Monetizing apps has changed some over the last few years, and now with the majority of apps being free as opposed to paid apps with a one-time cost, monetization is certainly a more challenging task than it was back in 2010. This doesn't mean app monetization is impossible though, and there are a number of useful ways to monetize your app if you're a developer looking to make revenue from your hard work. App monetization models can be just as diverse as the app categories themselves, but knowing this doesn't do you any good if you aren't sure where to start, which is why we've gathered some detail on various useful strategies for helping you monetize your app.
If you're looking for ways to monetize your app, advertising it is a surefire way to increase the revenue coming in. You might immediately think that advertising through Google or Facebook which are primary big options for hosting ads (something which doesn't take very long to notice if you scroll through your Facebook feed, as you'll generally see plenty of "suggested ads" content for games or apps to download) but it might be more beneficial to advertise your app with a particular model that specifically targets a certain group of users. Sure, big networks are well recognised and there is a chance that many thousands of people could end up being exposed to your app, potentially increasing installs. Big networks are focused on reaching massive amounts of people though, which ultimately also means your advertising is going to be seen by groups of individuals who won't care about your app or simply just aren't interested in what it offers.
This is why choosing an advertising model which targets niche groups or markets could be a better solution, because you can opt to advertise to groups of users who you know are interested in the type of app you're offering. In addition to this, analytics can be a very powerful tool to use in tandem with specialised advertising. It offers you an opportunity to be able to gather details and data on users which might be more inclined to show interest in your app, thus giving you something to go on when choosing a targeted group to advertise to.
Don't forget about in-app ads either, as these are generally going to be seen by people who may already be using other apps you offer, or apps similar to what you offer. Perhaps you have a free version of an app which is supported by ads, and one which is not. Placing emphasis on the fact that a "premium version" of your app comes with no ads via an in-app ad could give people cause to upgrade. One form of in-app advertising to consider is offering some sort of incentive should a user decide to engage with an ad or spend money. Games do this often by letting users choose to watch video ads in exchange for gaining premium in-game currency. This is just one example of course, and there will be more options and methods for monetizing your app which may be better suited than offer walls. With so many apps out there these days though, specialized targeting for advertisements is definitely not a bad idea considering you'll likely be focusing more groups which show the most interest.