How to Monetize an App: Guide and Tips for Effective Monetization

Want to learn how to monetize an app? Best Android and iOS app monetization strategies revealed here. Useful tips & insights.
How to Monetize an App: Guide and Tips for Effective Monetization
You’ve designed your own mobile startup. Finally! Now, your core consumers are free to establish one-of-a-kind interactions with you. You can improve things even more: earn cash from your creation. Because your app is much more than just a niche-oriented instrument. It’s what can bring you money and aid you in amplifying your business.

The mobile application scene does offer some tempting freebies but in a very limited form. In order to survive in the highly competitive environment, mobile brands introduce paid functionality. That’s basically what allows them to succeed and scale. To get the gist of how to monetize an app, we have to delve into the topic of how teams behind mobile software bring in excellent earnings.

In this comprehensive analysis, we’ll cover the best ways to monetize an app, as well as let you in on how to approach earning stable income from your startup and how to boost your earnings after a period of time. So, are you ready to transform your application into a profit-making machine? We’ve got you covered. Keep reading for some powerful knowledge on the topic.

What Is App Monetization?

In simple (and brief) terms, it’s a set of tools utilized to convert your core app audience into profit. Because each niche and each product is unique, the most suitable mobile app monetization strategy for you may differ from that of your opponents.

The installation of most applications is free of charge. Therefore, you’re going to need to adapt your cash-attracting model to gain profit after your consumers install the app. Ensuring that your app brings both client satisfaction and sufficient income is paramount at the very first stages of creating your business plan.

If you want your project to reach its full potential, you’re going to engage in some experimentation in order to nail down the right answer to the ‘How to monetize a free app?’ question in your particular situation. With some patience and the will to learn fast, as well as with the Asolytics insights and hacks at your fingertips, you are sure to succeed in Android and iOS app monetization. With us, you’ll also learn how to get your app featured by Apple App Store.
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Why Is App Monetization Important?

Although a multitude of mobile software is installed for free, it doesn’t stop people from trusting the worthiest mobile brands with their money. ‘Trusting’ being the key word here, for users will only invest money in a high-quality offering and the business behind it they can trust. Knowing and utilizing monetization strategies for mobile apps in a knowledgeable way is crucial for a slew of reasons.

Below, we’ve listed the main reasons why implementing Android and iPhone app monetization strategies is crucial:
It aids you in bringing stable income flow in.
It helps you establish meaningful relationships with your consumers.
It contributes to your company's growth.
It stimulates you to refine your product to perfection.
It aids you in becoming a leader in your niche.

How to Prepare for App Monetization?

One thing is crystal clear: there’s no one-size-fits-all strategy. Each mobile startup needs a customized plan that naturally comes with a multitude of perks and drawbacks. With that said, the best-fitting ways to monetize apps differ from one company to another.

Begin by assessing your business model thoroughly. Know exactly how you want your application to be utilized, as well as its strongest and weakest sides. Furthermore, study and always remember your consumers’ needs and behavior patterns. This will assist you in pinpointing the highest-performing profit-generating strategies in your situation.

Explore your competition. Take a closer look at their monetization background. Study their successes and do your best to avoid the mistakes they’ve made. Look up to the best. Get to grips with their iOS and Android app monetization strategies. Then decide which of them will assist you in skyrocketing your product to financial stardom.

7 App Monetization Strategies That Work Like a Charm

How can I monetize my app the right way? If you’re asking yourself (and Google) this question, we have all the answers you’re on the prowl for. Attracting cash via your mobile startup is an interesting and hugely rewarding process. But only if you approach it in the wisest and most knowledgeable way possible. Below, we’ve rounded up 7 top-of-the-line revenue-raising tactics to utilize to your maximum benefit.
Internal Ads: Easy and Potentially Annoying
We’re sure you’ve noticed those in-app ads that pop up whenever you start playing your favorite mobile game. A breeze to implement? Yes? Annoying to people? Definitely. As you can see, this strategy comes with its advantages and drawbacks.

Below, we’ve listed the most widely used in-app ad formats:
  • banner ads: usability-wise, they are pretty intrusive;
  • interstitial ads: you can most frequently see them in-between menus or when a game is loading;
  • rewarded ads: they allow you to decide when and how you want to view them.
Email & SMS Marketing
Both these methods are considered to be outdated, they are still very effective in terms of interacting with your consumers, offering them limited time discounts, letting them know about your top-notch brand new features, building trust with them, and generally boosting your revenue. When utilizing this strategy, be informative, concise, polite, and charming.
Generate income from your app by using subscriptions. In accordance with this popular model, your target audience gets to install your application free of charge and use its entire functionality during a trial period. When this period is over, and the user wants to continue utilizing the product limitlessly, a sign-up is required. So, if you’re curious about how to monetize an app without ads, this method can easily fit you like a glove. In our Guide on In-App Purchases and Subscriptions, you can read more on the topic.
Sponsors and Collaborations
Want to know how to get companies to advertise on your app? Seek organizations that may have plans for your startup and initiate mutually beneficial collaboration with them. These partner organizations of yours, in their turn, will reward your most active users with discounts or special offers. This will boost your partner's income and grant you a share of the profit they get from the endeavor. Definitely a win-win situation.
Data Monetization
What are mobile app monetization models used by some well-known companies? Earning cash from selling important info! The importance of 1st-party data (your users’ whereabouts and behavior patterns) is never underestimated. It’s extremely valuable. Marketing specialists are constantly on the prowl for this data because it helps them get under their core audience’s skin. Uber is among this strategy’s aficionados. The company openly sells its client location details to other platforms.
Transaction Fees
If multiple payments are constantly being made within your startup, this particular mobile income-attracting method might be your best bet. Such corporations as Uber, Amazon, eBay, and many others excel in utilizing payment fees as one of their major monetization models.
Paid Downloads
The higher your prices, the more revenue you’ll bring in, it’s natural. Just make sure you don’t overcharge here, for this may lead to losing your loyal consumers to your competition. Always ensure that what you offer is worth what you charge for it.
Bottom Line: Your Efforts Will Pay Off
Making a profit from one’s mobile creation is every dev team’s priority. Intensive labor should bring handsome rewards, it’s more than natural. Whether your app is meant to be your passion or direct source of income, the issue of how to monetize the app on Play Store is worth delving into. In this piece, we let you in on 7 surefire strategic plans for you to explore and implement.

Always remember that the process of earning money from your mobile startup is closely related to the notion of app marketing in general and ASO in particular. If you optimize your brand both inside and beyond your app, you are sure to generate more leads and thus increase your income-boosting chances in the most effective way possible.

The Asolytics team is here to help you with that and provide you with all the necessary instruments and mobile app categories statistics you need. Let our platform become your go-to hub for the tools that will elevate your efforts to a brand new level.