You may have developed what you believe to be a winning Android application, but the reality is that if you don't use the best methods and channels to monetize your product, you won't find much success in a market that is already flooded with applications similar to your own. You need to reach new revenue streams if you want to stand out, effectively engage your target audience and make the most money possible from your apps.
That being said, before you investigate these new streams of revenue, you need to understand the monetize meaning. In other words, you need to know what monetization means. Simply put, to monetize an app means to convert it into or establish it as legal tender or money. As is the case with many words, the term monetization has different meanings depending on the context in which it is used. However, in the case of mobile apps, typically the term refers to a method used to generate profit.
With that in mind, if you want to grow your Android application(s) revenue in a smart way, there is more than one monetization method you can employ to generate profit from you app. For instance, if you are interested in mobile gaming monetization, the following are clever ways that you could grow your revenue.
- Paid apps – Although not a method that can be used if you're intending to make your app free, paid apps is the most basic app monetization model. It requires users to pay for an app upfront. However, typically, this model works best when you have a recognized brand or product with a specific user group or you use promotional services that show your app to a huge subset of interested parties.
- Freemium – This is the most popular app monetization model. It enables users to download your app for free, allowing them access to the basic features. However, if players want to access the full benefits of your app, they'll need to make a one-time purchase. Freemium apps let users sample an app to see if they like it and those that do will be more willing to spend.
- In-app advertising that allows multiple purchases – This is a freemium model that works particularly well for game applications. You can offer players extra game content (ex. levels, bonuses, etc.) for a fee. Each offer is designed to keep players interested in spending money to get the most out of the game.
- In-app advertising – This can pay off with click-throughs, by adding non-intrusive and relevant advertising to your app. This method of advertising can engage the user without interrupting their experience. A mobile ad network can be very useful and convenient in helping you obtain the right in-app advertising for your product.
- Social media advertising – Use social media, such as Twitter, Facebook, YouTube, etc. to engage with users, offer promos, advertise and make noise about your app. Always take advantage of free advertising streams.
Finally, focus on user growth. Regardless of the free monetization model you choose, only a small percentage of your users will ever help you generate revenue from your Android apps. For this reason, free apps must grow a big, active user base so that this small percentage will amount to significant revenue.
Also, never forget the focus of your app and don't forget that your users are intelligent. They won't tolerate a free app that appears to have been developed for the sole purpose of making money off of advertising. Ultimately, the monetization method that you use for your Android apps should feel like a normal part of the user's experience.