Making mobile apps is not an easy process – especially when you are starting from idea, right up to launching the app. Lot of steps are involved including brainstorming of ideas, short listing the functionalities, making prototypes, reiterating on the model and finally; there you have a working App.
To get paid back for your efforts, you have to make money out of it. The monetising strategy that you opt will directly influence the popularity of your app. Here are some smart ways with which you can make money quite quickly right after the app is ready:
1. Place Ads:
In-App Advertising is a convenient way to make money while providing the app for free. Free App makes the users happy and they won’t mind a few related ads on the screen. You will get paid based on the number of ad clicks or ad views. Most of the social media apps use this approach. Facebook and Twitter are clear winners!
This method will only work if you get substantial downloads from the users. Otherwise the ad revenue will be only pennies.
2. Make it Paid Apps
Making the app paid is the straight cut way to make money. Those who need it will pay, and use it. However, since most of the apps have their free competitors, you really need good design and impressive features in order to demand money out of user’s pocket.
There are three ways to make the app paid:
(a) In-App Purchase: Make the basic app free. And to access extra features pay individually for each. For example, to unlock a few features or to get new tools, pay extra and get them. This works best with gaming, utility and productivity apps.
(b) Completely Paid App: Make it a completely paid app. Thus every app download will get you the money upfront. In order to make decent money with this strategy would require you to do marketing to convince users to pay for the apps. If you can show value in what you are offering in terms of features, you CAN get users to pay whatever you like.
(c) Free Apps that can be upgraded to Pro: Make a Lite version of the app that the user can try and use for free. Once the user is hooked to the app and finds it extremely useful, he can upgrade to full version by paying.
The trick here is to offer the crux of the app in Lite so that the user finds it worthy to pay more for full features. Just ensure that Lite version is not complete in itself or the user will never upgrade to Pro.
3. Sell your App:
You can make good money by selling your app along with its source code, graphics and all rights, once it is decently popular among users. For example Instagram App was bought by Facebook and the developers made good money.
There are few marketplaces which can help sell your app. The one which I have used and which is quite popular is Flippa.
Although you may like this strategy, this will generate you money just one time – when you sell the app. However, if you use the next strategy you can make lot of money over and over again.
4. Sell source code of your app
Source code is the frame work of the app. Developing the code is the phase that takes lot of time and money. Often, smart app developers & entrepreneurs opt for existing source code as template to build on their apps.
Selling Source code is a win-win situation for both buyers and sellers. Buyers save the time in launching their apps, as they get source code (which is already built and (hopefully) bug free) which they can use to build their apps.
Sellers (Apps developers like you) make money as they don’t have to worry about getting downloads for the app. Just put it on a marketplace and start selling.
Once such code marketplace that I have used is www.sellmyapp.com.
They have good number of apps for selling – so wide choice for the buyers and they offer good commissions if you can sell in good quantities. Plus they also offer affiliate income, which I think is a unique concept in the industry.
Apart from these, you can try out hybrid ways as well. For example, use place ads along with in-app purchases or use place ads with free version app. Or you can invent your own strategy to make money from your app. Just keep in mind that you should consider users’ preferences so that your strategy is accepted and your app is popular as well.
I hope I have given you enough info to start making money with your apps. So don’t let the apps just sit there in the Appstore, sell the source code, make ton of money and vacation in Bali.