Paid downloads: Paid downloads are a simple way to monetise your mobile app. With in-app purchases you can charge the user for specific features or levels of content within the app. This is usually done with one-time payments and doesn't require an internet connection. Paid downloads are simple and easy to start with and are not as intrusive to the user's experience. User experience is key to the success of your mobile app and should be considered as an ever-evolving process.
In-app purchases: In-app purchases are another great way to monetise your app. This is when the user is charged for specific features or levels of content within the app after downloading it from the Apple's App Store or Google Play store. In-app purchases don't need a credit card, they can simply use their iTunes account. They are effective because the user is only charged for specific features or levels of content within the app. This is usually done using a one-time payments and doesn't require an internet connection. In-app purchases are similar to a paid download in the sense that you're charging for specific features or levels of content within the app. The difference with this option is that these payments can be made at any time and can include one-time, monthly or yearly recurring subscriptions. This creates a way for users who might not have enough money available to purchase your app outright but still want access to certain aspects of it.
Ads: One of the most popular monetisation methods for mobile apps is in-app ads. This might include banner ads, video or full-screen interstitials ads that interrupt a user's experience with your app and asks them to complete an action before they can continue using it. The upside here is that this ad revenue will come in on a recurring basis as long as you're able to keep generating traffic through your app. The downside of using ads is that it limits the amount of user engagement you'll be able to generate and can add to the frustration of an app that has a high bounce rate. Ads are not generally used in apps if users are paying to download the app, but may be used in free apps as a way of generating revenue.
In this blog post we have explored three ways you can monetise your mobile app. Paid downloads, in-app purchases and ads are all viable options for making money with a product that is as ubiquitous as the smartphone. If you need help deciding which option would work best for your particular business model or if you want to explore other avenues of revenue generation not mentioned here, book a free 30 minute consult today!