Archive for February, 2013
Everyone building mobile apps today hopes to have the kind of success that Burbn Inc got with Instagram, or Rovio with Angry Birds. These are among the top-grossing apps in recent years, achieving massive popularity, millions of downloads, and huge return on investment.
So how do you make money from apps in a market flooded with innovative and creative ideas? Here are 10 very important things to keep in mind if you want to earn revenue from your app:
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So you’ve built an awesome mobile app. It has great features that you know users need, and the market shows real demand for it. You’ve crossed your fingers and launched it, and now you’re waiting. And waiting. And waiting. But you’re not hitting your revenue targets and you’re starting to wonder what went wrong.
Don’t fret! Perhaps you need to go back just a little ways, and look at strategy:
The best idea, product, brand, or app in the world isn’t worth much if no one knows it exists or understands why they should check it out. Making money from a mobile app requires first introducing the app to a target market and showing them why it’ll bring them real value — fun, entertainment, information, education, or insight. Further, that market has to know what they’ll get if and when they choose to pay.
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Discovering mobile app development (for both the hobbyists and the pros) can be so much fun at first (and so intensive) that it’s easy to forget why you’re building the app in the first place.
For most people, the why is to make money (either second-hand, by driving traffic to a corporate website or online business, or first-hand, by making an app that can be monetized).
In order to ensure that you stay on track, it’s important to have a business model in place before you get started.
Some well-known business models in use today include:
● The Franchise Model (think: McDonald’s)
● The Premium Model (think: Louis Vuitton)
● The Direct Response Model (think: The Shopping Channel)
● The Subscription Model (think: National Geographic)
But what kind of business models exist for mobile apps? Are they effective? And how do you integrate a model that will give your business or brand the highest chance of monetary success?
Here are two common mobile monetization models you might consider:
1. The “Pay-Per-Download” Model:
The “Pay-Per-Download” monetization model is the most common used by app developers today. (It was popularized by platforms like iTunes, where users pay money to use or procure an app on their mobile or tablet device.)
2. The “Freemium” Model:
The “Freemium” model is the one that gave most software and online applications their initial success. It allows potential users to try before they buy and gives businesses the opportunity to get their products out to the masses with a low barrier for potential customer engagement.
The “Freemium” model is often complemented in the mobile world by tactics such as:
a. In-App Advertising
You know those pesky ads that pop-up before you can play your favorite free mobile game? That’s how some free apps make money. By commercializing part (but not all of) the app experience, developers can make a sizable income without having to monetize their own product, and still extend good-will be allowing users to access some of their app’s features.
b. In-App Purchasing
You downloaded the latest free version of Angry Birds, and “3-starred” all 10 levels, and are excited to move on, but…you can’t! That’s how “in-app purchasing” works – you can’t access additional levels or characters without paying. A lot of free apps capitalize on initial interest for their by gating certain experiences, levels or services. This method of monetization works, especially if you have a great app or product, because usually by the time users get to those pay-only levels, they’re invested.
No matter which model you choose to employ for your business, brand, and new app, the most important part will be the target market and industry research you perform before you get started. Find out where your ideal users are, and what modes of monetization your competitors are using. You may even try different approaches for different products and for different markets to see which is the most successful.
And don’t forget: If you get stuck, give the Mobincube team a call today (or join the Mobincube community on Facebook). We live, breathe, and dream “mobile app development” and can help you navigate musically fans hack this new (and fast-moving) landscape.
Click here for more information on mobile app development and monetization.
At Mobincube, we love apps. Of course, we’re biased because we live and breathe mobile
app development (and we’re pretty sure ours is the coolest) but we never stop exploring
other great apps. We use them to make our worklives easier and we look to them for
inspiration. So we thought we’d share a few of our faves with you. From games to solutions and everything in between, here are our Top 5:
This app is #1 for us: It’s a New Year and we’re all working towards leading healthier, fitter lives. (When we talked about resolutions last month, “losing weight” seemed to be on everyone’s lists!) Myfitnesspal helps users track net calories to ensure they’re staying within healthy daily ranges. And because it’s mobile, there’s no excuse not to track everything you eat! It also has a huge database of “calories burned by exercise” so that you can also calculate how many calories you burn each day!
Pandora is on our Top 5 list because “getting free music” is awesome second only, perhaps, to “getting free food”. Pandora allows users to stream new music, and it’s free. Need we say more? (Note: Pandora is currently available only to users in the US, New Zealand, and Australia but they promise broader access soon!)
We like Flipboard because it brings out the infocurator in all of us. With Flipboard, users can create their own “virtual newsrooms” full of the things they care about. It also allows users to organize newsbits into topic groups, and displays them intuitively in a tiled interface. Now instead of turning a page, you can “flip” through articles by “flipping”. Very cool!
4. 100 Floors
The Mobincube Team loves 100 Floors, and made bets here at the office on who could get the furthest by the end of the month. So fun! The concept is simple: Users move from floor to floor by solving increasingly more complex puzzles. It’s a great way to pass your time and to exercise your brain! Note: Ignacio won the contest, but we’re pretty sure he clash royale hack 2017 no survey cheated.
5. Google Chrome
It’s a bit out of place, perhaps, on this list, but we had to give a shoutout to good ol’ Google Chrome. Why? Because we’re so sick of Safari on iOS. Thus our excitement at the release of Google’s very own web browser for iOS and Android mobile devices this year. All the features and ingenuity of Google on your Apple mobile device or Android. Check it out!
When you’re done exploring these fun apps, make sure to check out Mobincube the free, easy, and quick doityourself mobile app builder you can use to create great apps.