Most of us use mobile apps on a daily, or nearly daily basis. It’s something we don’t think about, but nearly all of these new mobile apps are profitable, in one way or another. If you’re interested in starting a business from scratch or adding a new stream of revenue to an existing business, you might be interested in developing a mobile app yourself. But what exactly does it take to make a mobile app profitable?
Start With the Right Foundation
First, you need to start with the right foundation. The better your app is, overall, the more likely you will be able to make the mobile app profitable.
- Functionality. Everything starts with the core functionality of your app. What exactly does your app do? Why is it valuable? How is it going to improve the lives of the people who use it meaningfully? Additionally, what steps are you going to take to make sure the app functions as intended?
- Target audience. Next, you’ll need to think about your target audience. Who is this app meant to serve? How will you modify the app’s functionality to ensure it’s useful for this demographic? How are you going to persuade the people of this audience that the app is worth using?
- Competition. After that, you’ll need to study the competition. There are millions of apps currently available, and millions of brilliant innovators are constantly brainstorming new mobile apps to introduce. In other words, you’re going to have a lot of competition on your hands. You need to understand the competition so that you can find a way to either avoid it or become superior to it.
- Design and development. According to the software development experts at DEV, the best way to master the execution of app design and development is to work with a team that already has expertise in these areas. In other words, you should work with a software development company directly or build your own internal team of design and development wizards. You’ll need to be prepared to invest if you want to make your vision a compelling reality.
Choose a Strong Monetization Strategy (or Several)
Building an app is only the beginning. You also need to find a way to monetize that app; in other words, you need a strategy that allows you to make money from this useful product.
These are some of the most widely used strategies in this area:
- Upfront payment. You could charge money for your app upfront, requiring a few dollars before anyone can download it. This provides you with immediate income, but it’s unpalatable for many users, since so many new mobile apps are free.
- Subscription access. You could also make your mobile app, or portions of your mobile app, available for a recurring subscription fee. This is a great way to make consistent revenue, but not all users are going to be willing to pay for it.
- Premium content. You could also make some elements of your mobile app free, while other elements are available in exchange for a subscription or a one-time fee.
- Ads. Some people choose to make their app entirely free, monetizing it with advertisements. Some users are going to find your ads annoying, but as long as you place them and use them tactically, you can usually make this work.
- In-app purchases. Depending on the nature of your app, you may also be able to make in-app purchases available. This is a common strategy in mobile games.
These aren’t the only app monetization strategies available, but they are some of the most common and most established.
Market and Advertise
Now that you have a new mobile apps developed, with a core monetization strategy in place, you’ll be ready to market and advertise it.
These are some of the best strategies to use:
- SEO/ASO. SEO stands for search engine optimization, the process of optimizing your web presence so your pages rank higher in search engine results pages (SERPs). SEO in the context of an app store is sometimes called app store optimization (ASO). Optimizing your content for specific keywords, improving the quality of your store page, and earning better reviews can all help you here.
- PPC ads. Pay-per-click (PPC) ads are effective for generating immediate traffic, as long as you’re willing to pay for them. You can place your ads on a wide variety of different channels, including Google, social media platforms, and more.
- Social media. It also pays to get active on social media. Choose platforms that are frequented by your target demographics and actively try to engage with them.
Developing a profitable mobile app isn’t easy, but it is possible. If you’re willing to strategize and adapt as you learn more, you’ll be in a much better position to succeed.
Photo by ilgmyzin; Unsplash
