A top-notch app design and development team doesn’t assure a user-centric and revenue generating app. With over millions of apps in the App Store, it’s harder for a new app to even stand out from the crowd. What can make your app stand out from the crowd? – Apart from a well- designed and developed app. It should be well-marketed too.
For making an app successful, you need to do in-depth analysis and know the challenges associated before getting your app developed. Let’s take a look on a few challenges that are associated with the app development world:
Wrong infinitesimal twist of a popular app
In recent years, many business and brands are adopting Mobile-first approach to give their businesses a competitive edge. And, for that the most common mistake they do is getting created a similar app on the idea, which is very popular and successful. They think that creating another version of Whatsapp, Snapchat, or Twitter with an infinitesimal twist will be the next best thing for the app market.
Instead of creating app on someone else’s idea, they can do a little research and find what exactly their business needs by understanding their target audiences and more specifically what they are missing.
Facing with tough competition
AppStores are flooded with millions of apps. And, big brands and companies come with bigger budgets, which give them competitive advantage as they dominate the advertising and marketing game by buying up all that valuable ad space. Even, the search criteria and algorithm that Apple utilizes forces the app developers and publishers that are lower ranked to spend more money to attain a higher rank in app store. Bigger enterprises are also leveraging advertising platform on Facebook and Google ads, which in turn, driving up the price of ads sharply. And, this is creating an alarming situation for starts up apps because to make their app stand out of the crowd they need to think out of the box.
Engaging and Retaining Users
Whether your app is developed on any unique app idea or it is inspired by someone else’s, finding a pool of users is one of the major challenges for developers and publishers. Now, it has become difficult to find users that not only adopt your app, but also include it in their daily lives. Getting your app downloaded is one of the major challenges, which every app developer and publisher is facing. And, once your app is downloaded, retaining users is another major challenge. And, both the challenges share same solution- Engaging users by explaining what makes your app different and how it serves their purpose. Right marketing strategies before and after the launch can also be a great help.
Improper Testing and Research
Rigorous testing of an app increases the chances of success of an app. Proper testing involves user acceptance testing through the active participants. In-depth research and proper support from different analytics companies will also help in figuring the exact issues associated with the app, which in turn, will help in improving app performance and chances of success.
Don’t just make assumptions about what potential users want in your app. Do in-depth research and proper analysis to figure out the challenges associated so that you can know where your beta testers think the app should improve. By testing the core of your product with beta testers and through proper research, users can conclude what other features should be included in the app before its launch.
Uncertain about – Whether to Rewrite a code or start it from the scratch
Whether you are writing code from scratch or rewriting it, you should know what suits better to your app. For e.g. you’ve already created the app for the Android platform and want to create same app for iOS for the next version of your app. So, will you rewrite the Android code to iOS or start from scratch?
However, most of the developers would say that writing a code from scratch can increase the work than needed. But, as per the developer’s experience in both languages, transforming one language into the other isn’t time efficient.
Pre- Launch Strategies for Your App
The key to a successful app is to always think 7-8 months ahead of where you presently at. However, hiring a third party team for crafting your app strategies can be helpful at times. But, not always –Do a lot of in-depth research and analysis before getting your app created. And, wisely choosing a third-party company who is proficient in pre-launch strategies can be one of the ways for making an app successful. Third Party Company will figure out the flexible ways that can help figure out the potential ways of work with the full extent of the apps features.
However, big mobile app development companies have always conquered the app world through its advertising and boosting their app’s presence immensely – but, there is still hope for the small startups. They can be still in the game by working on unique app idea and creating app on some non-conventional path to success. However, the framework for mobile app development has already been set, but now it’s up to upcoming apps to pave the new path for what is to come in the app world.
Now when billing the App Store has become the next Gold Rush, we can’t ignore how tempting the mobile apps market has become. Earning from unique apps is not hard and many apps have already got swept up into tales of incredible revenues – like Flappy Birds earned $50,000+ per day model. But earning money from your app, which is floating in the ocean of Appstore is not easy, we need to gamble away our app monetization strategy to monetize more and more from our app.
The key to successful monetization is exactly understanding the AppStore and your target audiencesand undoubtedly,choosing the right monetization model that best fits your app. As monetization model varies from free to paid apps.
What Trends Say?
What Trends Say?
Since its inception, the App Store landscape has revolutionized. However, at the beginning, it was mostly occupied with apps that were operating on a paid model. And, for marketing their apps and making it popular among its users, some developers chose to release two versions of their apps – a limited free version and once users start getting engrossed in their apps, they use to release its full premium version. The strategy behind these releases was initially offering users to try the app for free and then once they start engaging with the app, asking them to buy itsfull premium version for a small price if they relishedthe app. However, this consumer-friendly model is no longer as popular as it once was. As nowadays, App Store today is conquered by freemium, or free-to-play (F2P), apps. Do you know – how these apps monetize? – Through in-app purchases (IAPs) or advertisements or a combination of both.
Here’re a few are some situations we’ve noticed where apps flourish on premium pricing.
Freemium pricing model is currently the most popular model and widely accepted by developers for monetizing their apps. However, this pricing model has faced a lot of criticism, as the quality of freemium app experience is commonly depends on how many IAPs are integrated within the app. And, developers are also considered as the providers of limited essential features and functionalities as through in-app purchases they are asking users to pay for getting more enhanced features of the apps. But, despite of these limitations, users have shown that they are willing to suffer such restrictions for free content.
Here are a few apps that thrived by using freemium pricing:
As, we said AppStore is flooded with apps, which increases the possibility of many competitors of one app and your app is bound to face competitors every step of the way. For making your app a big hit, whether it should come up with some unique and revolutionary features or backed by any prominent publisher. However, for games standing out in completion is more difficult because of their fast depreciation rates and short-lived fads. So, to stayahead in the competition both paid and free app developers need to experiment new methods of monetization apart from creating world-class apps.
Success metrics of freemium model is depends on the IAPs, as users spend a substantial amount of money on IAPs. And, developers of successful freemium apps have reported earning high revenues because they have a small percentage of daily active users (DAU) who willingly purchase app’s IAPs to enhance their experience. However, many people have a low willingness ratio to pay for IAPs, because they are open to spend hundreds on paid apps, which are known for their quality and better experience as compared to freemium ones.
Apps with Advertisements
Nowadays, many developers have even started including advertisements in freemium apps, alongside IAPs to better monetize their apps because these ad networks, which are easily available today offers developers an opportunity to quickly monetize their apps with a little risk. However, mobile advertising started with solely banner ads, but as it grown, it started including video, interstitials, notifications and more.
For making your app successful firstly, it’s always important and recommended to explore the best app monetization model that best fits to our app and find the most rewarding format as well because with so many available ways to monetize your app, it totally depends on the app and its target audiences. And secondly, wisely choose best app monetization agency that has expertise in monetization of apps. Parangat Technologies is a world-class mobile solution provider that specializes in providing end-to-end mobile solutions including consultation, designing, development and app marketing as well. To more visit our website www.parangat.com
So, always keep up with the trends and current fads to implement the right monetization strategies that will help you drive download and maximize revenue.
Marketing and Monetization Models of Mobile Apps
Mobile app marketing and monetization models are becoming pretty popular these days. And, the business of app development has become one of the most fascinating areas. But, developing an app is one thing and getting it downloaded is another. So, how to measure the success of your app? – You need to ensure high-performance development, captivating UI/UX designing and right marketing strategies and tactics. Do you know over 100 billion apps are downloaded in the app store annually? What make them getting downloaded? – High-performance development or user-engaging designs? – The fascinating world of application development does not end when the app is well-developed or well-designed – it should be well-marketed too. It’s high time to focus on the complementary nature of developers’ business models and monetization strategy. However, we’ve have discussed about How to harness your Mobile App Marketing Strategy to Make More Money in our previous article. In this article tet’s take a look on some app monetization models that publishers and marketers choose for their apps:
In-App Advertising Model
A very popular Free, but with Ads, model you’ve probably seen commonly in the apps on your smartphone. In this business model, the cost-barrier on purchase of app is removed and free downloads are allowed. As this app works on the goal of accumulating a sizeable user base and collect information on the users interaction with your app. Many developers sell this information to app publishers who pay them to place targeted ads in their apps.
Facebook does this well. Its huge pool of users doesn’t pay directly to Facebook to download or use its mobile platform. But, Facebook leverages its vast amount of data to run targeted ads. And, definitely this monetization strategy has proven quite effective for Facebook. According to the social behemoth, a 151% increase in Facebook’s mobile advertising revenue is seen during the second-quarter of 2013.
The paid app business model simply means users need to pay for downloading your app. That means if users want to have your app they must first buy it from the app store. Mostly, paid apps cost between $0.99 to $999.99, and brands directly make money through their app with every new user. However, this business model is one of the most difficult medium of earning through your app. Because when user pay, their expectation become high. And, to entice users for downloading your paid app, you need to highlight its key points be it reviews, brand, designs or features, basically anything or everything that differentiates it from similar free or paid apps.
Calendars 5 is a paid productivity app that costs $4.99 in Apple’s app store. Do you know why this app is worth monetary investment? – Because it has emerged as a “smart calendar” that includes tasks, human language, and reminders in a structured and alluring layout. The app’s listing page incorporates fascinating screenshots that showcase its sleek design and high-rated reviews about its great functionalities to entice users.
Like Freemium model, the paywall business model (basically used for subscriptions) allows users to view preset amount of content. But unlike freemium model it focuses on content, not features. Paywalls allows an app user to view a fixed amount of content for free and then entices them by prompting messages of ‘sign up’ for a paid subscription to view or read more content. It’s this offering makes Paywalls best suitable for service focused apps and allows brands to earn revenue on a frequent basis.
Umamo, an app that transforms news stories to podcast, is a good example of this business model. By incorporating this business model, Umano allows users to listen to a limited number of stories until they sign up for a premium subscription. With this strategy, Umamo utilizes its marketing strategy to use all of Umano’s best features for a fixed amount of time, which in turn, entice users to avail its premium services for unlimited use and content.
In-app purchases that let users sell physical or virtual goods in an app. In a nutshell, this app monetization strategy involves selling physical or virtual goods within your app, and then retaining the profits. Retaining profit through this business model is not so popular and include a wide range of consumer products such as clothes, shoes, and accessories. However, in-app purchases can also be virtual goods like extra lives or in-game currency.
MeetMe, a popular social app has incorporated in-app purchases in their app. It’s free to download and let users browse profiles, connect with people through chatting. To enhance their visibility and gain new ways to interact with people, users can purchase credits that is incorporated through in-app purchase business model. The app’s purchase model is profitable because the app is able to clearly highlight the benefits of in-app currency.
Similar to in-app advertising, in the freemium model too, the app offered free to users. But certain features are incentivized and charge money to be unlocked. That means, users can download the app for free and gets access to app’s basic functionalities. But need to pay for getting advance features. The goal of this model is to give users a preview of your app and engage them through your basic features so that they willingly pick your app’s additional premium features.
Angry Birds, is a suitable example of this business model. The app keeps certain features hidden like being able to juice up your bird, additional levels, etc. and can unlock those features by paying a small fee. However, the success of this model depends upon the user’s engagement with the app. Once the app becomes successful in engaging users, then users will pay an initial price for premium features without any hesitation.
One of the newest entrants in the mobile space is the Sponsorship Business model for incentivized advertising. Through this business model, you make brands and agencies pay and become part of an incentive system. In other words, you integrate advertising into your app to augment your app’s ability to engage users. Sponsorship model requires partnering with other advertisers, who reward your users for completing certain in-app actions. As your app earns money by taking a share of the revenue from redeemed rewards.
RunKeeper is an early adopter of this business model. RunKeeper uses this business model to encourage its users to keep track of their running activity so that they can unlock exclusive rewards and promotions. Through this incentivized advertising, RunKeeper monetizes without disturbing its app’s experience with banner ads.
To choose the right mobile app marketing and monetization model, you don’t need to follow what others have done before. In the above-discussed monetization models, we have highlighted the standard business models that brands are using to generate revenue and value from their app. But, it’s always recommended to adapt and iterate app monetization strategy as per your app requirement to make it correctly work for your app.
Need consultation on the best app marketing strategies and monetization models for your business? Get in touch with Parangat Technologies TODAY! You can also reach out to us on [email protected]
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 a successful launch of an app, we also expect it to be a commendable source of revenue. Identifying which Business Model is right for your app is one of the key factors, you need to consider while making a mobile app marketing strategy for your brand.
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 the 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 a well-marketed app. And, for that, you need to chart out a well-thought and a 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 Mobile App Marketing strategies and post-launch Mobile app marketing strategies should be created before you launch your app in the app store. However, as 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:
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
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
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.
Mobility is now no longer the hot new entity for businesses — because it’s already moved past ‘hot’ to mainstream for businesses. The global nature of smartphones and tablets coupled with the expedient applications has led businesses to reap the benefits of mobile technology, resulting in improved internal communication, enhanced employee engagement, reduced costs and increased revenues. According to Forrester Research’s Forrsights Global Workforce Benchmark Survey Q4 2013, around 56 percent of Australian and New Zealand (ANZ) workers state that they need a smartphone to do their work. Do you know why? Because mobile apps has given a new speed and uniqueness to business and has helped the team in being responsive no matter where they are. Mobility allows fresh change and innovation to enter into the businesses because it has the power to accelerate innovation and bring a competitive edge to your brand or business.
Let’s face it! Nowadays, it has become increasingly necessary for businesses to provide an enterprise mobility solution in delivering maximum benefits like an efficient use of employee time, improved customer service, and a greater range of products and services delivered. As consumers are looking for service providers who understand and know about their preferences, and are willing to provide customized services tailored to their needs. And for businesses, it is only possible if they have a presence on the sources/networks where their users spend most of their time, and that is their smartphones and tablets.
Let’s take a look at 5 reasons that explains why your business needs a custom-made Mobility Solutions.
1) To Improve and Integrate Communication
For any business, seamless communication is a need. Ensuring that you are always ‘on-the-go’ so that users connect smoothly with your brand, no matter what the brand is, whether it is an IT company or a spa. As mobilizing your business can help you in performing n number of tasks that includes making appointments, searching for the products, services and special deals, providing feedbacks or managing company’s human resource system to manage their time and schedule more efficiently.
2) To Increase Your Brand Awareness
Rapid increase on demand of mobile solutions, consumers are getting inured to instant indulgence. And your app’s icon visibility on their smart-device’s screen would definitely make them prefer you over the competitors. And, by proper track of your user’s stats you can deliver services tailored to their needs, which in turn, will help you boost your brand and improve customer retention figures. Moreover, customer retention can be improved by developing deeper bonds with the regular clients and providing customized services to them.
3) To Revamp Brand Image and Profile
As we all know 2015 will not about being up-market and elite. It is about being smartly high-tech and cordially present on every online network. Because this is where you can show your brand message and ideology to your clients, and build an optimistic image of your brand. By adding mobile technology solutions to your business and enjoy the competitive advantage over other business, adopt the technology where your potential audiences want to see your brand rather than just infusing new policies and processes in your to do list.
4) Increased Use of Smartphones
According to Ericsson, the total number of devices subscribed to mobile networks will reach 9.3 billion by 2019, of which 5.6 billion will be smartphones. Increased usage of smartphones is one of the key reasons for a business to adopt mobility. Due to which companies adopting mobility have an unprecedented advantage of connectivity between employees, vendors, and/or customers. Every day businesses are learning more about the ways mobile technology can be used to increase their productivity and lead to increased profitability.
Parangat Technologies is a top-notch company that is known to deliver high-end Enterprise Mobility Solutions for businesses and brands all across the globe. We have also worked with a lot many brands and clients and have helped them bring a competitive edge to their businesses. To know more about our projects and clients, contact us or drop us a line on [email protected] .