Monetization platforms monetize your software for you, so you can spend your time focusing on what you love: writing great code. These platforms, such as the industry-leading CodeFuel product suite, serve the dual functions of monetization and promotion.
If you haven’t heard of these toolboxes, it’s not very surprising. Monetization platforms are a relatively recent development in the marketing world. But, given their solid rate of growth and the amount of value they add to the marketing industry, they are clearly on their way to becoming global standards.
Pick a Platform
There aren’t many high-quality platforms to choose from. Most of those that do exist are only following in the footsteps of CodeFuel.
When you evaluate potential contenders, however, examine these factors to find out which one leads the pack:
Features and Benefits – The first thing you’ll want to check is certainly the features and benefits that the product suite offers…if it even is a product suite. In many cases, monetization platforms aren’t actually platforms at all: they’re simple advertising tools.
A full-service platform should include:
- Monetization Solutions
- Promotion Solutions
- Multiple Advertising Options
- Fast Integration
- Advanced API
- Cross-Platform Compatibility
- And So On
Company History – Take a look at the company’s track record, size, valuation, and so on. Some companies have just started up, while others have a history of growth and expansion. Visit third-party websites to view the company’s reputation.
Quality Partners and Users – High-quality users are the kind that converts, and high-quality partners are those whose judgment you would trust. Do they develop apps that you would feel comfortable advertising? If so, great, because these are the types of apps you can use to help monetize your installs.
Choose the Right Tools for the Job
Naturally, you won’t need every tool in the monetization chest, but you may be able to use more than one. Examine what the platform has to offer and see if it fits your needs.
Smart Installer – A pay-per-install program advertises third-party offers during the installation process, and each time someone converts on an offer, you earn money. The installation can be customized to fit your brand and optimized to boost conversions.
Search Monetization – Search monetization is an innovative monetization method that includes both a search function and a monetization function. This ingenious strategy adds value to the app and the user, without overtly marketing to them. Each search earns you money.
Targeted Advertising – The most effective ad networks are often the most specialized. CodeFuel’s DisplayFuel, for instance, cultivates a select inventory that is specifically designed for software developers.
Analytics – The analytics hub will be your window into your monetization campaign. You will want analytics data that is both easy to understand and easy to customize if the need arises.
This set of tools offers something for just about every developer. You may only use one tool or you may use them all. But once you’ve started, it’s time to track your campaign.
Analyze and Improve
After you’ve chosen your network, picked your tools, and started your campaign, you’ll need to analyze and improve your marketing funnel.
Don’t worry, monetization platforms make this a piece of cake.
Pay attention to the most important information first, such as the number of conversions, downloads, and abandonment rates. As time goes on, you’ll be able to make use of more advanced analytics features, real-time reporting, and custom functions.
Monetization Platforms and Conversion Funnels
Don’t be scared by marketing terminology. “Conversion funnel” is the only one you should be concerned about. The conversion funnel is simply another name for the sales funnel.
The sales funnel is the old idea that customers go through four stages on their way to the final purchase: awareness, interest, desire, and conversion.
Monetization platforms allow you to develop the entire funnel simultaneously, from conversion to promotion.
The final step to monetizing your software with monetization platforms is promotion. After all, without growth, you won’t be able to get the traffic you need to earn money.
Fortunately, you’ll find that monetization solutions, such as specialized ad networks and pay-per-install networks, are ideal solutions for software promotion. The very same monetization platform can also serve you as a promotion platform.
As you can probably see, monetization platforms are complete solutions for developers, software publishers, and advertisers. From ad-powered monetization to search monetization and analytics, the right monetization platform will take you from zero to 60 in the amount of time it takes you to insert some code.