Which are the Different Ways to Increase Mobile App Revenue in 2023?
Mobile apps have become a substantial source of revenue for most businesses across the globe and the trend is not seeming to slow down in near future. Adaption of proven mobile app development methods and suitable monetization strategies have shown to be profitable for businesses. Being a business owner, you may be wondering about knowing the best possible approaches for generating maximum revenue for your mobile app product in 2022 and beyond. If you are on a similar page then you have arrived at the right article.
Ways to increase mobile app revenue in 2023 and beyond:
Freemium-Apps:
One of the tried and tested ways to enhance the revenue for any kind of mobile app. This concept lies in offering a basic version of the app for free to motivate the users in trying out the core functionalities. Users must pay additional charges for using advanced features which they will do if they are hooked on to the app. You can succeed here by having perfect sync between the features given for free and what is included in paid versions. The motive of this approach is to encourage the users in using the paid model while not making them drop off from the app.
App Store Optimization:
App store optimization (ASO) is another essential aspect to generate revenue via app stores by strengthening the top position of your product in the stores. ASO is the method of optimizing the app with all the essential things like keywords, content, design, etc to make the app rank at a higher position in the stores. It’s not just enough if you develop an existing app and release it in the stores but make it discoverable for the users to download. An optimized ASO is the only way to achieve it like the SEO for websites. A leading mobile app development partner will guide you to get the best ASO output by ticking the right boxes at all stages.
Push Notifications:
Several users abandon the app after downloading and using it for initial days. There could be many reasons but they may even tend to forget the app exists on their smartphones. How could you gently remind them? It is accomplished neatly through push notifications. Imagine having a mobile app for your brand and being able to send notifications for special discounts or the release of new features without the need for any third-person service to do it for you. Push notifications are the means that remind the clients to purchase their new products, services, offers, and similar other news. But you must take care not to annoy the buyers with repetitive notifications and keep a balance between the iterations.
In-App Ads:
Gaining revenue through in-app ads remains one of the leading means in 2022. People who do not want to pay for the premium version of the app manage to use the app with ads played in between their usage. An affordable experience is available for minimal interruptions while using their favourite features in the app. There are different types of ads that can be displayed in the app such as notification ads, full-screen ads, in-app stories, and others that will bring your revenue.
Social Media:
Modern smartphone users have become obsessed with the use of social media platforms. Hence, being a business owner, you cannot neglect this aspect if you are looking to connect to the customers. You need to offer a chance for the user to share their likes about the app on social media platforms. There will be a golden chance to reach limitless users to showcase your products or services on social media without any hassles. There are several social media platforms like Instagram, Facebook, Twitter, etc that have the potential of millions of users across the globe. Hence, it forms a crucial aspect to gain maximum revenue for your business in the long run.
Subscriptions:
Providing subscription options to users who love your app is a wise move. It could be a single type of plan or multiple types; it offers the chance to allow users to keep using the app if they love the features. For instance, you have a monthly, quarterly, half-yearly, or annual plan for the users to keep using your services. They can choose the plan which is best suited for them depending on the services they require as per the budget. You may also give options like pausing the subscription option for users for a fixed period and then coming back instead of deleting the account. Such options allow users to stay connected with the app for longer. Users may also love to move up to the higher subscription levels in between when you provide them with exciting offers.
Study User Data:
You can optimize the app to gain more revenue if you can accumulate, study, and understand the user data. Revenue analytics from user data depending on a specific location, user behaviour, etc will aid you to know the percentage of the app’s success and plan splendidly for the future. You can easily know if you are making the right moves along with additional tasks that you need to add for optimizing the revenue. For example, if you find that users are dropping out of the app, then you must know what is causing them to do so. A study of user data will allow you to know the root cause to make necessary changes in the process leading to long-term success.
Wrapping-up:
Recognizing the best ways to streamline and widen the revenue channels is an ideal way for staying high in the competitive market. Hence it is crucial for partnering with a leading mobile app development company in Bangalore such as Brillmindz technologies that can find optimal approaches for your business. The team is skilled to research and adapt the best ways that can not only get you the best ROI but also a futuristic vision for your business.
