Almost half of the people who browse the internet are using their mobile phones. This is why there are almost 9 million mobile apps in the world as of February 2020, according to Forbes.com. More and more business are into developing mobile apps because the potential in earning money is huge. If you have a knack for creating mobile apps, here are 5 ways to make money through them.
1. Get people to subscribe
You might not be selling anything exactly but your mobile app provides solutions to your users. For example, you can be providing daily health tips or workout regimens. You can then charge users a monthly subscription fee to get these tips and regimens.
2. Ads, ads, and more ads!
If your mobile app generates a lot of downloads and daily users, then brands would pay you to display their ads. Thus, it is important that your app appeals to its target users and get them engaged so that there is a lot of daily usage.
3. Sell merchandise
This can be a bit complicated as you need to also manage the operations of selling merchandise, but it can be the most lucrative. If you are able to source one-of-a-kind merchandise and figure out the logistics, you can make a ton of money by selling directly to consumers.
4. In-App purchases
This is really big, especially with mobile games. You can get your users hooked with your game free of charge but for them to progress, they need to make in-app purchases to they can get the next part of the story or maybe a special power-up. If you get them hooked enough, they can purchase continuously so that they keep on playing!
This is a bit tricky to set because you need to find another brand that is willing to sponsor you and feature you in their app. For example, the Home Depot app features the Weather Channel app so that they can motivate their users to waterproof their homes if in case it is forecasted to rain in the next few days. This is a clever marketing strategy but you need to find the perfect partner for this to work flawlessly.
6. Transaction fees
You can create an app that processes transactions on behalf of different platforms. You make it more simple as the user only needs to use your app. They also avoid the risk of signing up on multiple platforms and having their private information mishandled. However, you charge a very minimal transaction fee for each transaction. These are just a few ways to make money through mobile apps. There are a lot of other opportunities that presents itself, with technology changing rapidly. Creating a mobile app doesn’t need an expert right away. You can conceptualise the app and then have an expert do the hard part of programming and coding it. There are also short courses that teach how to create mobile apps using a set tool or from scratch. Anyone can start making money on mobile
apps as long as he has the patience for it.