Creating your own software isn’t just a great challenge. It can also be a super way to grow your revenue stream. This is true whether your business is to create software for other businesses, or if you’ve just created a single software package to complement other services. While much of your revenue may come from sales of that software, why not increase your profits by monetizing your software.
Think of it as the cherry on the cake, the whipped cream on your hot chocolate, or the
Much like monetizing your website or app, there are many ways to make money from software. Here are just a few ideas on how you can monetize your software:
You’d be surprised. The software installation process presents several opportunities for monetization. For example, you can create or purchase a custom installer that will show your customers different offers during the installation process. These offers could include other software products or special discounts on related products or services.
The installer you create or customize could promote your own products or services, helping you to boost your overall revenue. The installer could also promote other products and services for which you earn a flat fee or commission when customers click on the links or purchase items through the links.
Your customers are just staring at their screens while they’re waiting for the software to download.
Why not take advantage of this opportunity to show them products that might benefit them and earn profit for you? Think of it as a win-win situation, one in which you earn money while your users stave off boredom.
One of the things that people can include when they download your software is a browser extension. You have likely such offers yourself many times when downloading new software. In many cases, you have to uncheck a box in order to prevent the download of the browser extension with the software.
You can actually make money with these types of browser extensions, and there are a couple of ways of doing so. Some people will pay you to include their browser extension because it allows them to gain tracking data that they can use for advertising.
Others will simply pay you for the number of clicks the extension generates. Explore your options to find out which makes the most sense for you.
You can include search boxes right in your software, or you can make them part of a browser extension. Like browser extensions, search boxes can be used to track data for advertising insights, or they can pay you out based on the number of clicks or purchases that they generate.
You can create your own search boxes then install the advertiser’s tracking code, or you can use a box provided by a company that puts you in touch with advertisers. The latter option takes care of all the heavy lifting for you.
Including your software in a bundle package creates a better deal for your customers and makes more money for you. Partner with other businesses who offer complementary products, and include your software and theirs in a package deal. Customers will likely save money by downloading both at once. This will encourage more people to buy the bundle, increasing your revenues. Just think of it as a 2-for-1 stall on your installs.
Earn two bundle incomes with one install.
You may also be able to make money from the other business using this strategy. If your site or your business is popular enough, other businesses may pay you for the opportunity to partner with them. They will get more exposure for their product, and you will make money on the bundle deal.
There are plenty of places you can include advertising in your software. And though these ads may not generate as much interest as the annual Super Bowl commercials, they can still boost your bottom line. And really, that’s what we’re looking for here.
Ads can appear during transitions. They can show up when the software is started. They can be placed on a sidebar, a header or a footer. They can even appear in text in the software. Where you place the advertising just depends on the functionality of your software. The ads should be unobtrusive, and they should be relevant to the user.
You can sell ads during the development phase of your software, or you can include code that allows you to update the ads continually. When you update the software, you can update the ads being displayed. This gives you opportunities to continue to present users with relevant ads, no matter how long they have had your software.
Most people focus on sales of their software when they are thinking about the revenue they can make from it. However, this is short-sighted. While software sales can surely bring in a lot of money, there are many other ways to make money from software. You can include browser extensions, search boxes or in-software advertising.
You can create bundles or custom installers. You could even take advantage of all of these opportunities. The only limit, really, is your own creativity. Think about the types of partnerships you can develop and what kind of audience you are targeting. Explore the full range of options to discover which strategies work best for your business and your software.