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[google_font font=\»Lato\» size=\»42\» weight=\»√0\» italic=\»0\» letter_spacing=\»\» color=\»#fff\» subset=\»\»]Proved tips for your app\’s digital growth[/google_font]
80% of all freemium apps don’t generate enough engagement to justify their business model. By mixing several different monetization strategies for apps, you can gain revenue in the long term. Yay!!
If you have a clear view of who your potential user is, you need to also think about the difference between your actual users and potential users.
If your monetization strategy is focused on making the most out of your actual users, you might drive them away. Instead of doing it, working long term monetization strategies for apps is better option.
Important!
When defining monetization strategies for apps it’s vital to make the goal long term, as any strategy takes time to grow and get optimal results.
Now that we know about monetization strategies for apps, let’s start!
1. Virtual currency
This strategy can be useful to increase engagement and make sure users spend money in your app that they can’t spend anywhere else as it means pricing the items in your app in other than euros or dollars. Why is it so effective?
1.1. The money has been converted so it will be spent on your app.
1.2. The spending decision is different when the purchases are not seen in euros or dollars.
1.3. If the users already purchased the virtual currency, they have to spend it on something.
What kind of virtual currencies can you find?
Closed Flow
The virtual currency has no value or usage outside of the game.
Hybrids
Hybrid currencies are issued, controlled by and typically only have value to the issuing company and its customers.
Open Flow
Also known as Convertible Virtual Currencies (CVC), include all cryptocurrencies like BitCoin and Etherium, or Linden Dollars as used in the online game.
2. Native Ads
Native advertising is the type of advertising that includes the ad in the form of the app in which is published. These types of ads are more effective and more profitable than banners. Depending on the type of app, you can add the ads based on available user data.
What types of Native Ads can you find?
2.1. Social Feeds
Social Feeds that includes social network apps. This Type of native ads helps build brand awareness.
2.2. In-feed commerce feeds
In-feed commerce feeds that contain all of the products the app is currently selling and is useful for physical and digital products.
2.3. In map native ads
In map native ads are useful in navigation apps as they can apelar unnoticed on the map.
2.4. Native video ads
Native video ads are useful in any app where the user can receive a reward in exchange for watching an add.
2.5. Paid search ads
Paid search ads naturally appears if your app includes a search function and manifest as a form of search results.
3. Monetize your newsletter
One of the options you have is monetizing your newsletter.
Important!
Be careful as it’s easy for an email newsletter to be marked as spam.
In order to see maximum results is determining what your email newsletter should contain and pay attention to your metrics.
Advice:
Make only 10% of the content related to your app, new features and updates.
4. Incentivized mobile ad networks
These platforms give app developers a chance to connect with mobile advertisers and reward customers for taking specific actions in-app.
5. SMS Marketing
This type of marketing provides an easy way to gain access to a high quality marketing list as gaining access to user’s phone numbers also lets you connect with your email addresses and social media profiles. The advantage of SMS Marketing? The concept of spam is less well defined.
Important!
SMS Marketing requires user’s consent to be effective.
6. Other payment options
Give users more payment options in order to ease their life. This will improve the odds of them actually paying for your app.
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[google_font font=\»Lato\» size=\»32\» weight=\»200\» italic=\»0\» letter_spacing=\»\» color=\»#46474a\» subset=\»\»]welead can be your partner in Mobile App Marketing to help you define a monetization strategy for your app[/google_font]
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¿Ready for your monetization strategy for apps?
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