You might have an amazing business idea but has no understanding of “How to Earn Money From Your Mobile Application in 2021”. Hiring an established mobile app development company will be the best move in such a scenario. They will be your digital business partner who can assist you to earn great ROI. They will follow an agile approach to establish you among your competitors.
Why are businesses nowadays investing in mobile app development?
Have you given a thought to it?
As per Statista, there are more than 2.7 million apps available for Android users, and 1.82 apps for iOS users. This projection will double as per the reports shared by store intelligence data of the Sensor Tower.
It means that there is huge competition in the market and businesses are deriving well from the mobile market.
Let’s delve further to find out how you can earn the best harvest using mobile apps:-
As per TechCrunch, 90% of mobile apps are now free. It is forecasted that the income generated from mobile apps such as Uber will go down in the coming years. It is because they charge for the downloads.
Statista has presented the past view as well as the future forecast of the Free vs Paid app market from the year 2012-17.
According to the report shared by Gartner, 24% of users spend less on paid apps and more on in-apps. Numerous sources claim that free apps have generated more revenue than the paid apps.
Well, It is not any hypothetical statement!!
See the authentic proof for yourself:-
Source: Enuke Software
Before we jump straight into the game of making easy money.
The first stage you must do is to figure out the competitors.
Note:- You must have a deep understanding of who your competitors are. The evaluation of the competitor is one of the tactics for vital marketing which is often overlooked by many businesses.
Once you have an understanding of who the competitors are, you can start the process to analyze the components of their competition.
Source: Enuke Software
This graphical data gives a clear picture and can guide you in the right direction in terms of the material that you must be looking for.
If your competitors have introduced the same strategies as yours, you should go for some other methods. You can hire a proficient mobile app development company. They will have knowledge and experience of what’s happening in the market and thus will guide your business in the right direction.
Almost 90% of users spend their maximum hours on mobile apps.
Since mobile users love spending their time checking the latest trends on the apps, this is a great opportunity!!
But, it is quite crucial to find and choose the perfect apps that will attain the interest of the user and then eventually lead to downloads.
But you must understand that the downloads alone cannot directly earn money from your mobile app.
There is a misconception among many businesses that the development of apps is pretty expensive. Well, it is not true!!
It depends upon the functionalities as well as the attributes that you want to enforce in your app.
So, it is better that you hire an Android app development company for Android apps or you can go for iPhone app developers to build your iOS apps.
If you do not have any plans for a huge investment, then you can even go for cross-platform app development. You can hire React Native app development company or Flutter app developers. They will suggest some amazing app ideas that can earn money from your mobile app.
Read further to find some of the elements that you must consider:-
You must identify the intent of your apps as it performs a major role. The main details that it uncovers should be what problems you must aim, how it would jolt and what all solutions will it provide and the probability it will provide in the global market.
Another factor that plays a huge role in determining how the app will make is engaging the potential audience that needs to be targeted. If you have plans for mobile app development for business retailers, then it is better that you opt for monetization capital because this approach will help you to save time. Similarly, when you are developing apps for free then it is better that you provide some services that are free of cost. It will engage more users predominantly.
It is one of the elemental solutions that has helped many enterprises. You must perform a competitive analysis. It will contribute greatly to the decisions associated with money-making. These insights will assist you to analyze the approaches of identical apps work and how the enterprises are getting benefited.
One can also understand the profit that these businesses acquired. It will help you in the process to make the result more precise.
The smart technologies will not only embellish the understanding of the visitor but will also make your brand stand out among your peers. It will add features as well as functionalities that can earn you great profits.
For instance, a conventional model of enterprise apps will offer you only 70% of the amount paid for mobile app development. In contrast to this, an IoT-based mobile app model can offer 85% of the total yield acquired.
Now, don’t you think it is an excellent time to get your business running and acquire money?
If your mobile app can be freely downloaded, login, and employed, then you can earn money via advertisement and interactions within your app. This type of app model has earned huge profits and claimed to be profitable.
Business of Apps shares that the revenue has steadily climbed from the year 2016-2019. But has comprehended all the generation of revenue inside the main app stores which include Google Play Store and App Store.
Source: App Annie, Sensor Tower
Source: Business of Apps
It is one of the most essential monetization strategies. This type of strategy is already applied for audio and video streaming, services of the cloud, and services for online news.
You can start off by displaying some free content. Later, charge the users with subscription plans. Amazon, YouTube, and Netflix are some of the leading examples who have used this strategy and attained great success.
Scared that you will lose your client base? Well, you do have to. Human beings have the tendency to get addicted. They will surely opt for subscription plans to continue with the content of the app.
Numerous eCommerce businesses have developed different versions to sell their products such as shoes, toys, shirts, etc.
A service named “Merch” introduced by Amazon has earned a lot of prominence. It allows the publisher to develop the artworks and upload them to the platform and promote the product.
This has proved to be a win-win strategy for the apps users as well as the owners.
By now you might have got a clear picture that all mobile apps cannot earn revenues. But, you must have a proper strategy.
If still now you are planning to develop your mobile app without any strategy and want to bag the money. Then you are taking the wrong turn.
Indeed, there is some upfront cost to build and launch your mobile app. But it is surely a superlative step for you to spawn great money.
Have plans to develop mobile apps that can earn you huge money?
Share your ideas with MobileCoderz Technologies Pvt Ltd today.
We are adept mobile app developers with extensive team strength. We have rendered our services to enterprises, start-ups, and SMEs. Our tech-nerds are creative and have great experience in app monetization models that can earn great ROI.
We have attained a reputation for developing mobile apps with a 99% retention or bouncing rate.