Understanding how to monetize your mobile application is a crucial aspect of app development, as it will help you earn revenue while you’re satisfying your users needs and providing them with a great user experience.
Whether you’re running a large international enterprise with thousands of employees and clients, or you’re a solo developer looking to build your first app, you need to understand how to generate money from your mobile application in a way that would be most beneficial for your business, but also your users.
So, what exactly is app monetization? The short answer would be the process of leveraging an application’s user base and converting their actions and engagement into a stream of revenue. A more detailed answer would be that monetization is a specific framework that defines the exact ways in which a mobile application drives revenue and generates return on investment (ROI) - a framework that enables you to answer these questions:
- What source of income am I pursuing with the application?
- What value will I be providing and at what price?
Mobile app monetization is a way for you to earn income from your mobile application - it enables you to take luck and chance out of the picture, and take control of the aspects that affect the success of your application on the market.
In an ideal world, you could create a mobile application, launch it and immediately start earning money. Since the current app ecosystem isn’t an ideal world, you need a monetization strategy to take care of the money aspect.