Building a mobile app these days is easy. However, monetizing that
same app has become nearly impossible, given how saturated the market is
with free options (and potential customers unwilling to pay).
So to find out how founders can make money from their app, I asked a group of entrepreneurs from YEC the following:
Their best answers are below:
If
you have a newsletter, push it through your app. There’s nothing wrong
with having an app that drives consumers to your website. It may not be
the easiest thing to track, but it works. Remember that your app is just
another leg of your brand chair. It does not have to survive on its own
but does need to add value to your audience. – Brendon Schenecker, Travel Vegas
I
think that having two versions of your app, a free/cheap version and a
paid version is important. It’s part of the strategy of giving your
customers a taste — a trial period to get a sense of all that your app
can do — and then building from there. You want your customers to
integrate this app into their lives and then realize they can’t live
without it when it comes time to upgrade. Beefing up your upgrades is a
big way to establish your product’s importance and value to your
customers as well. – Rob Fulton, AudioLumin™
Despite
developers adding in-app purchasing and subscription services to their
applications, users prefer to get a service for free and only a small
percentage of users will ever pay real money. Diversified ad products
with multiple units of different sizes work the best on mobile. Pair
these ad products with an eye for data and metrics, and you can command
great CPMs and CTRs. – Catherine Cook, MeetMe
continue reading...
http://thenextweb.com/entrepreneur/2015/07/31/10-ways-monetize-mobile-app/
same app has become nearly impossible, given how saturated the market is
with free options (and potential customers unwilling to pay).
So to find out how founders can make money from their app, I asked a group of entrepreneurs from YEC the following:
Monetizing a mobile app has only gotten harder. What’s one overlooked strategy that actually works?
Their best answers are below:
1. Signups and Emails
If
you have a newsletter, push it through your app. There’s nothing wrong
with having an app that drives consumers to your website. It may not be
the easiest thing to track, but it works. Remember that your app is just
another leg of your brand chair. It does not have to survive on its own
but does need to add value to your audience. – Brendon Schenecker, Travel Vegas
2. VIP Levels of App Useage
I
think that having two versions of your app, a free/cheap version and a
paid version is important. It’s part of the strategy of giving your
customers a taste — a trial period to get a sense of all that your app
can do — and then building from there. You want your customers to
integrate this app into their lives and then realize they can’t live
without it when it comes time to upgrade. Beefing up your upgrades is a
big way to establish your product’s importance and value to your
customers as well. – Rob Fulton, AudioLumin™
3. Advertising
Despitedevelopers adding in-app purchasing and subscription services to their
applications, users prefer to get a service for free and only a small
percentage of users will ever pay real money. Diversified ad products
with multiple units of different sizes work the best on mobile. Pair
these ad products with an eye for data and metrics, and you can command
great CPMs and CTRs. – Catherine Cook, MeetMe
continue reading...
http://thenextweb.com/entrepreneur/2015/07/31/10-ways-monetize-mobile-app/