Recent studies reveal that people are starting to invest more time using mobile apps as compared to websites. These statistics are driving businesses to start creating mobile apps, of course, ‘we all want to be where our audience is’. Businesses hire expert mobile app development companies to bring their amazing mobile app ideas to life. After the app is developed, it is finally time to make some money. Businesses do everything to ensure that they can drive maximum revenue. Majority of the businesses even follow the pre-launch marketing strategy to create pre-launch buzz and attract a greater audience.
However, businesses forget to focus on the type of app which they should be launching, ‘Paid’ or ‘Free’. Most companies think that because they have created an amazing mobile app, everyone will want to interact with their app. Therefore, launching the ‘paid’ version of their mobile app, hoping that it will explode in the market and they’ll start getting app purchases. However, they forget certain drawbacks of ‘paid apps’ that can actually deliver unwanted results:
- Higher User expectations:
Those users that do purchase your app, will have higher expectations. If their spending money on your app, they will definitely be pickier.
- Few or no downloads:
Majority of the users prefer not purchasing an app, even if it is at a lower price.
- Limited Monetization Options:
If users are already paying to use your app, and then you end up adding more monetization options, users will start getting annoyed. This could even result in app abandonment.
- Negative Ratings:
Because users are paying for your app, they will leave more critical reviews about it.
I’m pretty sure, after reading the above drawbacks of launching ‘paid mobile apps’, you will start thinking about opting for the ‘free apps’. Definitely, launching ‘Free Apps’ should be your choice. But, you might be wondering ‘How will I make money with free apps’.
That’s what I will be discussing in this blog post, I will highlight 5 tested methods that you can follow to make money with your free apps.
5 Ways to Make Money with Free Apps
Paid advertising is the simplest way to make money with free apps. What you have to do is ‘run ads for other companies’. Run ads for companies that are relevant to your domain and in return earn money. Below, I’ve rounded up five types of ads that you can run on mobile apps.
These ads appear at the top and bottom of the user’s screen and are directed towards a targeted audience.
These types of ads provide ‘in-app rewards’ such as ‘extra coins’ or an ‘extra life’ in return for watching the video ad.
Who doesn’t like getting rewards? Users love getting rewards, and of course, the hate watching ads. Incentivized ads can create a positive feeling for the users and they would be happier to perform certain tasks.
These ads naturally appear in the concept and the design of an app. Their purpose is to promote your products and services.
These apps are shown when you open, close, or pause an app or when you move through a natural app transition point. If users don’t want to see these ads, they can opt to skip it altogether.
You can use in-app purchases in your mobile apps and enable users to avail a premium user experience. For example, suppose you have a gaming app that only provides ‘2’ free lives per day, then if your game is interesting enough, users will look for ways to gain some extra lives. You can take advantage of this situation and provide packages such as ‘unlimited lives for only 10 bucks’. Furthermore, you can also provide premium features and game boosters that will improve the quality of the game and enhance the user experience.
Your free mobile apps combined with quality ‘affiliate marketing’, can help you make a lot of money. For example, eCommerce stores such as Amazon, user free mobile apps to promote and sell branded merchandise. The entire process is very simple. The production, selling, delivery, and other logistics are managed by the store itself, and all you have to do is promote their products and you will get your share of the total revenue.
Email Marketing happens to be a very old technique, but, when used correctly, it can generate very powerful results. When users install your app, you can ask them for their email. Then, later on, you can direct notifications, and guide users to products and services of their interest. This process will not only allow you to make some extra money, you will also be able to promote your other products and also improve user retention.
‘Crowdfunding’ is a very popular method used to make money with free mobile apps. In this method, companies share their unique ideas on various platforms such as Kickstarter, AppsFunder, and CrowdFunder in order to drive donations and funds from interested investors to develop and promote their mobile apps.
Above I have mentioned 5 ways that you can make money with mobile apps. If you have some questions or if you’d like to add something, let’s get in touch.