Friday, September 26, 2014

4 Best Practices to Successfully Launch and Monetize a New App

In the past 5 years, the app economy has grown exponentially seeking new methods to improve their app monetization. Say for instance, back in January 2012, only 46% of revenue was generated from in-app purchases but this January 2014 has showed a revenue share boomed to 79%. Which means generating significant revenue simply having a great idea is no longer good enough. Success needs a comprehensive strategy.

Here are four mobile app monetization tips to help you on your way.

User-Centric App

Yes, obviously you need a large user base to bring in enough revenue.

Even though you have the best idea in the world, it can’t profit you unless users like it. From colour choice and button size to screen layout and navigation- it is important to think through every choice and use extensive testing to see how a broad audience responds to the interface. This is one of the assured ways your mobile app monetization efforts are not wasted.

A Thin Line between Uniqueness

This thought is something in common that you need to do something that no one else has ever done.
But let’s be honest. This doesn’t work. Look at the most successful new products, programs, or apps, are innovations and all these aren’t de-novo inventions. Yes, creating something completely unique is exciting, but do you think users are patient enough to learn how to use it and waste time on one app when they have a pretty much choices out there.

So, here the success formula is instead of reinventing the wheel, take something people like and turn it into something they love.

Know Your Distribution Channels

Today, there are endless ways to expose potential users to your app, starting from PR and ”buying users” to social media and word of mouth but understanding the mobile app monetization ecosystem is very important.
Some best practices to improve your discoverability are: knowing how much a potential user is worth, the time you utilize to bring in new users, and how to turn current users into brand ambassadors.

Analyze, Research and Optimize

Measuring what really makes your app work helps you improve in areas that need some extra attention, say ultimately its user satisfaction and user engagement.

Besides, keep an eye on market trends that includes where downloads and revenues are flowing, in which app stores and countries. This is why you require to work with a monetization partner who can provides you with top quality analytics so you can understand which ad formats, creative, etc. works and then optimize for maximum revenue.

Since it’s not a one-size-fits-all method, remember app monetization strategies require experimentation.  

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