Ever wonder how mobile apps make money?

The money making might not be the most discussed things in mobile apps debate but down the road money does come after all. In fact, no one in the mobile technology arena would disagree that money is the important part of the game.

If we go a little deep into this and discuss the money making strategies to help guide you. You might be a startup who is looking to launch a business idea, or you maybe, a tech entrepreneur who wants to put forward his/her startup idea to the development team.

If being an app developer or a startup founder, money making ideas and thoughts have crossed your mind, then it’s totally fine. Because figuring out things won’t cost you anything but not doing so might do.

Here is the big question.

How do we make money with mobile apps?

Before giving the answer or sharing some options of making money online, I’d like to tell you some essential elements of a successful mobile app that does make money.

3 Essential Elements for a Successful Mobile App

The beauty of these elements is that if any of them works for an app, that app doesn’t need anything else to go viral. Here are those elements that may not sound astonishing but they would definitely impact in the long run:

1) – Addictive Idea

If the idea of the app is quite intimating and tough, it tends to become addictive for the players to stay in the game and improve. For example, Flappy bird was this sort of game, despite the lack of any beautiful layout and design, that game did well. Let’s not get into what happened later on. We’re discussing the addictive idea of the app, which it certainly was.

2) – Newish Approach

The newish approach refers to the innovation and creativity. If the mobile app that starts to get traction may not be an app that is based on the same old pesky ideas that keep on coming on App store and Play store. The new ideas always tend to stick and grow.

3) – Beautiful Interface

This means if the app’s design, layout, and structure are well-crafted and above of all, if all these things help users to get the job done, then it might add value to the app. It’s extremely important to understand that beautification of the interface and design is quite necessary.

Well, this Entrepreneur.com article clearly discusses that mobile apps aren’t made for fun and there are a bunch of strategies shared in that article.  In fact, the author goes further and describes the major and most recommended monetization models in the app development arena.

Another source tells us the same methods to make money off of mobile apps. In addition to that, it also reveals that understanding the users is an important part of the monetization plan and goes on further by concluding that whatever kind of app monetization method you go for, make sure that you’re keeping the track of the footsteps and analyzing the data.

4 Ways to Make Money with Mobile Apps

Before we go into the different ways to make money online, we must understand that we shouldn’t create our marketing and promotional strategies based on the monetization plans.

1) – In-app purchases

In-app purchasing system means that apps are free to install and use but there are certain features that will be available in the paid form. Once the users pay for the option, it unlocks the features/option for them. All this shopping happens inside the app. This is one of the popular ways that mobile apps make money.

2) – Banner Advertising

The banner advertising is a simple and most common form of mobile app monetization. It displays different type of banner ads inside the apps. It could be irritating for the users. Some mobile makers bring their ad-free version in the paid form.

3) – Premium Apps

Many mobile apps aren’t free at all. The users have to pay in order to buy those apps. These paid apps are available on both iOS and Android.

4) – Sponsorship

Once we leave the advertising networks behind, here comes the collaborative and branded advertising. The sponsorship is a simple monetization strategy that a brand does in order to reach out to the certain audience. It could be done via push notification, banner ad, in-app announcement. The idea is that the sponsor reaches out directly to the audience through the popular mobile app.

There could be lots of more ways to make money with your mobile apps.

It all begins with the mobile app development. The next thing that counts is that how promising your mobile app is, once it starts to get traction, the opportunities of making money start to pop up.

These different monetization models and strategies open a wide gate for startups and entrepreneurs to jump in and develop the ideas that could change the world.

The startups always look forward to raising the funding from the investors or getting acquired by the industry giants. The mobile app does bring all those opportunities if the idea of the app successfully stuns the audience.

What would you do to make money with your mobile app?