Today, the mobile apps are used in just about any industry. Companies can make money with mobile apps in many different ways. When your app is popular, and rank high in the app stores, it will make a lot more money. That is mainly due to getting more ad revenue and in-app sales.
We can easily argue that Google Play Store is the leading app platform today. It keeps on growing still! Day by day, new users join the Android world. Android users outnumber iOS users by almost 3 times. Play Store is where they get their apps safely. Now, I’m sure you would like to find out how to make money from Google Play Store. Such a source is too good to ignore. Let’s look at your monetization options below!
Selling your app on Google Play Store.
The most direct way to make money from Google Play Store would be selling your app, no doubt about that. Though, if you want users to prefer your paid app over free alternatives, you will need to offer a much better service than those. If you can get the users to prefer your paid app then you have found the most direct way to make money from your app. However, it isn’t always easy to be successful with paid apps. You will need to target a very specific niche and provide the best solution there. If you can’t solve a very specific problem of your target audience, and do it in the best way compared to others who try, users will not be too likely to choose your app. It may also be good to know that iOS users are more inclined to buy paid apps compared to Android users.
Earning money from in-app purchases
In-app purchases are one of the most common ways to generate money with your app. They are used most commonly in games and other entertainment apps. Offering items like game cash, new characters, character outfits etc. can be desirable enough for your users to pay for them. This way you can keep your app free to download and enjoy, but still, make money with it. If your app is not a game, you can still follow this option. For example, you can offer basic functionality for free, but make certain features “premium” and allow users to buy them. However, do consider that in recent years many users developed a dislike towards in-app sales and microtransactions. Especially games that heavily feature paid items are labeled “pay to win” and may be avoided by some users. You need to find a fine balance here.
Make money via in-app-advertising
According to surveys, 49 percent of mobile apps feature in-app ads. While in past ad revenues were behind in-app purchases by some margin, the gap is closing each year. This option also allows you to provide your app for free to the users. Therefore, you can get many more users to download and try out your app. Unlike in-app purchase option, users will not need to pay anything to enjoy your app. Just saying “no in-app purchases” in your app description alone can get more users to download your app. Although they are not mutually exclusive at all. You can use in-app sales and ads together to make even more money with your app. Although this also needs a fine balance. If you feature both ads and purchases heavily, they may appear too “in your face” to users. You walk a fine line if you want to use both options together.
Another point to consider is that moderation is the key to success with mobile ads. Do not put gigantic ads every few minutes. This will detract the users from what they are trying to do, and impactuser experiencevery negatively. One way to get users to consume ads happily is to offer rewards for watching ad videos. You can offer users credits, coupons or game items for watching ads. This way they will opt to watch the ads on their own volition, and feel rewarded for this.
Making money with a sponsorship
If you can get a sponsorship deal for your app, benefits of it can be many-fold. First, a well-known sponsor can help with your app’s publicity. Then, a good sponsorship deal can cover many of your design, development and marketing costs, therefore increase your revenues. With one or more sponsors for your app, you will start the race to make money from Google Play Store ahead of the starting line!
Generating money with a subscription system
If your app is suitable for a subscription model, this too can help you with making money. If your app features fitness routines, you can offer more specific workouts for your subscribed users. Or if you stream video or music, subscribers may get better quality or more playlist options. If you create content and share it on your app, you may allow subscribers to access new content earlier than free users. Finally, your app may offer campaigns, coupons or discounts to your subscribers for a small fee. Your income would be in parallel with your subscriber counts, and hence predictable. Thus, setting this option apart from in-app purchases and ad revenues, which can be more unpredictable.
To sum up
The world of mobile apps grow and innovate every day. However, these methods still appear as the primary ways to make money from Google Play Store. You may choose one, or a combination of multiple among these options. Though, you will need to make your choice according to your app’s type and functions.
Another thing to consider is that paid apps can be difficult to promote in Google Play Store. Not saying that it is impossible. Certainly not. However, with free or freemium apps, you are much more likely to get users to download your app.
As you see, there are many ways to make money with free apps. Just make sure you don’t overdo it with ads and in-app purchases. Otherwise, you may end up annoying and hence losing your users. Remember, you will need as many active users as possible to make money with free apps.
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