The top 10 monetization strategies for mobile will soon be outdated: we live in a multi-device world, so if you want to survive and thrive in that world, you will need strategies that adapt to new technologies.
Mobile technology will soon give way to a wearable world and an internet of things that surrounds us. Though many of these changes are far off – as in, a few years to a few decades – others will begin as early as 2015.
The Apple Watch, for instance, brings with it a plethora of new data, new marketing possibilities, and new monetization potential.
Here are a few ways to keep up with the curve:
1. Use New Big Data
The Apple Watch is part of a new wave of devices that comprehensively monitors health information, such as vital statistics, to highly specific geo-location information.
Coordination with other Apple devices will tell the Apple Watch how much time you spend sitting, standing, walking, or exercising. And in conjunction with iBeacon technology, will tell advertisers and marketers your exact proximity to store displays.
Collect and use this information in your apps to offer the most value you can to your users.
2. Watch Wearables and Monetized Watches
Keep an eye on the wearable marketplace. The most monetization potential will come from devices that are compatible with the major operating system leaders, such as Apple, Google, and Windows. Other potential rivals, such as Samsung, may also bring opportunities to the table.
Bear in mind that the Apple Watch isn’t the only game in town: think of it as the ice breaker. In all likelihood, it will show other companies what works and why previous attempts have failed.
3. Get a Grip on Your Audience’s Economics
If, for example, you decide to monetize an Apple Watch, don’t forget who your audience is. Anyone who can afford to spend $350 on a smartwatch clearly has disposable income. High-end fashion apps would probably earn you more money than an app that offers the cheapest deals in town.
When monetizing internationally, keep this in mind. Not every country or platform offers up the same demographics and economic status, which should play a role in your app design and function.
4. Watch for Emerging Opportunities
Many emerging markets, such as those in Asia and Central Europe, don’t offer the greatest in terms of revenue potential. Credit cards are less common in emerging markets, sometimes even less than mobile devices.
The markets to watch are those that are establishing both credit cards and online payment gateways. Together these represent the biggest obstacles to monetizing emerging markets.
5. Get Fit
As mentioned above, the Apple Watch can track detailed information about your health and exercise habits, while other wearable devices can track sleep patterns and moods. Not only does this suggest a wealth of new marketing data, it also implies the explosive growth of new health and fitness segments.
If you have health and fitness apps, you should be jumping on the opportunity to integrate your app with wearable technology. And if you don’t have a fitness app, maybe it’s time to get one.
6. Build Across Devices
Since we live in a multi-device world, your monetization and marketing plan should be multi-device. The more resources you can devote to multi-device development, the better your chance of penetrating your target niche.
The average shopper and user spends lots of time on lots of devices, so you want to be present wherever they are.
7. Use Multi-Device Monetization Solutions
When you develop across devices, you’ll need to have an effective monetization plan in place. Creating multiple separate plans just takes more time and resources and lowers your potential ROI.
Sign up for turnkey monetization platforms that offer integrated solutions for every platform.
8. To Generalize or Specialize, but Not Both
Should you focus on one operating system or device, or should you spread your efforts across several? This quandary affects every developer – devices and specializations that generate massive income one year can go kaput the next.
It’s possible to generalize or specialize, but not both. Generally speaking, generalizing gives you the flexibility to adapt more easily to market changes, but specialization can bring in bigger bucks.
If you specialize, pick a monetization strategy that offers solid long-term potential, but be prepared to compete against others who are chasing the same goal.
9. Get Email Addresses
In a multi-device world, who needs email? B2B customers, for one. Younger generations – those who haven’t yet entered the professional world – may be better targets for apps and social media notifications, but research has found that email is still the most effective marketing method by far. Keep in touch with your users so you can stay engaged and stay monetized.
10. Create a Mechanism for Evolution
User feedback is critical to successful product development and evolution. However, only a minority of users ever leave reviews or provide useful information. Incentivize feedback by, for example, offering in-app bonuses or unlocking features.
With software and app monetization, evolution is the name of the game, and your customers are the ones who can help you do that.
Regardless of your niche, you will need to develop a multi-device monetization strategy in order to survive the changing online landscape. These are just a few tips to get you started, but, as always, stay ahead of the game by keeping an eye on the monetization industry.