In other to generate revenue from your app, you have to monetize it. Monetization strategy should be selected based on product type, market intelligence and user base. Knowledge of app monetization strategies is essential if you are to make the right choice.
Below Are Is a List of the Most Effective App Monetization Strategies;
Advertising Based
This strategy is effective when you do not intend to monetize from In-app purchases. It is also a good option when your app gets frequent visits and long sessions, you accumulate behavioural data and demographics.
Paid download
Paid download will be a good option when you have a concrete marketing and PR presence. When your app offers value that is commensurate with the price, users will be happy to come back.
In-App Purchases
This strategy is most effective when you have a gaming, retail or services app. If your app is good enough to attract and keep loyal visitors even without a purchase, an In-App purchase will be a good option.
Freemium
This strategy is effective when your premium features add exceptional value and the free version is intriguing enough to encourage purchase. Your app also needs to have long sessions and a large user base.
Subscription
If you have an app that encourages repetitive use and is content-driven, this monetization strategy will be ideal. Content-driven mobile apps include; news, videos, and music apps.
There are several other monetization strategies, however, these are the most common and most effective for app monetization. Remember that the strategy you decide to use should depend on your app.
