As the mobile industry continues to grow and evolve, the app and advertising industries are being faced with some of the biggest opportunities and challenges since advertising online became a popular thing. Companies and developers have the opportunity to grow their revenue exponentially through advertising online, but to fully capitalize, everyone needs to gain a new understanding about where they should be focusing their ad campaigns and strategies.
Until recently, marketers and developers have been focusing their advertising strategies on desktop websites, but now that apps are taking over, some significant advancements need to be made in the advertising industry.
Almost everyone owns a smartphone today, and time spent online is mainly spent on these devices. However, something that marketers, advertisers, and developers are just beginning to realize is that time spent online through mobile devices is mostly spent on apps, not on desktop web browsers. This means that brands need to be educated about the potential value of their in-app audiences and shift their strategies and budgets to take advantage of app monetization.
There are millions of people getting into the app mobile business today. Some may have excellent ideas but maybe aren’t sure exactly how to cash in on their awesome efforts. The most important part of any effective app monetization strategy begins with targeting users in the particular niche that the app is geared towards. Within this targeted user base, there also comes the challenge of weeding out the users who are willing to spend money from those who have no intention of doing so.
It is wise to spend some time researching what it is that successful app developers do differently from everyone else. Take a look at some of the most successful apps on the market today and analyze their strategies. For example, it was recently reported that Pokémon Go crosses $250 million in revenue within the first weeks of its launch. The developers of this game came up with some brilliant money making schemes that anyone in the app development industry can benefit from understanding.
Focus On What Doesn’t Work
Another of the most effective monetization strategies is to figure out what doesn’t work in app advertising. For example, successful developers have already understood that banner ads and lock screen ads are the two most un-effective ways to advertise. If you were considering using these methods to advertise your app, now you know you shouldn’t.
When planning a successful app monetization strategy, be diverse. More than half of successful developers today use at least four different monetization strategies, and some use upwards of ten. The developers who focus their efforts on just one strategy are some of the least successful in the industry.
The mobile app industry is a very competitive one today, though it is pretty new, which means that there is a lot of room for opportunity and growth. To get ahead in the game, the best things you can do are to:
- Be sure that your app is unique and appealing
- Target your niche user base
- Understand the percentage of users within that niche who are willing to spend money compared with those who aren’t
- Do your research to see what the most successful developers do to earn money
- Research on the least successful developers so that you can avoid repeating their mistakes
- Be diverse in your monetization strategy
If you can follow these simple rules, you’re on your way to building a successful app and a smart app monetization strategy.