What is Multi-Touch Attribution? Multi-touch attribution is a measuring technique used in marketing to determine the value each touchpoint has in driving conversions in the consumer journey.
You built an amazing app, and you market it in the playstore and soon the number of downloads increases. WOW! Great feeling, right? But the question is “Where is the money?” Only building apps based on your brilliancy doesn’t count. What counts is your monetising strategy for conversion and reach. It is a simple game where you just need to know what and when to target. Being clear about your marketing strategy not only gives you the clarity in further increasing your efficiency, but also gives you the advantage of direct conversion and lead generation.
Now if you are confused and do not know where and how to start, do not panic. This blog is especially for developers, but is not limited. All the marketers, business people, app lovers can stick reading on this blog because here I share you the five secret ways of monetising your app which you can start putting into practice from now on.
People would love to buy an innovative, helpful and attractive app. And when they buy, you’ll ultimately play in dollars. But the thing is not as simple as it looks. If you look into the numbers of apps downloaded, free apps downloads will win the results with distinction (90%). This is the real problem. If you sell your app at free then how can you make money? That is why a “Freemiuim” model works better in these cases. This model is popular with games and service-oriented applications. It provides a reduced app functionality for free and a fully functional app for paid users.This is a “win-win” situation in my opinion. Though at the beginning, you have to struggle for your existence since you’ll not get any ROI, but the later part of the game will not let you down as it is premium.
2. Paid downloads
Paid downloads are like paying upfront before any work being done. Here, users make advance payment before downloading your app in the available market. The paid downloads work well for apps in the field of gaming, entertainment, new categories, productivity and many more. But as the more users pay up-front, they are more likely to see less or even no ads in purchased app. That is why you’ll have to limit the advertisements and your app should make them feel like they will get significant value from their investment.
One of the best ways that you can implement for monetising through your app is to assign space in your app to a third party for delivering ads. Now, wonder how it makes money? Actually a simple model of advertisement call pay-per-click is used for this purpose which means every time a user clicks an ad in your app, it creates revenue. But if your app’s publicity skyrockets the marketplace,then your revenue also grows, there is a huge probability of these ads being clicked which will help you monetise sitting at your desk only through few lines of codes in your app. Also, there are a number of advertising agencies you can sign up with, such as Google AdMob, Microsoft Advertising, Apple iAd and Nokia Ad Exchange.
4. In-app purchases
In-app purchases are one of the best ways of monetising your app. You can monetise via selling products in your app which can be in the form of extra gold coins, health upgrades in games, a language pack for your translation app etc. The users also pay for these things because you are adding extra excitement and extra values in your app.
Another way of monetising is sponsorships which may be in the form of an ad or logo within your app. This works well with local and event based apps. For example, if you develop a film festival app and get sponsors for each film festival, such as festival promoters or businesses near the festival. Though it’s a one-shot source of revenue, it’s pretty good way to get your app off the ground.
So, next time if you are developing any apps, then do not forget these money making strategies to implement. If you have any other such strategies, then you can always share it with us. You can visit our website http://www.visnetwork.com.au or simply give us a call at 08 8338 3846.