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We start businesses with the prime motive of making money with it. To attain this goal, every person in business tries various methods to convert customers into cash. Some of them adopt web services while others adopt mobile services or other tools. In this article, we will talk about how to make money after creating a mobile app.
People spend lots of their time skimming across various apps, making it beneficial for a business to have an app.
Today, there are many platforms like andromo where you can get an app created for your business or select from some of their ready-made ones.
According to the global market survey, mobile app revenue will surpass 150 billion by 2023. When we compare the revenue generated by android versus that generated by IOS, IOS generates double the money of the play store.
Although remember, free apps will get you more downloads than paid ones.
Advertisement supported mobile apps
Advertising is one of the easiest ways to generate money. There are many ways you can opt to advertise the products, such as commercials, affiliate marketing, or get paid from third-party advertisements.
Whenever a user installs an app or clicks on the ad, you are paid on that basis. When it comes to the displayed ads employed on the apps for monetization, interstitial ads, banner ads, in-video apps ads, native ads, rewarded ads tend to be the most popular.
Subscription
Subscriptions are one of the best techniques to make money on apps. Usually, an app owner has to offer free content for a limited time. Then he can charge the users to show the full content.
This strategy is used in music and television services among others. This method of making money results in users who are already fans of the app.
Selling merchandise
You can also sell products directly from the app. This can be anything that relates to your business or the app itself. Popular items are graphic t-shirt and hats as well as small memorabilia-type items.
You have to be good at providing service to the customers, and you must be quick to address the customers' complaints. But, on the other hand, it will also allow you to reach more users.
In-app purchases
In-app purchases are pretty simple and made from apps themselves. If you have special content such as powerups, special currency, or restrictive levels, in-app purchases are your friend.
This is very popular in mobile games, and it enhances the user experience, making it a great way to convert customers into paying users.
Referral marketing
In this method, you use the third-party product or service to create revenue streams. App owners can sell or market the products based on the number of clicks or installs.
For this reason, you can use pop-ads for marketing someone else’s app. Today, app owners use different types of marketing models: cost per acquisition or cost per action, cost per click, cost per view, cost per install, etc.
Krystle Cook – the creator of Home Jobs by MOM – put her psychology degree on a shelf and dived into a pile of diapers and dishes instead. She is a wife and mother to two rambunctious boys, sweating it out in her Texas hometown. She loves cooking, DIY home projects, and family fun activities.
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I love the advice for referral marketing.
Awesome! Referral marketing is a great way to generate income for any mobile app you create.