2020 brought us all a lot of different, unfortunate events, including the global outbreak of COVID-19. This has created a major problem for a lot of individuals, especially since some of them lost their jobs or are on unpaid leave. However, you might have started thinking about creating a mobile app that can make you some money.
And, if you are in this situation, this article might be able to help you. The text below is going to feature a guide that you can use in order to create a smartphone application that can help you generate revenue. Let’s take a closer look at the strategies you can choose to implement to learn from your app, as well as some basic steps that you need to go through:
The Steps You Should Take When Creating an Application
There are some steps that you’ll need to go through if you want to successfully create a smartphone application. The steps that you’ll need to go through are:
1. Determining How Much You Can Spend – the very first thing that you must determine is how much you can spend. If you opt for an expert agency that’ll create your app with all the features you want it to have, you’ll probably pay approximately 100.000 dollars. Do not worry, if your app is smaller and with fewer features, the cost is close to 10.000 to 50.000 dollars. If you are interested in seeing what professional services you can choose, check out techtiqsolutions.com.
2. Think About The Features – once you determine what your budget is, the next thing you should do is think about what you can get from the money you’ll be investing in. What does this mean to you? Well, it means that you’ll need to work with what you have and choose the features that are suitable for your app.
3. The Platforms Can Increase The Overall Expenses – if you want your app to be compatible with all operating systems such as Apple, Windows, and Android, you should know that it will increase your expenses. Hence, consider whether or not you’ll need it across all platforms.
Things That Can Help You Earn From Your Application
1. Generating Revenue From Advertisements
The very first thing that you must consider doing is monetizing from running ads – and it has long been one of the most used strategies by developers. There are services such as Google AdSense that can read your content without any problems, which means that the program will post the most suitable and relevant ads to your application.
So, how do you earn? Well, whenever a user clicks on the ad, you get paid for it. When your application becomes more popular, you can then earn from people downloading what the ads are displaying, and the number of clicks will increase as well, which means that your revenue will increase as well.
2. In-App Purchases
Sadly, closer to 5.5% of users actually opt for spending money on purchases inside the app, however, the user usually spends approximately 10 dollars in transactions every month. The concept behind it is to offer a free of charge app and make people use the app. However, at the same time, you should encourage them to spend money on additional features and benefits.
You can also utilize this strategy for your program by offering them a better experience, extra features, and perhaps additional setting such as ‘dark mode’, and so on. This goes for all applications, no matter if it is a messaging app or a business program that allows you to create a schedule.
3. Monthly Packages And Subscriptions
Subscriptions will provide you with a steady earning, and you can either opt for offering a weekly, monthly, or annual subscription offer. There are various platforms that you might be using, such as Netflix, YouTube, and LinkedIn that implemented this strategy, and for instance, Netflix generated over 15 billion dollars in 2018 from subscriptions only.
If you want to create an app that offers users the chance to stream content or engage with it, you can also start charging a small monthly fee. Of course, you can offer different packages that have different features. All of them should cost differently and the user should be able to get the best services when they opt for the largest package.
4. Monetizing on Data
The very first thing that we are going to mention about this option is that you must, I repeat, MUST do it in a way that follows all the rules, laws, and regulations in your hometown. There is a lot of personal information such as names, surnames, email addresses, residence number, as well as banking information that should never be used unless your customer agrees to it. Additionally, each state has different laws, which is why you should check what the laws are in your state.
Now that we are done with that, you should know that monetizing on data started back in 2019 and if you want to make a little bit extra, you can choose to implement it in your app as well. Some of the parameters that you can monetize include the device someone is using, the OS, their region and location, as well as the OS version, screen size, and other characteristics.
Once you have gathered enough information, you can then opt for selling it to companies that collect such data. Usually, these companies look to work with developers that have popular apps, hence, you should ensure that you first build your targeted audience, and once you reach a sufficient amount of users, you can turn the data you gather into money.
As you can see, there are several strategies that you can opt for in order to earn money from the app you have created. And by following all the tips mentioned above, you’ll be able to make the entire process easier, less time-consuming, as well as less stressful and overwhelming for yourself.
So, now that you know what you can and should choose to implement, you might not want to lose any more of your precious time – after all, time is money. Instead, you should start thinking about what strategies and techniques might be best for your app, and start coding right away!