Do you have a ground-breaking idea for an app?
Now is the best time for entrepreneurs to make money with apps.
Data shows the global mobile app revenue is projected to reach $188.9 billion by 2020.
Don’t let your million dollar idea go to waste!
It doesn’t matter if you can’t code – that’s where a skilled app development team can help you.
Not sure where to start? Read on to find out more.
Developing and Marketing Your App
If you’re unsure how to develop an app, reaching out to creative technology firm is your best bet.
Share your idea with the team and they’ll help you get started with the app development process.
They can develop a mobile app or a Progressive Web App (PWA) to best suit your app’s purpose.
The team will design and build your app to align with your vision.
They’ll make it functional and easy-to-navigate.
You’ll also need to decide whether you want the app for Apple iOS, Android, or both platforms.
In 2018, the App Store doubled the revenue of Android’s Play Store making iOS apps more lucrative than Android apps. Consider data like this to your advantage.
Once the app is built and launched into the app store, now comes the marketing and advertising to get it the attention it deserves.
Once you’ve started to market and advertise your app, and you start to garner some downloads – then you can start monetizing your app.
Here are several popular ways to monetize.
1. Free App and In-App Purchases
This strategy is becoming more popular (especially in games apps) where users buy virtual items such as extra lives or points.
Statistics show in-app purchases account for 48.2% of mobile app earnings.
- Free app installation will create a higher user base
- Higher engagement with users
- Generate a greater profit as user engagement begins to grow and scale
- App stores take a cut from the revenue generated from in-app purchases
- May annoy users if they always have to pay to unlock certain features
2. Paid Apps
In this model, users pay for an app based on how it’s perceived. You should highlight the app’s qualities using compelling screenshots, videos, and descriptions.
- Better leads and engagement
- Without ads, you can focus on improving user experience
- Builds loyalty and has a higher perceived value for users
- Higher user expectations
- Fewer downloads
- Limited monetization options
This strategy gives users access to their basic features but not the premium or advanced features.
PWAs can follow a subscription model similar to this. A subscription strategy generates revenue on a recurring basis (e.g. monthly or annually).
Users get access to a predetermined amount of free content before asking for a subscription fee.
- Has the potential to reach larger audiences as users can try before they buy
- You can test new features with your audience and get product feedback
- Lets you test which upgrades work well
- Too many free app features won’t encourage users to upgrade
- Difficult to handle the noise with product feedback or complaints
- Have to find a balance between too many or few features
Entrepreneurs: Are You Ready to Make Money with Apps?
As an entrepreneur, you can’t let your amazing app ideas pass you by.
Reach out to an experienced app development firm who can help guide you on the process, and who will design and code your app for you.
Work with them to develop a strategy best suited to you and your app’s needs so that you can make money with your app.
Do you have an amazing app idea you’d like to discuss?
Contact us today for your FREE app review with one of our experienced app specialist.