Ever since we’ve dived into the era of smartphones, people are choosing to work with mobile applications rather than having to browse the internet on a computer. Most entrepreneurs are playing their trump card with this system and insist on investing in such objectives to gain revenue. According to Statista, as of the year 2019, the worldwide mobile app development revenue is $462 billion.
Social media apps, food and restaurants, online shopping, healthcare, etc., each of these industries have proved it possible to make business management as easy as pie. Mobile apps are not only changing the way people consume or interact online but also its made its way to allow businesses to communicate internally allowing them to keep up with the whirlwind pace the world is moving in.
If in case you are yet to join the club of including mobile apps as a part of your marketing tactics, then you may be missing out on a pint of increasing your business revenue. This article will walk you through different probabilities on how you can increase or boost your revenue for your business by 150% using mobile apps:
That’s right! In-App purchases are one of the best ways to make a profit. Initiating purchases within the app is not only one of the best strategies to generate revenue, but also creates a fine line to produce a direct link with your customers.
It doesn’t mean that your business has to include physical products for consumers to purchase. Limited period subscriptions, upgrades, speedups, premium access, etc., are some of the many other ways to introduce in-app purchases on your mobile app. By the way, who wouldn’t love limited offers?
IN-APP AD REVENUE PROMOTIONS:
Business wizards prove that in-app ads can help your mobile app expand in monetization. Not only will your platform grow, but it will also increase the revenue you are looking for. Interstitial apps and native apps are the major options you get to choose from. Basically, all you would need to do is to team up with third-party companies that can place their own ads onto your app.
These third-party companies get to the user retention they seek and you get to gain revenue as well. That’s a win-win for all. But also remember not to place a torpedo of ads onto your app. As they say, “Less is more. Progress is made through precise, persistent, and purposeful pushes.”
MAKE USE OF SOCIAL MEDIA:
It is smart to comment that in order to ensure that you solicit more revenue for your business its best to invest in integrating social media onto your mobile app. Statista shows there are about 3.09 billion social media users to date. As an entrepreneur, you wouldn’t want to overlook these statistics especially when its one of the easiest ways to attract users, capitalize your business as well as make your products and services reach out wider.
With social media integrated into your app, you not only get to know who your customers are but also, by users sharing the direct link using social media would make it far easier for you to attract more visitors and customers.
In case you already have your very own mobile app then you’ll know what push notifications are. However, what do push notifications actually do and why would it make an impact on your business?
Basically, push notifications are meant to remind or mainly notify your clients in case you have any new services or products introduced. Advertisements or even posting articles about your new products or services can be quite tedious and expensive too (one of the reasons why customers would sometimes just ignore them). Instead, through push-notifications, all your clients will be aware of new products & services provided.
FREE & PREMIUM APPS:
This is one of the most effective and yet a silent way to improve the monetary value of your mobile app. When a user installs your app for the first time, all you have to do is provide access to some free features. Make sure these free features an engrossing and of course with limited functionality. If your free features are as fascinating, then users would definitely won’t mind paying to get the additional features.
For example, almost every gaming app has premium features. The limited features would include fewer advantages whereas the premium ones include several other benefits like – coins, no ads, more lives, additional levels, and much more.
USER’S LIFETIME VALUE:
User’s LTV is one of the best strategies to ensure your customers sustain the growth of your mobile app over time. Basically, the essence to apply such a strategy is to use smart techniques. One of the best techniques is to make sure your mobile app is user-friendly. Simplistic designs and easy reading content would allow your users to understand your app features and functionality better.
Do you seek to originate your mobile app in just a specific turf? That’s right! Who wouldn’t want their business or brand to be familiar all around the planet? Using your mobile app globally should be made easy. Localizing the content of your app would allow users to understand it far more easily.
Localization would not only make your mobile app noticeable all over the globe (bringing you the customer ranking higher as expected) but would also reduce any sort of communication barrier. Such vision would accustom to increased visibility, amazing sales potential and easy access to the global market.
There are countless ways where you can increase the revenue of your business. However, bombarding different strategies without familiarity may produce unanticipated results. That’s why we have handpicked the above strategies based on experience, excessive analysis and years of observation. Working along with a good mobile app development company and following the above tactics would surely bring out the best of revenue you’ve been looking for.