You have a very interesting mobile app idea and you want to find out how to make money with it.

Mobile apps are the booms of today’s life.

Almost every adult in any corner of the world use it or want to use it.

They almost covered all spheres of our lives, means in almost all the department of your life, there is a mobile app solution.

Is that means there is no more opportunities?

No, there’s still plenty of opportunities to make money and there are still more to come . That’s where innovation and creativity comes in.

Before I go deeper on this topic and show you how to make money with mobile app, let me disappoint you a little bit.

People who want to make money with mobile app they end up making nothing , I mean making no money. Actually, losing money instead of making it.

Reason be: “You should not make making money as your primary objective for developing a mobile app, you should make helping your targeted audience as your primary objective, therefore making money as your secondary objective”.

Take note: Those who prioritize helping others, have plenty of opportunities to make money and those who prioritize making money, have few chances of making money”.

I hope we are on the same page, so, let’s go deeper.

STATISTIC ABOUT MOBILE APP USAGE

What is everyone doing on their phones?

Well, 90% of the total time spent on mobile is actually spent on apps.

This is encouraging enough for anyone who owns a mobile app or wants to develop one.

Therefore, whether you are a general user, developer, or marketer, being up to date on the key trends from the fascinating world of apps is essential.

For easy reading, we have categorized all the information you need on this subject coming into 2021 under clear headings, beginning with some important points related to the number of apps available at and downloaded from the top app stores.

But, first, let’s check out some of the most impressive app usage statistics.

The number of smartphone users around the world was predicted to hit 3.5 billion by the end of 2020.

TikTok is the most downloaded non-gaming app.

In 2020, the average smartphone user had 40 apps installed on their mobile phone.

The mobile app market was predicted to generate up to $581.9 billion in revenue by the end of 2020.

18 to 24-year-olds spent 66% of their digital media time using smartphone apps.

87% of smartphone users spend their mobile time on apps.

The global mobile gaming market was set to reach $165.9 billion by the end of 2020. Source: Tech Jury

HOW MANYMOBILE APPDOWNLOADSWORLDWIDE IN 2020?

In 2020, consumers downloaded a total of 218 billion mobile apps, up from 204 billion app downloads in 2019.

Around 3.4 million apps are available for download in Google Play while nearly 2.09 million apps are available on the Apple App Store. Source:Finance Online

WHY U NEED MOBILE APP?

Surely you don’t want to develop mobile app just because there are many user out there compare to other medium.

There must be a need.

I mean, a need somewhere.

There must be a problem somewhere you want to solve, I mean a pain you want to heal.

Let me put it simple: Identify a pain out there and go seek healing formula in a mobile app form.

I don’t want to discourage you but I want you to understand that developing mobile app just because there are many users is a useless reason.

If you want to make money with your app or make living out of your app SOLVE a PROBLEM or HEAL a PAIN first and make money later.

There are multiple benefits to creating and distributing a mobile app.

Below are a few of the top benefits for businesses across a wide-variety of industries:

Build Loyalty

Mobile apps work to consistently increase customer loyalty, especially in the retail sector.

Reinforce your Brand

Mobile apps offer the unique opportunity for brand reinforcement through a new channel.

Through mobile apps, customers are encouraged to download the free branded version, where they can customize preferences to fit their specific needs.

Increase your Visibility

Since more internet connections happen on the mobile, app can increase your visibility, you, as brand or company, are easily remembered when you have app.

Increase your Accessibility

Smartphone and tablet users are constantly on the go; this means that they don’t always have time to sign into a mobile website.

And these mobile websites are designed for readability and navigation, NOT for process management.

Mobile apps allow users to have easy, functional access to information, products, services and processes that they need in real-time and are optimized for hands on interaction.

Increase Sell-through

Recent analysis suggests that mobile app users spend more time on a company’s mobile app, than they spend on the company’s mobile website.

As we continue to evolve into a mobile-centric society, it comes as no surprise that mobile apps are at the center of the developmental push.

Developing a mobile app can go a long ways towards propelling your company or brand into the hands of new customers and future business success.

IMPORTANT FACTORS TO CONSIDER BEFORE BUILDING YOUR MOBILE APP

Is not just a technological innovation.

You need business knowledge and skills to develop a user-friendly application while taking user’s pain or problems into consideration.

1.     Research

Before diving into a technological sphere to your mobile app, you need to do market research.

A market analysis report can give you very useful insights.

You can understand the popularity of similar apps available in the market and your competitor strategies.

This will allow you to optimize your app from the very beginning.

2.     Identify Target Audience

Attempting to serve every possible niche is a route to failure.

Identifying a target audience provides a clear focus of whom your business will serve and why those consumers need your goods or services.

Determining this information also keeps a target audience at a manageable level.

3.     Right Platform Selection

One of the most important factor you need to consider, in which platform you want to build and deploy your mobile app.

It is good to start with one platform and master it. Be a master of a single platform, later you can move on other platforms.

4.     Set Plan of Action

Before starting to build your mobile app, make sure you understand the entire process.

A robust mobile app takes time and effort.

It also passes through various stages.

You need to know and understand all process you are going to face.

5.      Budget

Developing a mobile app requires investment along with knowledge and strategy.

Knowing your budget and allocating it properly among each stage of app development is important.

6.     User Experience

User Experience is the backbone of any application.

Is the crucial feature when it come to digital landscape.

If you failed to provide your users excellent experience, then there is no reason for them to come back to you and use your app.

7.     Marketing Strategy

There is no need of building mobile app if you are not going to market it and make it available to potential users.

Creating a buzz, before the launch can promote your app in such a way that your app can get a lot of reach from the word go.

Consider marketing strategy before building your app.

8.     Testing

It is important to test your mobile app before you launch it.

Before users get any experience, you should make sure it can fulfill their requirements, it can solve their problems, it can heal their pain.

CAN I MAKE MONEY FROM THE APP?

Yes, you can.

There are many famous faces that you know that has made millions if not billions from mobile apps And there are still more faces to come, so you can be one of them.

And there are still thousand and thousand of problems that need solutions.

WHAT KIND OF PROBLEM TO SOLVE

Some times you don’t need to solve any problem as per problem, you just need to change the way things are done.

Traditional to digital.

For example: Uber didn’t invent solution to existing problem, it change the way traditional taxi industry operate and digitalize the method.

HOW DO APP OWNERS MAKE MONEY?

Here I am going to show you how to make money with your mobile app, but unfortunately I cannot tell how much you can make.

1. In-App Advertisements

In-app advertising is an effective monetization strategy for mobile publishers, in which app developers get paid to serve advertisements within their mobile app.

In-application advertising is currently the fastest growing form of mobile advertising on the market.

2. In-App Purchases

An in-app purchase is any fee (beyond the initial cost of downloading the app, if there is one) an app may ask for.

Many in-app purchases are optional or give users additional features.

others serve as subscriptions and require users to sign up and pay a fee to use the app, often after an initial free trial.

An in-app purchases is well established method to generate revenue with your app

3. Freemium Upsell

Freemium Upsell is often used in the SaaS and gaming industries to encourage customers to subscribe to their free basic features so they can then upsell them to become paid users.

LinkedIn and Spotify is a good examples of the freemium + upsell pricing strategy.

4. Sponsorship

Finding a sponsor is a real breadwinning monetization model. It works like this:

You create a mobile app with a large number of users, after which you find a sponsor company and offer them to update and use your app to match their brand.

5. Subscription

In this revenue model, when users subscribe, they’ll pay you a monthly fee for access to your app

Do we need to mention that subscribers are usually loyal app users?

The key to achieving success with the subscription model is to provide a constant stream of fresh and valuable content and services.

Users will keep subscribing as long as they will get value from the app.

6. Crowd-funding

You may be seeking to raise funds for a particular part or a specific feature of your app development or promote your app that is already available in the mobile app store.

Whatever your reason is, a crowd-funding app will allow you to take your idea or application and make it better with less risk.

Here are some of crowd-funding platform you can use to raise funds:

Kickstarter

Indiegogo

CrowdFunder

AppsFunder

7. One-time payment

For this model you allow your user to pay once to access your premium service, something like activation fee.

There are multiple way to make money with app.

All you need is good planning and strategies to overcome resistance.

Remember: Don’t overuse monetization method in your app. The overuse of monetization method may discourage user from using your app.

Which method do you thing is bad and why?