How to earn money by making your own Application

Hello Everyone today I will tell you that how you can earn money by making your own application by this also you can earn good amount of money if your application got good response by the user. There are many good tips to make your app famous. I have write some those tips and how can you make your apps and earn money though it

1. App purpose

Prior to choosing any of the monetization models, you need to understand the type of your application. What and how your application tackles any issue?  When focusing on how do apps make money, the app purpose plays a pivotal role. A detailed understanding of what problem you are targeting, what software development services your app will offer, what could be the probable impact on the market, and how the app will be useful in serving the customers and their needs. When you have a reasonable thought regarding the purpose, you will actually want to choose the correct monetization strategy for your application on the app store. For instance, subscription models for service and content applications.

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2. Target audience

Another factor that helps in determining how much money can you make from an app is the target audience. If you are making a mobile application for the business people, it is important to go with a monetization strategy that does not waste their time. Likewise, when it comes to building an app for kids, it is good to offer  application development services for free. To effectively earn an online income through application monetization strategies, you need to examine your target audience prior to starting any plan. Who are the audience? What do they require? The amount they will pay? To put it plainly, users should know the genuine worth to make purchases.

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3. Competitor analysis

Performing Competitive analysis also contributes to making the decision related to money making apps development. The insights aid in getting a hint about what strategies do similar applications prefer and what all profits they have earned. This eventually helps with decision making. The cutthroat competition in the market and the competitor analysis isn’t only for highlights, functionalities, and design of an application. With a proper study and knowledge regarding the competitors, you can without much of a problem discover the monetization business plan for your application. All you need to do is ask yourself certain questions like how competitors are earning? How solid are their models? Is there any loophole that can turn into an opportunity for you?

4. Technologies 

The set of technologies you introduce in your applications not solely enhances the user experience and makes it stand out from the competition, but also adds to the earning from mobile apps. 

Example: A traditional business mobile app monetization platform model provides developers with only 70% of the amount paid for a mobile application. Whereas, a blockchain-based application model delivers 85% of the total app profit share.

With this covered, let’s jump directly to finding different models to look into  how to earn from apps.

6 Mobile App Monetization Models to Consider

The pricing app strategy you choose for your application also makes a difference to the earning from mobile apps. So, it is must to be familiar with all the types of mobile app monetization strategies they can go with. Some of which are – 

1. In-app advertising

While the application is free to download and use, app publishers earn money based on the interactions on the advertisements displayed within the application. This app revenue model is highly considered and found to be profitable. The in-app advertising has several formats such as Interstitial ads, Banner ads, Video ads, Native ads, Text ads, Native ads, and so on

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2. In App purchases and premium model

The foremost monetization strategy that one considers when looking into how to make money of an app without ads is Freemium.

Here, the application is free to use. But, the users would have to pay some amount of money to buy a wide variety of virtual elements from the mobile application. This includes extra lives, blocking ads, premium app content, game currency, and more. 

Example: Clash of Clans earned nearly USD 1M per day on purchases.

3. Subscription (Software-as-a-Service) model

Another strategy that comes forward as the answer to how to monetize apps is the Subscription model.  Here, users are asked for a weekly, monthly, or annual fee in return of a particular service provided by the mobile app development company. This type of business and monetization model is often recommended in the case of cloud-based services, audio and video content providers such as Spotify, Google Music, and Netflix. 

Note: Only 5% of the successful app developers are using subscriptions to get income from an app.

4. Sponsorship

Sponsorship is yet another method of making an earning from a mobile app. This model is usually incorporated with those applications that already have regular users, and is suitable when connecting with brands from the same market niche.

When discussing in detail around how apps make money via this monetization strategy, there are two deals to go with –

• Equally divide revenue from the mobile app
• Set a monthly sponsorship fee.

Example: Weather Channel app relies on this business and monetization model to prevail in the market.

5. Crowdfunding

Crowdfunding, an alternate funding model to consider this year, is also one of the profitable ways to monetize apps for free. Here, you exchange your app idea or publish an MVP version on platforms like KickStarter, CrowdFunder, Indiegogo, and Fundable to raise funds and do the needful in the field of marketing. Example: In 2017, the Hello Earth game with a famous cat character earned USD 148k via such app monetization strategies.

6. Affiliate links

This is another variation of sponsorship, however in place of granting advertising rights solely to one organization, you negotiate with a few interested parties and place their reference links in your application. This is a decent method to increase your income if you lack a wealthy player on the market who is ready to cover your costs.

Now as you are familiar with ways money making apps earn money and what all factors to consider while looking into how much money do apps make, let’s wrap up this article getting insights of the future trends in the mobile app market.

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