9 ways to increase revenue from a mobile app
As of 2020, mobile apps are estimated to generate $189 million dollars in monthly revenue. This highlights the need for businesses to tap into this market and generate profitable apps. Because of this, we have gathered a list of ways in which your businesses profit can be increased through mobile apps.
- Apps that the user has to pay for.
The most common option when trying to increase revenue from a mobile app that the app is only accessible after payment. This should be approached with caution. Setting this price too high can drive away many users.
- Apps that work on a ‘freemium’ basis.
Typically, this is the most effective way for a mobile app to increase your businesses revenue. This works by offering a user the app for free but only with limited functionality. This means if the user likes the free features they are more likely to upgrade and pay the additional fee.
- Apps that use localisation.
These apps should be accessible in different parts of the world with a concept of localised content. This typically involves ensuring the language and tone of voice is appropriate for a specific user. Overall this avoids communication barriers.
- Apps that acknowledge the lifetime value of users.
It is important to remember the more customers use the platform, the more valuable they become. This strategy in a nutshell ensures each user has a reason to open your business app and continue using it. This requires a user-friendly interface and simple design.
- Apps that use push notifications.
From an e-commerce perspective, it is not uncommon to find users abandon their carts before checking out. This could be avoided with a push notification, reminding the user to complete their purchase. Additionally, you can make customers aware of new products or services.
- Apps that incorporate streams of ad revenue.
Professionals in mobile app development state that ad apps are non-comparable when trying to grow your app exponentially. This requires partnering with third-parties. From this, you can make a commission from each click. Approach this with caution, if your user is bombarded by ads, it’s unlikely they will open your app again.
- Apps that integrate ASO updates.
Nowadays, investing in a mobile business app alone is not enough to succeed in this market. It is important your app is adaptive and adheres to Google and Bing’s modifications to increase its visibility. The quicker updates are dealt with, the better the outcome.
- Apps that make the most of social media.
With over 3.5 billion social media users in 2020, your business cannot afford to overlook this. The main way you can make a profit front his volume of users is sharing your mobile app through social media platforms. If your business invests in services such as these, you will only increase revenue for your company in the long run.
- Apps that provide a competitive advantage.
Given the competitiveness of digital marketing in this day and age, your business must invest enough time in researching your competition’s products, services and features. From this understanding, you will be able to attract more potential customers. In addition, remember the field of mobile apps is not static, continuous research should be included to ensure you’re making the most of your app’s revenue potential.
How can I maximise revenue from my mobile business app?
After reading through these revenue increasing strategies, it’s likely you will want to analyse these and establish them for your brand before determining their credibility. When doing this, our advice would be to adapt each strategy to the needs of your business therefore providing a personalised approach.