But if you already know the basics and want some tips on improving your mobile monetization strategy, then read on.
1. Use Analytics
One of the most common mistakes developers make is avoiding analytics. Here are a few reasons to start paying attention to your analytics right now:
- Analytics tell you what you need to fix in your conversion funnel. This can help boost conversions.
- Analytics can tell you what you need to do to improve your user’s experience. This can help you keep users engaged longer.
- Analytics let you know what ads bring in more money.
There are more reasons, and they all affect your bottom line.
2. Design for Conversion
Remember that you’re designing a product to make money. Don’t create an app and slap some ads on after-the-fact. Design your app so that users stay engaged, and design your ads and in-app purchases so that users will convert.
When designing for conversion, design for usability. Make your app easy to navigate, make your ads as contextual as possible, and, above all, add value.
3. Create a Valuable Product
A valuable product is a useful one. The more useful, interesting, and enjoyable your product is, the longer users will stay engaged.
As many developers are discovering, monetization isn’t just about downloads – it’s about engagement. If you use in-app purchases or ads to monetize an app, you want more users to stay engaged longer, so you can earn more revenue.
4. Test a Few Monetization Methods
There is more than one way to monetize an app. Primarily, developers use in-app purchases or in-app ads, but you can also be creative and use affiliate marketing or even data sales.
There’s not a single “right way” for any app. Ads may be more suited to one type of app, in-app purchases to another, and so forth. If you’ve got your heart set on one method, test out variations on that method to see which one converts the highest.
5. Use Monetization Platforms
Tracking and managing advertising campaigns takes time, and time is money. Save both by using monetization platforms. These are highly customizable toolboxes that take care of a lot of the marketing and monetization legwork for you.
From automated media buying to tracking multiple campaigns and optimizing your conversion funnel, these platforms will soon become the standard for developers and marketers everywhere.
6. Market on Social Media
Advertising is just one way to get the word out there. Social media is another, often neglected way to spread the word. Use it to your benefit by joining relevant Google+ groups, following key Twitter personalities, and interacting with people in your niche. Remember: social networking is all about connecting with people, so add value to get value.
7. Market on the Web
There are still developers who don’t have websites. Don’t be one of those! Having a web presence is vital for any long-term business plans.
Create a stylish website, even if it is simply a single landing page. Focus on presenting the benefits and features of your app – not necessarily style for style’s sake. Always have a call-to-action on your website that points people toward the relevant app stores. Also include any positive reviews from customers, and consider including a comments section so you can answer questions and interact with your audience.
8. Recycle Customers
Got more than one product? If so, tell your users about it. If you don’t have your users’ email addresses, then include an in-app announcement with the next product update, or use push notifications.
9. Funnel Customers
Think of your marketing plan as a conversion funnel. The outer rim of the funnel is where users become aware of your product, and you “funnel” them towards your conversion goals. But you don’t have just one goal, you have several.
A download is one goal, an in-app purchase would be another, advertising clicks would be another goal, downloading a second product would be another, and so on. Each part of your marketing campaign – from the tweet to the display ad – should aim to drive customers toward the next goal.
10. Incentivize Sharing
One of the best ways to cut marketing costs is to let your users do the work for you. Include sharing links inside your app and incentivize them. For instance, offer free upgrades, unlocked features, or discounts. You can even appeal to users’ vanity by telling them to share their in-app rewards (such as gold medals, badges, etc.) on social media.