What are the latest Monetization Strategies for Mobile Apps in 2023?
In the current era, it has been proven that smartphones have taken the world by storm. People have become highly attached to the screens of mobile phones through various mobile apps. There has been rapid advancement in mobile app technology that has led to the emergence of several apps in the market across all industries. Due to this competition, it is not just enough if you make an engaging app, but also have the right monetization strategy for ensuring that they do not lose any revenue. For any kind of mobile app development owner, it is tough to withstand the market without significant profits. Hence, they should be aware of all the important monetization strategies for applying to their product.
Freemium: Freemium type of monetization model is the highly employed ones in the market from past years. It has been proven that this is the model to attract several users to start with. The freemium version of the app will allow users to access the basic features and optional premium content. In this app, there will be a combination of both basic and premium features. While the basic features are free to use, the premium edition can be used by buying them with additional charges. This model has shown maximum download rates as users will get the flavour of your app before paying additional charges. It is risky to get the best sync between providing accurate features to encourage the users.
In-App Purchases: Since freemium apps are a big hit in the market, there has been great room for an in-app purchasing model. The model lets the customers buy apps inside the app concerning the type of mobile app. If planned properly, the in-app purchase model lets the businesses give maximum profit for users like never before. This model has shown to provide the best value to app owners, they should remember that not all customers would love to opt for in-app purchases. Hence, for users interested in going for in-app purchases, they should guarantee that users can still employ the app without purchase, and purchase options should be attractive.
Advertising model: Offering advertisements in the app is one of the impactful ways of monetization models across the globe right from the start. Below are some exciting models that can be accommodated in the mobile app advertising:
- Banner Ads: The banner ad is an app advertisement that is designed to be showcased in some specific planes required. They can be marked depending on the user preferences and analytics of data.
- Native Ads: Native ads are a type of ads crafted to provide a native experience like a feature included in the app. This will mix with the app design elements of the app and will not feel like an additional aspect.
- Video Ads: Video ads let display the ad in the mode of videos with the type of in-flow or out-flow ads.
- Rewarded Ads: The concept behind this ad is to reward the user for viewing it completely or in a portion. This type of ad is employed in all kinds of apps where users get to use an additional feature or plan the next level of the game.
- Interstitial Ads: They are full-screen ads that will be showcased between the intermediate phase of the user experience. This ad will be included in the usual pause phases such as movement between the pages, menus, etc. Since these ads are not blocking the user experience during app usage, they will probably not annoy the users while meeting the purpose.
- Gamified Ads: Gamified ads perform rightly to their name since they function as mini-games as users interact with them.
Sponsors with Partnerships: Monetization can be taken to the next level if you have a secured partnership with another brand. You have to lock in a brand partner who has a related customer base to offer an engaging user experience. If you can develop a creative experience for users then you can support your business like never before. For instance, if you are a food business company, then you can partner with a food blogger who can add a significant customer base to your brand. Users can see an interactive element like a video link or brand logo on another app, which can encourage them to download your app,
Solid Content plan: As mentioned earlier, there has been stiff competition in the app development market making you give strong content to attract or retain the users. If you are offering blogs in your app, then you must be accurate to the timelines to give the latest content at frequent intervals. You also must update the app content as per the advanced trends and user requirements. This will motivate the users to keep using the app for longer without any second thoughts. It is one of the important aspects of making the users come back to use the app. Several users may have used the features in the app to their full abilities and left with no other exciting options. But with continuous updates of content, you make them interested in coming to the app and using it in the process.
Subscription: The subscription mobile app monetization strategy lets the first-time app launch users with free app downloads, but other precise services are only given to users who subscribe. But it is key to build a strategy to retain the existing subscribers while attracting new subscribers by offering the right balance between the two. You have to effectively communicate the advantages of using the subscription model of the app to the new users while providing useful benefits to the existing ones and making them loyal users.
There are no fixed formulae for every app and you must find the best monetization strategies for succeeding in the long run. Partner with an expert mobile app development partner such as Brillmindz technologies that support you to expand the brand by engaging the customers smartly with profitable strategies.