Mobile users are not used to paying for apps and so it’s unlikely for your app to be an exception. According to the 2018 report, there are a total of about 3.8 million apps on the Google Play Store and near about 2 million apps in the Apple Play Store. The market is vast, and the revenue of mobile apps, collected worldwide is expected to reach $190 billion by 2020.
Nowadays, users have become selective in their choice and they just have 4-7 daily apps active on their smartphones. In a scenario like this, if you make a paid app, users have the full liberty to look for a similar app available for free.
So, the safe choice is to offer your app for free without getting charged for anything. Later, try to get maximum downloads and look for other revenue options.
The mobile app market has grown rapidly over the years and the experts from the industry predict the continued growth in the app market in the years to come.
How to Earn Money through a Free Mobile App?
According to SensoTower, the App Store and Play Store users have spent $40 billion in mobile apps and games within the first half of 2019. Thus, that makes it quite clear that there’s a huge app market that you might not like to miss out on.
Do you think that only the paid apps bring a huge share of revenue? Then, let me tell you that you are completely wrong. In fact, if you check the list of most successful mobile apps and games in the App Store and Play store, you’ll notice that all the topmost apps are actually free of cost. The majority of users prefer apps that do not charge. Thus, free apps can bring the highest share of the revenue.
Below are a few tips that will help you to ensure a top-class app description.
1. Keep the name, clear and catchy to attract your users.
Your mobile app should have a catchy name that shows its description and functioning. There should be keywords in the app name. The name of your app shouldn’t be too long, try to keep it at 100 characters at max.
2. Meaningful App Descriptions
The next step is to give your app an informative and meaningful app description.
The first several sentences must reveal general information about your app features and showcase the app’s main idea. Ideally, it must not exceed the limit of 225 characters.
For the next part of the description, you should mention what problem your mobile app will be solved along with shedding some light on the app’s important features and functionalities.
3. Include Enticing App Screenshots
Though your app name and description are important for your users, they might also want to know how your app will look like on their device which is why you should include some pictures or screenshots of your app. Make sure you choose the best screenshots.
You might also want to add some text to your screenshots or pictures that describe your app features and functionalities.
How Free Apps Make Money
Below are some of the ways that can help you gain monetary benefits from the app you create.
1) In-app advertising
This is one of the easiest ways to make money with your app. The way it works is that you let advertisements pop up on your app.
Being an app owner, you will be paid as per the number of clicks an ad gets and the type of ads you offer on your app. Usually, a video ad is bound to get paid more as compared to banner ads.
Not only such ads are significant but the duration for which the video will be played and its display, as to how frequently the ad gets displayed on your app also holds special importance.
As an app owner, it’s your duty to monitor whether your targeted audience finds your ads to be compelling and entertaining or they’re simply blocking them.
One interesting way, to earn more money from your app is by offering your audience to not show them in-app ads. Yes, you can earn money from your users by offering them an upgraded version of your app which is an ad-free version of your app simply by purchasing a pro version of the app. Recently, applications like YouTube and Spotify are practising the same and leveraging clutter-free experiences to their users.
The subscription model is one of the most effective models to earn some money through your app.
Initially, your app would be offered for free to the users where they can access the content to a certain extent without having to pay any kind of charges. Later, when the user gets indulged in your app and finds your app offering value to them, or when their app interests them further, they can upgrade to the paid subscription where you can offer them unlimited access to the app content.
Another model is where users get a free trial period to enjoy unlimited access to the app content for a certain period of time. Once the free trial period expires, you can block users where they need to buy a subscription to get unblocked and for being able to get access to the valuable app content anytime, beyond the trial period.
Netflix and Amazon Prime are the leading examples who have been gaining massive amounts by practising the subscription models.
3) The option of in-app purchases
This strategy is based on the free model where you allow your users to use your app for free but with limited access to the features. Users can unlock some additional premium features, advanced levels, or get access to some privileged content after buying app up-gradation.
In this model, an app can offer any bonus or virtual currency, or coins for the game or, any free premium content, or unlock any extra level.
If you are an app owner and can find a sponsor with a similar target market then it is one of the most effective strategies for you that you can use for the app.
Once you get the right sponsor, you can white-label your app, you can adapt their app design in your application so that your app can match the app sponsors’ theme. If you want your app to be successful in the market, make sure you build an app of a particular niche specifically curated for the customized users on behalf of the sponsor or a particular brand.
For example, The app can be a local restaurant app re-customized with more attractive and extravagant features particularly catered to a specific user group.
5) Paid apps
You have spent a whole lot of time, money, energy, and important resources to build a kickass and excellent app. So, it is quite fair to tag your final deliverables a specific amount.
This means that if you even charge some mere amount of some $0.50 and by that, you can bag in millions of app downloads, then your app marketing strategy is splendid enough to make you stand out amongst others. This will also make you stand at almost a million-dollar milestone for your app revenue.
However, things are a bit different than this and not as simple as they might seem. Usually, Apple and Android users do not intend in spending money on apps since there are a few apps similar to yours that are available, in the market, for free. So, you might want to re-think before you give your app a price tag.
Not all apps can make money.
If you plan to just build an app without a strategy and just sit back to collect your money, then that is absolutely never going to happen.
Like a business, you need to have a strategy and goal for your app too. You need to sketch out the strategy for your app before you start building it.
Mobile users often prefer apps compared to mobile sites.
So while your company definitely needs a website that must be optimized for mobile devices, an app can make the customer experience much better and easier.