The objective here is to move beyond the customary tips and offer you something distinct. Let us dig a bit deeper to widen our understanding about monetization through mobile apps. You will be shown some of the lesser known (or less implemented) strategies on how to engineer your mobile apps to drive revenue for your business.
First things first. While you plan to build your app, do not fall for the cardinal sins that most businesses succumb to. That is, focusing too much on the fancy aspects of their app and targeting only on maximum downloads – and worst of all – considering marketing as the last rung of activity. Which is a bad idea.
It’s always better to sketch a marketing plan before you build your app, or at least it should be abreast as you go along. You’ll know why as you read along.
Keep this in mind: Your app need not just be an app, it should also be a tool engineered to reap revenue for your business.
Come, let us look into some interesting methods designed to help you accelerate revenue through your app.
1. Quick Sign In
Simple, but largely overlooked. The sign in process depends on your target audience and category of your app. Though it might give some sense of security among users, it is not wise to test your users’ patience with a sign-in process that is tedious and confusing.
Make the sign in process simple – a 1 or 2-click process will delight users. Allow them to sign in via Facebook, Twitter or any other social platform, while still providing them with email/password option. The easier your app is to use, the more time users tend to spend in your app.
2. Make your app fit into other channels like an ace
People no longer stick to just one gadget. Assume you are a user, you love an app, loved it on your phone, but its not so great on your tab, and it is worst on the computer screen. It is important to bear in mind that users’ opinion about the app differs when they move to different platforms. It is not a good sign if their opinion waver.
Check out Disney or Virgin Atlantic. These brands have redefined omni-channel strategies in their products, offering truly captivating and inspiring cross-channel experience. Try opening their sites in any gadget you prefer. They work fantastic. By offering an impeccable omni-channel experience, Disney and Virgin Atlantic are able to reap monetary rewards through their loyal users.
Cross-channel compatible apps are challenging, but when it’s done right, it can be addictive to users, leading to better retention rate, trust, sessions, and eventually revenue.
Ensure your app works fine toggling between gadgets, fitting across channels like a pro. Once this is effectively in place, your app will start to work for you.
3. Not push notification, it’s time for Rich Push notifications
Your normal push notifications are getting dated. People are moving to Rich Push notifications, which takes the notification experience to a whole new level.
So, what are Rich Push notifications?
Why tell when you can show – that’s the power of Rich Push notifications. With Rich Push Notifications, you can now add vibrant images, videos, animations, audio and other interactive materials. It also offers clickable responses, which can be linked to specific pages.
Prior report on app engagement stated that with personalised push notifications you could increase the open rates by 800 percent. Which means, with features like Rich Push notifications you have a better chance to double your user engagement.
4. In-app advertising
Advertising through apps is one of the most effective ways to monetise. Paid apps are a dying breed. Why would people want to pay for an app when they get a similar app for free? In 2013, over 91% of downloads were free apps.
Then how would you monetise through your app?
You could make your app free and use in-app advertising to monetise. There are different types of ads you could use in your app, but you should know which one will work best for you.
1. Notification Ads: These ads pops up in the status bar, and are designed to steal user’s attention. However, you must be cautious while using this ad, as these ads can really get annoying.
2. Full screen Ads/Interstitial: One of the widely used types. These ads are displayed when users move between menus, without distracting their function.
3. Capture Form: This ad works by offering incentives (points/tokens) when users enter their email addresses.
4. Banner Ads: As they pop up either at the bottom or on top of the screen, these ads can be bit of a distraction. Use it wisely.
5. Advanced Overlay: It functions like Full screen ads (Interstitial), but here the ads are more interactive instead of clickable images.
Mobile advertising is growing at an exponential rate every year, and you could leverage a lot through it. If you are looking to monetise through your free app, in-app advertising could be your best bet. Understand your users, and offer them the type of ad that’ll best suit them.
5. Location-based Marketing
At one point, location-based marketing threw some concerns about privacy. However, that mindset is changing fast today. Smartphones have become like an all-in-one gadget, and more than before, people now expect to have real-time geography-based updates on their phones.
Today, more and more businesses are tapping into the potential of location-based marketing. Apps are leveraging Geofences, which helps to collate vital information about users who frequently visit a particular location. This collected data can be used to provide personalised offers for that particular user when they are in a specific location.
Here are some ways you could capitalize on location-based features of an app to drive customer engagement and trust.
* Geo-targeting push notifications can be sent to customers when they are near a store
* Offer them customized app interface when they are near a particular place or attending an event
* Hospitality businesses can send customized coupons, offers, tickets for their visitors
* Retail stores can send out gift offers to users when they are near a particular brand or store
6. Predictive App Marketing
In a nutshell, Predictive App Marketing is collecting (both profile and behavioural) data about users, and using these data to proactively build engagement with personalized and individualized relationship with them.
Though not a new method, still many businesses and app owners have not realized the significance of this powerful revenue generating strategy. Businesses who are leveraging the power of Predictive App Marketing is well on their way to reap long-time value.
This method lets you predict user intention. Who are likely to convert? Who will share your app? How long they’re staying in your app? Who will abandon your app? And so on.
Earlier it was difficult to judge which users are likely to give you business, and who are likely to bid goodbye to your app, but now with Predictive App Marketing you are armed with wonderful insights about your user behavior. Using this information – and by letting your creative juices flow – you can devise creative plans to retain existing customers and to hook new customers.
Ideaplunge is one of the fastest-growing mobile app development companies in Bangalore, empowering businesses with powerful apps and equip them with relevant industry insights to stay afloat in this fast-changing technology landscape.
If you have any query about mobile app, in search for a team that can build world-class apps, you could reach us for a free consultation.