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3 Ways To Make Money From Your Mobile App

The mobile apps industry has boomed over the past couple of years, and revolutionized the concept of mobile apps. Smartphone users are in constant need of purchasing good mobile apps, from books to games, diet planners and so much more.

3 Ways To Make Money From Your Mobile App
3 Ways To Make Money From Your Mobile App

In this article we discuss 3 ways to make money from your mobile app, and tap into this great industry. However, before thinking about monetizing your app, start by developing a good product that can captivate customer interest. Here are a few tips on how to create your own mobile app. You could take two directions:

1. Turn a great idea into a mobile app
2. Find a niche market and created a targeted product

If you haven’t already got a great idea, it is better recommended to go with step 2. Look for a gap in the market and try to come up with something unique. Otherwise, create an improved version (own model, careful with copyrights) of existent mobile apps.

Okay, now that you have your product planned and developed, let’s look at the best 3 ways to make money from your mobile app:

1. Sell the mobile app for a good price

Set a fixed price for your mobile app, and you will earn every time a customer purchases your product – simple business exchange. However, do note that good price does not have to be high price. If ten thousand customers purchase your $0.65 mobile app, you already made $6500. Selling mobile apps can earn you passive income, as your product will never run out.

A good way to entice customers into buying your mobile app is to give free product trials. For instance, create a free app with 10-20% of your total features, and offer a paid upgrade option for the full version.

2. Sell advertising space

Ad networks pay very well to advertise on mobile apps that engage a large audience. This is a great form of earning passive income, as all you need to do is create an excellent app and convince customers to download it. By doing nothing else at all, you will be receiving monthly payments from your ad support.

3. Sell advertising space and premium apps

The most used technique here is to create a free mobile app and sell advertising space, just as in step 2. Then give your customers the option of a premium upgrade, where for a price they get the full version of the mobile app, free of adverts. This is the most effective of the 3 ways to make money from your app, because either way you end up earning. 

On one side, for all the customers that download the fee app, ad networks pay you to promote their products on your content. On the other side, for every premium upgrade you receive a fixed payment. This is how the iLiving App has achieved success.

These 3 ways to make money from your mobile phone give you the fundamental knowledge of how to become a part of this growing market trend. However, remember that at the core of monetizing your app is creating an excellent product in the first place.