Monetizing with in-app ads isn’t rocket science at all. In fact, it’s fairly straightforward. You could even call it easy. Developers new to monetization and in-app ads often make these mistakes, which are also fairly easy to avoid.
Mistake #1: Not Using Analytics
If in-app ads are the bread, then analytics are the butter. You can have one without the other, but neither one tastes very good on its own. One reason many developers don’t make nearly as much as they could is because they don’t take advantage of their analytics data.
Here are just a few reasons why you should use analytics:
- They boost your revenue quickly. The sooner you monitor, test, and implement changes, the sooner you will see your income increase.
- Analytics tell you about your customers. Indirectly, analytics can tell you more about what your customers like, what they don’t like, and how you can improve your relationship with them.
- You can learn a lot about app design. In addition to learning about what your customers want, you can learn more about effective app design, user interface design, and advertising practices. This knowledge alone will generate a long-term return on investment.
Mistake #2: Avoiding Marketing
Developers are coders, not marketers, but avoiding marketing means less money in your pocket. In a worst case scenario, it could mean that you don’t earn enough to make a living doing what you love.
Here are a few tips on how you can make marketing as painless as possible:
- Don’t think of it as marketing, think of it as networking. Marketing, technically speaking, is communicating the value of your product or service to customers in order to sell them that product or service. And the best way to reach more people is through a network of people.
- Don’t think of it as networking, think of it as meeting people. Non-marketers sometimes stigmatize networking and consider it a chore. This is based on the misassumption that networking is simply about building relationships based on financial gain. However, networking is nothing more than meeting people and building relationships.
Building relationships with people in your niche is one of the best ways to become known and communicate the value of your product to prospective customers.
Mistake #3: Being Afraid to Try Something New
If it’s not broken, don’t fix it. However, if something else works better, it may give you a competitive edge. And if the competition is already using innovative techniques and tactics, you should probably start experimenting.
The entire technology industry is driven by innovation and evolution, so new ad formats, new advertising networks, and new advertising technologies are part and parcel of the constantly evolving marketing industry.
Here are a few examples of innovative advertising technologies that many developers have yet to try:
- Search Monetization – Search monetization technology is built on a profitable relationship between major search engines. By embedding search boxes into your app, browser extension, or website, you can earn money from each search that is conducted.
- Pay-Per-Installers – Pay-per-install programs present ads during the installation process. Each time a third-party offer is accepted, you earn a commission. This way, you can still earn money even when you offer a product for free.
- Monetization Platforms – Full-fledged monetization platforms, such as the product suite developed by CodeFuel, bring together multiple monetization and promotion solutions under one roof.
Mistake #4: Not Planning for the Future
Planning for short-term gains has consequences. You aren’t as adaptable when changes occur and you don’t generate a solid foundation for your business strategy.
In the SEO industry, when many relied on keyword-stuffing or link farms, those marketers who focused on such short-term tactics took big hits. In the same way, if you focus on short-term goals in your app, by not creating a valuable product, by not putting work into your advertising, and so forth, your business may not be flexible enough to weather any industry changes.
Long-term planning is vital to creating an adaptable business. Creating real value for your customers, developing and testing advertising over time, and building solid relationships with your customers are all vital components for a long-term plan. Keep an eye on the changes that are coming in the industry, so you know how to react when they do arrive.
Mistake #5: Picking the Wrong Ad Network or Platform
Bigger doesn’t mean better, and what’s popular isn’t always right. After all, if everybody else is doing it, how will you stand out or stay ahead of the industry?
When you look for in-app ads to fuel your business, choose advertising networks that actually reach your target audience. Cutting corners by choosing a popular network can impact your bottom line.
Software advertisers, for instance, could try using a social network, but would that be the most effective choice? Probably not. In the case of software advertising, targeted networks earn better payouts and better conversions. DisplayFuel is one example, which has been developed specifically to serve software advertisers.
Whether you’re a freelance developer or an app development company, these mistakes can still have a big impact on your bottom line. Establish solid best practices to avoid these mistakes, and you’ll see more profit from your monetization and marketing efforts.