Do you have an idea for a free mobile app but question if it’s worth investing? It’s normal to have doubts, as the development of a great mobile application requires a lot of time and money. The process can last a few months, and a lot of technical issues can cause setbacks on your launching date. So let’s take things to step by step.
Yes, there’s a lot of money in the mobile app industry. Billions of dollars. However, most of the money is earned because of certain kinds of apps, this means that a lot of apps don’t make money at all.
The difference between these equal business ventures is simple. One app became a profit-generating machine. The other just became a tool.
If you want to avoid the questions that can likely arise in your head, like whether your idea brings you profit, don’t worry. We got you covered. Read on to learn how much do apps make, how to monetize them, and be good at it.
Choose A Platform
If you already have an app you need to choose in which platform to develop it. Are you building for Apple, Android, or both? Here’s a quick side note. Almost half of Apple developers make over $5,000 per month, while only 16 percent of Android Developers make the same each month.
Take into consideration both the developer’s global market shares and how Android and iOS users behave. Make sure to conduct market research and understand what your audience will look like.
How Much Do Apps Make?
There’s no denying it. If you have an App, the business can be promising. Global mobile app revenue is expected to reach $189 billion by 2020, according to an Entrepreneur article.
Wondering what type of app dominates the top-grossing list? Gaming apps. In April 2018, Candy Crush Saga by King made $1.3 million per day through in-app purchases. That’s the brilliant trick. Even when most game apps are free to download, the money is made through in-app purchases.
Also, paid apps downloads, brought in $29 billion last year, compared to the projected $37 billion from in-app purchases.
Reach Out To Customers
Once you have a clear idea of your brand don’t hesitate to create a marketing campaign that includes regular emails to keep your brand on the customer’s mind. Need more emails on your lists?
Include an email subscription form to your app. By inviting users to enter their emails, you can guarantee them a variety of perks that can keep them engaged.
Pick Your Ads
If you’re an app maker, another formula that is bound to save you money and gain, customers, is making your app free. Two things will happen:
1. More people will download your app
2. More advertisers will want to associate with you
Now that people spend more time than ever using their phones, targeted advertisements have found their space inside mobile applications. Depending on your brand, advertisers can pay you a considerable amount of money that can take care of any changes you need to make to your app. A few of the most popular types of mobile ads include:
So get creative with the types of ads that fit your mobile application. Use your creativity and wisdom when choosing the time and place to display the ads and see how it can impact your monetization.
Winning in the App Marketplace
The power that users have over mobile apps is oftentimes underestimated. If your user isn’t engaged and is annoyed by intrusive advertising deleting the app is pretty easy. They don’t think about it twice.
Understanding how much do apps make can keep you focused on one thing: properly monetizing your app. If you understand the numbers, the loses and the gains, the tech path will lead you to profit.
Liked learning about the app business? Read more about how using technology can push us to make better decisions by clicking here.