Mobile app monetization Best practices

App Monetization Best-practices for Developers

So finally as the Mobile Advertising comes of age Mobile App Developers eventually caught wind on how much money is really possible creating great mobile apps. However, the issue isn’t an abundance of great application ideas. The issue lies with Devs not understanding how to properly optimize their apps therefore not being able to retain revenue for ongoing development. Today, I want to address this problem.

Time and time again when we offer customized mobile app monetization strategies and marketing plans for Mobile App Devs, we realize that they typically wander off the beaten path. Hooray, you built a great app and got numerous downloads in your first month, but wait… Where’s the revenue? You’re brilliant app idea doesn’t behave like a cash cow. Your monetization tactics do!!

Frankly, I’ve seen a lot of absurd hype within the Mobile Apps Industry. Just like everything else, there is no free lunch.If you think building an awesome app is going to land you a new Lambo or mansion, you’re barely even scratching the surface of what’s possible.

So let’s talk about app monetization. Let’s get right to the point.

One of the suicidal mistakes I notice mobile app developer’s making is pricing their application incorrectly. Now if you decide to offer your app at a cost, you really need to consider what the actual value of your application could be. Is it really worth people spending $3-$4 for it? Put yourself in the customer’s situation for a moment. If I asked you to pay that amount for my app, what would you really do? Before setting a price on your apps ask yourself a few questions like:

• What value does my app add?
• What are the USP’s of my app?
• What are the real benefits of my app?
• What apps similar to mine already exist?
• What are the price points of these apps compared to mine?
• How many downloads have they already generated?
• Which category does my app falls in?
• How can my app aid people?
• Will people use my app on a regular basis?

Monetization rate is going to vary based on a lot of factors. Geography, age groups and demography are also factors which needs to be considered. Please find below some of the mobile app monetization strategies developers can start putting into practice right now:

1. Pay Per Download – Paid downloads work as users pay up-front to download your app once it’s available in one of the app markets.

2. In-App Advertising – One of the most popular among mobile app developers. In-App Advertising works by allowing ads run on space sold within your app and revenue is based on number of user impressions and/or clicks

3. In-App Purchases – In-App Purchases work by allowing users additional purchasing privileges, badges or subscriptions inside the app once they’ve downloaded it.

4. Sponsorships – Sponsorships can work by individuals or businesses basically under-writing your app in exchange for recognition type benefits. An example of this would be maybe an ad or logo within your app. These work best for Local + Event focused apps and narrow focused audiences

Icon Ads: Similar to the pre-installed apps which come with a new smartphone, Icon Ads are sponsored shortcuts (icons) placed on the home screen of an opted-in user’s device

Dialog Ads: Ads are displayed as a dialog box inside an app, presenting the user with a 1 sentence call-to-action along with an OK and Cancel button.

OfferWall Ads: Ads for individual promotional offers are placed in a single in-app interstitial and can be selected by a user for participation. Advertisers pay on a CPC or CPA basis.

Video Ads: High-quality Video Ads are streamed in-app.

Rich Media Ads: A full landing page is embedded inside an app, with a fixed close button at the top. Advertisers can build rich experiences which are directly embedded in another app.

Full-Page Banner Ads: Ad is displayed as an in-app interstitial to users, with a fixed close button at the top. Advertisers pay on a CPC basis.

Full Screen Ads: We at AdIQuity have recently launched Ads `eN` velope SDK  that helps developers earn much more by showing full screen ads pre & post app starting.

In mobile advertising,(like with any) it is all about delivering the users with the relevant ads. Targeting users based on location and content they are viewing is just considered the essentials. Doing this will help increase the number of clicks, conversions and gross revenues from your apps.

For In-App Advertising, here are a few key things to remember:

• Text Ads / Text Banners should always get their own dedicated screen within the app
• Make sure to “merge” the ad to look like part of the app in terms of original design – It’s less intrusive
• Apply Frequency Caps –Only allow ads to show enough to get attention not annoy the app’s users

So, I hope this post helps you monetize your apps to the max, do write to me on sanjay@adiquity.com for more help on your app monetization. (Author is a Developer Monetization Evangelist with AdIQuity)