What is mobile monetization? Will throw some light on it but before that, we will take a look at how you can make your product a profitable one. Besides putting sufficient and skilled resources into developing a great product, the next thing that everyone would love is to get the app onto devices to as many customers as possible. In short, making money out of mobile apps is Mobile Monetization. Making money from your apps is not an easy task, companies like Flurry and Tapjoy are cropping up to provide innovative solutions to help mobile developers engage their users and maximize the revenue.
There are three traditional methods for monetizing an app is first through
In-App Advertising
Your app can display an Ad banner or text and when the Ad gets a click you will get a part usually 70% of what the advertiser is paying. The first major difference is that click-through rates and cost-per-click metrics are lower than what they are on the desktop so you should expect to make less money than desktop for the same amount of traffic. There are lots of Ad networks to choose from Apple, Google, InMobi and several more are big players. Unfortunately, mobile advertising is still in its infancy, which means all major ad networks see far more supply (lots of apps) than demand (not enough advertisers).
In-App Purchases
Depending on the type of app you’re creating, in-app purchases might be your ideal route. Offering users a taste of what they could expect from downloading your product has proven to be a successful business model for both games and brands, including the very popular “Temple Run” and “Bejeweled.”
Paid Apps
It requires a user to pay money before playing the game.
Marketing Issues While Monetizing Mobile Apps
Key marketing issues you need to consider for a mobile app is
1. Relevant and Targeted
Deliver the user the right and most relevant ad. Targeting users based on factors such as location and the content they view is essential, and sure to increase the bottom line numbers of clicks, conversions, and overall revenue. A report by Amdocs revealed that personalized, targeted ads are almost twice as effective as generic ads.
2. Price your App right
If your app is a marketing/commerce tool for an established business, you’ll likely offer it for free, considering it an investment in the potential revenue and customer goodwill it will generate. However, if you’re developing a stand-alone app, you’ll need to consider whether to charge for your app or offer it for free.
3. Create a clear brand for your app.
If your app is an extension of your business, you need to ensure it consistently reflects your established brand. If your app is its own entity, you’ll need to develop a unique brand.
4. Develop an online presence for your app, well before you launch your app.
If your app is tied to a company with an established online presence, then you simply need to create a landing page on your current site that’s focused on your app. If you don’t already have a website, then you should consider creating one for your app. An online “hub” lets a way for social media users, bloggers, and others to link to information on your app. It also offers you a place to post demos and other more detailed information on the app.