A mobile app can be able to play various roles for your bottom line and business. Having to generate revenue directly from the app is the first one. At the same time, the rest might seem to be a resource for the mobile apps company audience or to be assisting indirectly during other phases of your funnel sales as well as increasing the reach of your brand.
So what are you planning to be the role of the app you are developing in your type of business? If you want to make direct money from the app, then you will need to look at the monetization side of the app.
• Freemium apps: They are the type of apps that are free to download, but there are certain content and features that are locked in them, which can only be accessed if you purchase them.
• Sponsorship apps: They are the models that usually become possible whenever you get a user base that is solid, allowing you to be able to partner with specific advertisers and brands. It is the type of situation which is win-win, as the brands pay when the user action, with your app generating more user engagements.
• Premium/paid apps: The user has to purchase the app via the app store to use. Since there is a cost barrier, mobile marketing is critical in demonstrating the superior, unique value as compared to free apps.
• In-app ads: It might be the simplest model as there is no cost implication for the end-user. As with space for advertisement, you mustn’t sacrifice the experience for the users in exchange for gaining more ad space.
• Subscription: It is a model that is the same as freemium apps but comes with the benefit of having to give a stream of revenue.
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