Want to know, is it possible to earn a lot of money through free apps? The answer is yes-yes. Rather than one or two, there are several proven strategies that can help you generate revenue by developing seamless free mobile apps.
according to Report generated by StatistaIn 2017, free apps generated approximately 37 billion U.S. dollars in revenue, while paid apps generated 29 billion U.S. dollars in revenue. the reason is simple. People prefer to use free apps, and only use paid apps when they are very useful.
Therefore, as a smart entrepreneur, seize this opportunity and develop a free mobile application and add reliable and profitable monetization methods to make money.
Let’s take a comprehensive look:
· Paid Application V/S Free Application
Before we start discussing how to monetize free apps, we should first understand the difference between paid mobile apps and free mobile apps.
Google Play says 98% of revenue Free mobile app generation from all over the world. These data are sufficient to predict the power and power of free apps. Because they provide countless advantages, these applications have more installations. The advantage is:
- Completely free to use
- Easy installation via App Store and Google Play
- Plays a vital role in promoting business sales and potential customers
- The best tool to attract a large customer base
Whether it’s healthcare, education, e-commerce or tourism, most start-ups and companies are now more willing to launch free mobile apps to increase visibility. With the increase in visibility, they can expand their customer base and make money.
Compared with free apps, paid apps are not that successful. It is very possible to lose app users because they think that access to certain app features is not worth paying for. Software companies create paid applications, and only professionals will be willing to pay for the additional benefits of specific features of the paid applications.
Compared with free apps, paid apps have very few downloads. Especially when people can get almost the same services as paid services, why do they download paid services? Therefore, the entire paid application must be an excellent and excellent application, and then the only application willing to pay for it. In addition, it should provide quality services.
· Free apps can make money with these proven strategies
There are many strategies you can apply to your free application to make it your biggest source of income.All here Possible ways to monetize It has been discussed in detail. Don’t miss to pass all of them.
1. In-app advertising
Ads can be seen everywhere. In all social media channels, users are attacked by commercial advertisements. You can also use this monetization method to place popular brand advertisements on your free apps. You get commissions from brands whose advertisements flash on your app.
Despite being the oldest form of advertising, banner advertising is still very effective in generating revenue. It comes in a variety of shapes and sizes, and includes more image-based or graphic-based ads than text-based ads. Through this you can:
- Measure performance
- Promotion sponsor
- Attract the audience with eye-catching content
- Native ads
This type of advertisement makes the application use less, because the content displayed on the application screen is similar to the content the user is watching.
These types of advertisements cover the entire screen of the mobile phone. However, the ads have a cross button at the top, so if users don’t want to continue watching them, they can cancel them. The main purpose of these advertisements is to draw the user’s attention to the advertisement.
2. Referral Marketing
By promoting any 3road Party on your free app and you can make money. According to a report released by Sweet Pricing, 33% of free app owners have made considerable gains through this monetization method. Want to know how? Take a look:
- Cost per conversion (CPA)
This is one of them Effective monetization strategy Make money with your free app. As an app publisher, you can first provide users of your app with free content or access to limited features. After that, you can ask them to subscribe so that they can access all of them after subscribing.
This model is very suitable for streaming media and news-based applications, from which users can get new and latest content. Streaming media applications such as YouTube and Spotify and news applications such as Zee News all use this profit model.
4. In-app purchases
IAP-In-app purchases are additional virtual items, features and functions that users can purchase in-app. As a freemium subset, most game applications such as PUBG, Candy Crush Saga, Farmville, etc. use this monetization model so that players can purchase energy items and lives and clear levels.
There are 3 types of in-app purchases that can be used to generate revenue. they are:
- Consumables IAP
- Non-consumable IAP
5. Selling goods
Using your app, you can sell goods directly. Commodities can be anything like toys, hats, accessories, shirts, books, etc. By selling these items through your app, you can make your business eye-catching and expand your customer base.
Sponsorship cannot be seen as a common method of generating revenue from free mobile apps. However, it turns out that this is an interesting and fascinating monetization strategy. You need to contact sponsors who are in the same field as you. Work with them and ask them for sponsorship. When working with sponsors, you can adjust the application design to match the sponsor’s brand or logo.
7. Transaction fees
You can also earn income from your free apps by charging a fee for every transaction completed through your app. The transaction fee strategy is only applicable to currency transactions.after Integrate multiple payment gateways into your application, You can benefit from this model. The free apps that make money through this model are:
- Food ordering mobile app
- All e-commerce applications
- Airline and hotel booking apps
This is the latest way to quickly and easily accumulate funds for your free apps. Platforms such as Crowdsupply, Kickstarter, Chuffed, and Patreon can be used to share your ideas and raise funds. Please note that your ideas must be innovative and creative, and only you can accumulate the necessary funds for your application development and application marketing.
9. Email Marketing
This is another effective monetization model, and the most free app owners will always choose this model. When registering, you can ask your users for their email ID. After receiving the user’s email ID, you can share your latest services and products with them by sending them the same email. Also, make sure they grant you permission to send them frequent emails.
Don’t annoy your users by sending emails in a short period of time. They may get angry and uninstall your application.
10. Free trial
Earn the trust of your app users by offering free trials. The free trial period ranges from 7 days to 30 days. Give them free access to your application, and ask them to pay a minimum fee to upgrade to a paid member after the free trial period ends.
If your users find your app very helpful, they will definitely pay for the additional features of your app.
11. Sales data
Have you noticed that your mobile phone number or email ID has received notifications from companies whose websites you have never visited? This is a game of monetization model-sales data. Application owners sell users’ data to generate revenue.However, this is not The right way to make money But it is being adopted by many application users.
· Create seamless free steps
In addition to the above monetization model, there are some more important factors that can help you make more money from free apps. These factors will make your application more visible. The higher the popularity of your application, the more times it will be installed. What you need to make money easily in your free app is as follows:
- Ideas for correct execution
- Impeccable code
- Thoughtful user experience
- Perfect application packaging
- Attractive app name
- Attractive application demo videos and screenshots
- Informative and clear description
Due to fierce competition and enthusiasm for making money, people continue to come up with new and innovative ways to monetize free apps. In this article, we discussed the most common and commonly used monetization models. The above description, if implemented correctly, will definitely help you get the most benefit from the free application.