So you’ve got this wonderful app idea that you want to develop with the award-winning Mobiiworld app development team but are unclear with how to monetize your app?
There are a number of business models, namely the below:
Free Model for Mobile Apps
In this business model, you allow users to download your app from the app stores for free. The benefit of this business model is that it allows mass adoption of your app as there is no barrier to entry. You can still monetize your apps with advertising, however, you need to be mindful of the content of the ads and how you keep them less invasive and distracting.
Freemium Model for Mobile Apps
In this business model, you allow users to download your app from the App Store for free, however, you up-sell features within your app. This is a great way to get mass adoption of the app and depending on the content/features of your app, you can entice users to do in-app purchases.
Paid Model for Mobile Apps
In this business model, users need to pay a fee upfront to download and use your app. The adoption of your app truly depends on its functions/features and price. You need to be careful with the pricing of your app as overpriced apps don’t get enough downloads unless there is a compelling set of features and needs that satisfy users. To give an example, Mobiiworld had developed an app for one of our clients with a paid model and priced the app at nearly $100, but since the app was targeted to a niche market and users were already expecting that kind of a price tag, the client didn’t have a hard time getting tons of app downloads.
Subscription Model for Mobile Apps
In this business model, you allow users to download your app from the App Store for free, however, you offer a subscription of your app features based on a subscription model. You can offer different time periods of subscriptions and prices and users can choose to subscribe to different subscription time periods. Subscriptions come with an auto-renewal unless users choose to cancel their subscriptions. You can also offer a trial period for the subscription at no cost post which, the subscription converts into a paid subscription and is renewed automatically as per the chosen time period.
Paymium Model for Mobile Apps
In this business model, users need to pay a fee upfront to download and use your app. Additionally, users get access to additional features by making in-app purchases.
As you can see above, there are numerous business models that you can use to launch and monetize your app. At Mobiiworld, we’ve developed numerous mobile apps for our clients in Dubai, GCC and the world with various business models. We’ve had instances where we’ve launched apps with a specific business model and converted to a different business model. Feel free to reach us here if you have any questions about developing or monetizing your app.