Published on September 25th, 2013 | by Jose Vasquez0
4 Ways to Make Money with a Mobile App for Startup Tech Companies
These strategies to make money with a mobile app are helpful for entrepreneurs looking to mobilize their technology.
Mobile apps are incredibly popular, and there’s no indication that their worldwide dominance is going to decline any time soon. Virtually all web-based platforms and applications now have a mobile app, and there are millions of apps exclusive to mobile that are entertaining, organizing, and delighting users around the world.
So how can you build an app that has a propensity to generate revenue? After all, revenue is the bottom line for any business. There are a hundred different types of apps you can build, and the specifics are virtually limitless, but ultimately there are four common ways to make money with a mobile application:
- Subscriptions. This is probably the easiest method to manage, since you’ll create a series of flat rates and automatically charge as people use the app. However, it’s also the hardest to initially sell, especially if you require a minimum enrollment period. Offering a free sign up can help entice new users.
- One-time fee. Another popular way to make money is simply charging a one-time fee for the app itself. Most app developers can’t get away with charging more than a few dollars for a download, so keep that in mind when you go to market. You could also offer a complementary service as an added bonus.
- Enticement to purchase. For this method, you’ll be offering a free app that entices users to pay money for in-app features or for different products and services. This is great if your mobile app is only a peripheral offer.
- Advertisements. Depending on your clientele, it may be worthwhile pursuing some advertising on your mobile app. This way, you can keep your app free or cheap and still make a steady stream of money.
No matter how you go about making money with it, creating a mobile app is a great idea for any startup tech company. Keep this in mind no matter what kind of technology you’re primarily developing.
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