How to make the most of the lucrative mobile economy with your own mobile application?

Monetizing mobile application is one of the most lucrative ways of earning money from mobile applications today. Most businesses that have mobile applications are making money out of it using one of the 5 strategies that we’re about to discuss here today. But the primary requirement to earn money using your mobile applications is to first get the application made. And for that he will need to hire mobile app developers. Once you’ve done that, you need to sit down and find out which of the following monetization models work best for you. So let’s get started.

Just pay once model

Repeat monetization is often the target of most app developers, but that is not always true. In case of utility applications, the core value of the software is delivered right at the beginning and the user downloads your application. For continuous income you’ll have to look for new customers, which makes sense if you launch new applications often. Minor enhancements in design and usability is often provided free of cost.

Pay for download, pay for update model

This seems the most lucrative way of making money using mobile applications. However if there is available position in subsequent updates that you plan to offer, this model will not work at all. On top of that you’ll have a lot of negative reviews and lose out on new installations completely. If you can figure out a clever way to offer value-added updates then this is the best way to keep your revenue stream active. You will however need to retain mobile app developers to maintain the flow of timely updates and enhancements.

Apps with advertisement

One way to attract a lot of downloads is to for your application for free. You may have seen a lot of applications using this model of monetization. The user pays no money for download, but you make money via advertisement. If getting more people to download an application is your first and foremost goal, nothing will get you as much downloads compared to this model. One thing that he will have 2 keep in mind is about the placement of advertisements. Pesky ads will cause a lot of interruptions in the user experience and you do not want that. Talk to your mobile app developers on how to do this without ruining the user experience.

You can make a lot of money by monetizing your mobile applications. Revenue growth depends on repeat transactions and gaining new ones. And that depends on how good of a value proposition you have to offer with your application. What tactic do you think is going to work for you?