Why do businesses need a mobile app? Reasons can be multifold – nurturing loyalty, flourishing brand awareness, gain new and potential mobile audiences, and get a competitive benefit, among many others. Mobile apps have now become a robust and effective marketing channel for brands and after doing everything for successful launch of an app, we also expect it to be a commendable source of revenue.
Many businesses enter the mobile arena because they too want to be a part of billion-dollar success of app business like WhatsApp, SnapChat, Vine, Instagram and Angry Birds. But developing a kink-free, user-centric and engrossing app is one thing and marketing it, in the huge ocean of app store, is another. With over 1.2 million apps in Apple’s App Store and almost a same number in Google’s Play, making your app a big hit is not easy. According to recent stats – 2% of app developers claim about 54% of all app revenues. So, how can you join that tempting 2%? – Yes, through a well-developed and well- marketed app. And, for that you need to chart out a well thought-of and properly analyzed pre-launch and post launch marketing plan in order to gain profit from your app. Remember that both app monetization strategies i.e. Pre-Launch Marketing strategies and post launch marketing strategies should be created before you launch your app in the app store. However, as the time passes these strategies can be evolved or even changed completely, depending on the requirement. Identifying which Business Model is right for your app is one of the key factors, you need to consider while making a marketing strategy for your app. Here are a few points that need to be considered :
1. Identify the problem your app is trying to solve and how?
2. Find out the uniqueness in your app and do people pay for that?
3. Analyze business models that competing apps use and evaluate how well have they worked on those models
4. Figure out the ways to maintain a balance between your need to gain users with your need to earn revenue.
Monetization models offer your app business a great potential by increasing your revenue stream. By selecting a right app monetization model you can increase your chances of making your app successful. However, it’s not important that these models can’t be mutually exclusive; you can definitely mingle them or use more than one as per the requirements. Here are a few tips to help you choose the right monetization platform for your app :
Know the Options
Before figuring out the best business model for your app, you need to know what options your apps have. Remember that the amount of traffic you get on your app depends on the business model selected from the ones available for you. Every business model available can enable you to monetize your traffic, your content, your app and many other factors. Other factors depend on what type of app you have built and what goals do you have for our app.
Set Your Goals:
Monetization strategies can help you do more than just increase revenue. In order to choose the right business model for your app, you need to define your overall goals. As it helps in figuring out which metrics to measure and how to improve over time. Hence, it is always recommended to define your goals for a successful implementation of your app marketing strategy.
Brand Your App, Not yourself
Your app is what your audiences think about, not you. Your target audiences want your app to help them in facilitating their needs effortlessly. So, your app should always reflect your audiences’ shared values, not yours, because it’s they who make your app successful. So, always know your audiences and find out the specifics of your target audience like demographics, age group, gender etc.
Consider App Reviews
User reviews are one of the most important factors in finding out the problems or glitches in your app. Reading reviews of your competitor apps is also recommended as it helps in finding out the factors that need to be enhanced or added in your app that too before launch.
Before you choose the best marketing strategy of your app, explore all the possible options and then define your goals and your audiences. With the right choices, you can create an effective marketing strategy for your app because the right monetization strategy has the capability to help you grow your app business by increasing engagement, ROI and lifetime value.