Generally speaking, the number of mobile applications is growing rapidly, with approximately 100,000 new mobile applications published every month, and 1 million already accessible. To further exacerbate issues, the competition amongst app creators is more cutthroat than ever before. However, one thing remains unchanged; applications that grow in popularity always generate enormous revenue.
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You can utilize your app as a platform from which to upsell merchandise and products. These products can be closely related to your business (where you can receive a percentage of the sale as agreed with the merchandiser), or they might be your own products.
2. Leveraging Ad Networks
You can consider joining an Ad Network like Google Admob. Google AdMob allows developers to earn money from their mobile apps with high-quality ads. This platform allows flexible monetizing of mobile applications and maximizes every impression’s value by merging global advertiser demand, innovative ad formats, and cutting-edge app monetization technology.
Available for Android and iOS platforms, AdMob works by aligning advertisements to your application, dependent on rules you set. At present, to fit the bill for this program, you will need to have at least 100 downloads each day, over a period of one week and an average utilization ratio of 3 usages for every download.
3. Alternative Banners
Likewise, you can incorporate banners into your application to show private standard advertisements, not associated with any rewards program. This is an effective method to sell space on your application to privately owned businesses that will profit from your audience. Essentially, you can relatedly sell space on your application to local organizations that hope to publicize their businesses.
Shockingly, gamification can bring you and your application loads of advantages. Also, the greatest of all is engagement. For instance, if you built a wellness application, you can add a component to check steps and set difficulties for users, with rewards at the end. If well designed, this approach can attract a large user base, which can later be exploited for sponsorships.