5 Proven Strategies To Make Money With An App In 2022
Written by GoodBarber Team on
In the competitive mobile application market, users have many options to choose an application that meets their needs. While paid applications are available on the app stores, users tend to go for a free application. According to Statista , as of August 2021, the Android app store and the Apple app store contained only 3.1% and 6.4% paid applications. But having a game-changing app idea isn’t enough, as it should generate revenue as well. But how do free applications make money?
This article will look at the top 5 proven strategies to make money with your applications. Read on to know more!
How Do Applications Make Money
Now that you have created an application, you might be wondering how to make money from an app. While there are money-making apps out there, a lot of applications fail due to low revenues. Therefore, if you want to make money from your app, it is crucial to ensure that you have a plan for that.
5 Strategies to make money with mobile apps:
Advertisements are the driving force of the market, as many businesses solely rely on ad revenue. You see advertisements everywhere, and mobile applications are not exempt. You can advertise inside your application and generate revenue. There are several metrics through which income is calculated, but the most common ones are:
- Cost Per Click (CPC): You generate revenue every time a user clicks on the ad in your application. Since one click doesn’t generate significant revenue, it is computed as cost per thousand.
Cost Per View (CPW): While this model can be applied anywhere, it majorly focuses on video ads. The more users view the video, the more revenue you get.
There are several methods to display advertisements in your application. These include banners ads, native ads, video ads and interstitial ads. With GoodBarber , you can manage your ad campaigns and display a variety of advertisements in your application to generate additional revenue. Connect external advertising networks and distribute ads in your application efficiently.
With the COVID-19 pandemic locking everything down, the need for doorstep delivery has increased. Right from daily essentials to apparel, the demand for new-age items is mounting up every day. As the world adjusts to the new normal, curating an e-commerce web store with your application can help you expand your revenues. You can add a shopping category to your existing application or create a new e-commerce application altogether.
With GoodBarber, you can use the best-in-business technologies to build the perfect shopping app for your audience. Get started with the no-code app builder and create excellent e-commerce applications in no time. Built to boost conversion rates, the no-code app builder comes with a wide variety of features, such as auto-login, discounts, push notifications, permanent cart, and more.
One of the most potent monetization strategies for applications is in-app purchases. Application developers and publishers offer purchases right in the application to generate revenue. Here are three major segments of in-app purchases:
- Consumable Purchases: Consumable in-app purchases are products/services that can be consumed in-app and perish after a set number of uses. For example, in games, users can buy additional lives, in-game currency and more.
Non-Consumable Purchases: Non-consumable purchases are features or services that are purchased for permanent use. These include premium features, ad-blockers, added storage space, and more.
Subscriptions: Subscriptions are a powerful monetization strategy where users can purchase certain services/products/content for a limited time. These subscriptions can either be one-time or renewable in nature. This helps publishers get revenue while creating engagement from users.
While many people believe that applications are used to promote/sell one’s own products, this is not true at all. Promoting someone else’s products or services are a great way to generate affiliate revenue. In general terms, it is similar to advertising but can entail better rewards and partnerships for the app owners. Once a user clicks on an affiliate product and purchases it, you get a share of the sale. Referral marketing is highly scalable and can bring in a constant and ever-growing revenue stream.
With GoogBarber, you can manage your own ad campaigns with its internal ad server . Manage campaigns, target your audience over various parameters, display different ads and do much more with GoodBarber.