They always say that there are a million and one ways to make money. In the 21st century, with the existence of mobile apps, we have now realised that it is more than possible to make money with a mobile app. The mobile market has grown substantially over the years and industry experts predict massive growth for the years to come. An app done right has all the potential in the world to make your money for you.
Therefore with the right approach to the market and great thinking will provide you the pathway for your app to earn a whopping sum. Jupiter Research estimates that in-app mobile ad spend will reach $16.9 billion by 2018, compared to $3.5 billion in 2013. While app downloads will increase exponentially by then, the majority of in-app advertising expenditure will be allocated to social mobile giants like Facebook and Twitter, according to the company. App building is a business and you need to earn money to keep going. A web app development is not only about app programming, company app, mobile apps download and cost for developing an app but there are also other methods in making profits.
How Is A Mobile App Going To Help You Make Money?
Most important approach is to decide the platform you want to design your app on. Mobile apps have now emerged as one of the easiest and best approaches in succeeding beyond the expectation. One good example will be the Angry Birds game that has garnered a huge following a few years back. The mobile app development is vast and offers great scope for app developers. But in order to engage mobile users, mobile app developers need to create a game that will encourage repeat usage and the mobile app company that you do hire should be able to allow for continuous updates and maintenance.
Here are a few things you should keep an eye on :
- Research the market in order to identify what other competitors are look at
- Look at freemium apps that offer access to additional features
- Subscriptions to paid content or features for a duration that actually works
- A way to optimize profits from your android or ios app
Make money from in-app advertising
The easiest way to monetize a free app is to add in advertising. It is an established structure in helping you to start earning your revenue almost immediately. Mobile ad networks such InMobi and AdMob or even Google’s own ad-serving service is easy enough to pick up. Try signing up for ad exchanges; this will sync you with other several ad networks. In-app purchases and advertising allow app creators to make money off their free apps.
In – App Purchases
In-app purchases are purchases made from within a mobile application. Users typically make an in-app purchase in order to access special content or secret features in an app .The purchasing process is completed directly from within the app and is seamless to the user in most cases, with the mobile platform provider facilitating the purchase and taking a share of the money spent (usually in the range of 30% or so), with the rest going to the app developer.
Sponsorship for advertising slots
If you have a specific type of app that attracts a niche group it is possible that a partner may want to decide a sponsorship for a specific time in order to get the message across. In order to achieve this, a specific content sponsorship is necessary to identify your sponsors. Be sure to research on how your users will react if there is a sponsorship portion there in the app. Mobile sponsor ads are dynamic, measurable, and easily editable for last-minute strategy tweaks. With mobile ads it is easy to incorporate a sponsor into a mobile app. There are no printing costs, no editing costs, and no booth setup fees.
Making money from Android apps as well as iPhone apps is definitely still possible but you need to be smart about the way you market and monetize your product. This means a good understanding of the market and having a plan for your business model before you even settle on an idea. In some ways making money from an app is harder than ever but in other ways, there has never been a better time to jump in and get involved. The key is being flexible and dynamic and changing your approach to remain competitive.
Are you thinking of taking the plunge and creating a mobile app for your business to make some extra money? If you have a great idea, head on over to ThunderQuote to find your perfect team to take your idea to new heights!
ThunderQuote is the most comprehensive business services portal in Singapore, Australia and ASEAN , where hundreds of thousands of dollars of procurement contracts are sourced every month by major companies like Singapore Press Holdings, National Trade Union Congress and more.