One must be surprised to know that almost 4 million applications are sprawled all over the Google play store and apple store. The real question that one might ask is, do they even make any money? If yes, how much money can an application on the Google play store make? How do these app developers earn any money?
Brace yourself because we have answered some of the most frequently asked questions to monetize android apps. There are many android app monetization platforms available over the horizon that you would want to check before jumping into the business.
How to choose a well-established and efficient monetization strategy?
Before you monetize an Android app, you would want to consider your target audience(TA) before anything else. You might want to know their behavior and application preferences before analyzing their tastes and what they expect in an application.
Android app monetization can be difficult only if you do not put enough mind into it. Remember, it is always more about smart work and never more hard work.
You would often see yourself thinking of adding a subscription fee to your android application to monetize your android app. In such situations, it is crucial to understand the type of people you are catering to with your application.
If you are focusing on businesses, they would agree to pay a sum in exchange for services that your application might offer them. That is not it; it is also important to study the scale of business and the industry line the business incorporates. It will give you an idea of various bifurcations you can add to your application according to their requirements to justify the cost to the subscribers.
On the other hand, if your target audience is consumers and individuals, a subscription model might not appeal to your user. In such a case, you might want to consider other android app monetization strategies available.
Now let’s read ahead to understand various strategies that can be useful if you want to monetize your android app.
1. Paid downloads
This is one of the simplest ways to monetize your android app on the Google play store. This way, you ask your user for a pre-determined sum of money just before they decide to download the application.
In this case, the Google Play store will enlist your application under the paid category, where the user needs to pay for the application.
Various game developers use this as their primary monetization strategy. A good review page is handy to gain trust as you ask your user to pay before experiencing your application.
It is a monetization strategy where the app developers ask users to donate any amount of their own will. This way you can get them to believe in your idea and the purpose of your android application.
It might sound extraordinary, but many folks around the globe have used it. You can get the account linked to any payment processing application for a better understanding.
3. In-app purchases
You might have heard a lot about this and experienced it on various applications. It gives the user more benefits and premium features if they wish to pay an extra amount after signing up for the application.
Many consumers want to enjoy the application to its fullest potential, which is when we cash their needs by monetizing the application with in-app purchases.
There are mainly three types of in-app purchases that are incorporated with free applications.
- Consumables are the perks available for sale that might have an expiry date. Consumers can use these perks to a certain limit. After that limit and time frame are exhausted, these vanish.
- Non-consumables are one-time purchases that the user makes. They only have to pay for these additions once and can enjoy these benefits for as long as they want.
- Subscriptions are an arrangement where the user is liable to make recurring payments after a certain period to enjoy the benefits of additional features. We will read more about it later on.
4. In-app Advertisements
In an Android application, advertisements are a win-win-win for everybody. It is a win for the user because the app is free; all users do is watch and engage with an ad. There are many ways for developers to incorporate ads into their apps easily.
Today, you don’t have to find people to purchase your ad spots and can easily add any ad network to your app. All you have to do is integrate a third-party SDK that manages everything for the application.
As discussed, it is an arrangement where the user is liable to make recurring payments after a certain period to enjoy the benefits of additional features. In this, the consumer is supposed to pay a monthly or yearly fee to access the app. This model might also have pricing tiers offering additional features, such as access to downloads and unlimited services without ads.
It can be an effortless procedure to monetize your android app if done correctly. Any app with an active user base can use all the strategies mentioned above.
So, the entire focus is to build an engaging application and make people aware of it. Thus, gaining their confidence in your android application so they don’t resist paying for the offered services.
If you are an app publisher with an excellent app, connect with our app monetization experts and book your free consultation today!
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