For monetizing the mobile app economy, app entrepreneurs need to understand the behavior of the users and the app economy on a wider scale. Looking back at history, mobile game apps have been downloaded widely because app entrepreneurs were able to figure out the needs and wants of the customer base and what interests them. Gaming apps offer a financial emotional award to the user because of which many love to purchase gaming apps. However, with big companies like EA Games offering free games on app stores, it might not be really fruitful to create a gaming app of your own (unless you have a brilliant idea up your sleeves). So here is a look at what you can do to monetize your app.
Things That Can Be Implemented For Monetization and a Perfect Mobile App Economy Experience:
- Basics Should Be Correct: For mobile app economy, a growing opportunity to monetize is possible if the basics are right. Make the UI interesting; offer a user friendly experience, sticky content and easy navigation. You need to stand out and monetize the content appropriately which keeps the users interest alive.
- Identifying Your Customers: The app creators should be able to identify the customers who are ready to pay for downloading the app. It is because there are many users who do not pay for the app directly and even if they do it, the profit margin is not met successfully by the app creators. If the app entrepreneurs identify the customers and build an app as per their need, then it is possible to monetize by implementing a proper strategy.
- Budget Should Be Justified: The budget has to be worked out efficiently so the price is justified for a particular app. The app entrepreneurs should also think about the pre visit download fee which should be reasonable. This strategy may be good to generate the revenue in the first go but if the users do not find the app meeting their needs, then there is no chance for the app to be successful and it cannot be monetized for the new updates. For long term spending, the free samples of the app should be offered, so people can get a hang of the app. If it is a game app then the user will be able to understand the game, levels, etc. that would interest him/her to spend on the app initially, as well as for the rest of the time.
- Advertising: An innovative way of monetization is app advertising. The challenge here is to engage the users and keep up their interest. Fresh, interesting and engaging content should be introduced each time so even if you do not generate download, the clicks can do it for you. The limit to monetize the users is endless.
Giving a thought to app monetization strategy is crucial and can give you immense benefits as well.