies.
Preparation for mobile app monetization
Before you move on to the monetization of a mobile app, you need to go through several preliminary stages:
- determine your target audience;
- find out the ways they use your app;
- research your competitors’ monetization strategies;
- find information on mobile monetization platforms;
- determine the app monetization strategy which would satisfy both your needs and the needs of the product users.
Each of the abovementioned stages is important and allows you to launch the monetization process without making common mistakes. The right strategy is of extreme significance as it is the factor that will set the direction of your work and let you obtain revenue within the shortest terms. Thus, let us discuss the most efficient strategies and which of them are worth going for.
How to choose the right strategy
There are several ways to monetize an application and each of them has its pros and cons. One of the options you have is to develop an app on a paid basis, the promotion of which would require a lot of effort and money.
Another strategy is to make your application free of charge with additional paid features. On the one hand, this method is viable in many cases. On the other, it is more suitable for large companies, otherwise, there is the risk that the audience will not see the value of the paid functions. Thus, you will have to prove the value of your product.
Programmatic advertising as the most efficient monetization method
For a long time, along with the paid subscription strategies, the users have been enjoying completely free-of-charge applications that are monetized with the help of advertising. Despite the numerous stereotypes about this method, it is rather efficient. The research shows that the users are more likely to watch an ad to the end and close it than to pay for a subscription (with few exceptions) or for a download. Besides, mobile advertisements can be represented in a much more attractive way than it is usually done on websites where banners often distract from the content or even obstruct it completely.
This method is also very convenient for mobile app owners as there are very precise tools that help make the monetization process as simple as possible.
E.g., the Adsgard automated advertising platform operates the technology which allows you to get the maximum possible number of ad clicks due to the mechanism that makes the targeting highly accurate. This way the users will only see the commercials they might be interested in, and there will be no negative experience after using your product.
Your ad inventory will be sold to the advertisers with the help of programmatic advertising technology which is used at ad exchange networks. The process takes place on a real-time basis (RTB – real-time bidding), and the advertiser offering the best price will be granted the space automatically. The whole process is fully automated and takes place within seconds.