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It’s great to get paid for what you do. If you have an app, then, you are probably thinking about how you can make money off of it. But money in your pocket is not the only reason to monetize apps.

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Why monetize mobile apps?

Monetizing mobile apps is essential for sustaining app development, improving quality, fostering innovation, and providing ongoing user support. It generates revenue to cover development costs, server expenses, and marketing efforts. 

Additionally, monetization enables businesses to continually update and enhance their apps, resulting in higher user satisfaction, better reviews, and the ability to stand out in a competitive market. 

How to monetize an app?

Mobile app monetization strategies continue to evolve as the mobile app industry grows and changes.

Create engaging surveys within your app to collect feedback for continuous improvement.

Here are some of the best mobile app monetization strategies in 2024:

1. In-app advertising

In-app ads can help you make money from your app while keeping it free for users. You can choose from different types of ads, like banners, and videos.

Banner Ads: Display banner ads at the top or bottom of your app. They are less intrusive but may have lower click-through rates.

Interstitial Ads: Full-screen ads that appear at natural breaks in the app's flow, such as between levels in a game.

Rewarded Video Ads: Users can choose to watch a video ad in exchange for in-app rewards, like virtual currency or additional content.

Native Ads: Blend seamlessly with the app's content, offering a less intrusive and more user-friendly advertising experience.

But, ads might annoy users and make them leave your app. Some people use ad-blockers that hide ads.

To succeed, you need to find a balance between making money and keeping users happy. It's crucial to put ads in a way that matches your app and doesn't disturb users too much. You should always check and change your ad strategy to make it work best for your app.

2. In-app purchases (IAP)

Offer digital goods or premium features for sale within your app.

Consider offering limited-time discounts and exclusive content to encourage purchases.

Use analytics to identify the most popular items and adjust pricing accordingly.

3. Subscriptions

Introduce a subscription model for premium content or features.

Offer different subscription tiers with varying benefits.

Provide a free trial period to attract users and show the value of a subscription.

4. Freemium model

Offer a free version of the app with limited features or content.

Encourage users to upgrade to a paid version for full access and an ad-free experience.

5. Affiliate marketing

Partner with relevant companies and promote their products or services within your app.

Earn a commission for every sale generated through your app.

6. Sponsorships and brand partnerships

Collaborate with brands or sponsors to create branded content or experiences within your app.

This can include sponsored challenges, events, or in-app items.

7. E-commerce integration

If your app has a marketplace or e-commerce component, take a percentage of each transaction as a fee.

Ensure a seamless and secure payment process to build trust with users.

8. Data monetization

Collect and anonymize user data and sell this data to market research firms or advertisers.

You will need to collect user consent and act in compliance with data privacy regulations.

9. User-centric monetization

Prioritize user experience and satisfaction to build user loyalty.

Implement user feedback and continuously refine your monetization strategy.

10. Dynamic pricing

Experiment with dynamic pricing models that adjust in-app purchase costs based on user behavior and demand.

11. A/B testing

A/B testing helps apps make more money by trying out different ways to show ads or charge for features. It's like trying two options to see which one works better. By picking the one that users like more, apps can earn more cash while keeping users happy.

Continuously test different monetization strategies and analyze user behavior to determine what works best for your app.

Continuously improve your app

It's essential to strike a balance between monetization and user experience, ensuring that users perceive value in your offerings. Additionally, staying informed about changing regulations related to data privacy and app store policies is crucial to avoid potential issues. 

And don’t forget about user feedback—it can help you improve, and better monetize the app. To learn more about it, check our 2023 Mobile App Feedback Report.

Tailor your strategy to your specific app, target audience, and industry to maximize your monetization potential in 2024.

Sign up for Survicate for free to test mobile app surveys that will help make your app the best it can be.