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  • Freemium: A Statistical Way of Monetizing Your App

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    Freemium: A Statistical Way of Monetizing Your App


    Over a few decades, freemium is becoming as one of the most popular business model. In fact, this is the best solution by means of which apps can be utilized in the best possible manner for earning more and more money. Top mobile app developers of the industry are recently using this specific strategy for making their business prosperous and popular.

     

    Moreover, they are also gaining a lot of prospective customers on the one hand and revenues on the other side. They are adding gated features to apps for receiving optimized results from this strategy. This model has already given a massive success to many companies dealing with android application development.

     

    Until and unless the concept of app-monetization is clear you will not be able to go ahead with it. You should also get a thorough knowledge of modern app-business.

     

    How is app-monetization possible with freemium?

    App creation can now enable you earning a lot of money. You just have to adopt a few useful strategies for monetizing your app. The freemium model of business has highly facilitated the desire of making money from app-making. Android users are not opting for downloading paid applications, and thus, they always look for free apps online. Therefore, if you create such an application that can be downloaded for free, then your business will flourish soon, and you will also receive a vast customer base.

     

    Freemium business-model basically tells you to make those applications that can be used for free. You will be able to dominate or rule over the whole of app-market with the utilization of this model. Initial free downloads will make you earn paid downloads later. For receiving paid downloads in future, you have to keep on adding more and more updated and exciting features that can make users' experience healthier than ever. Market research can be done for finding out the requirements of targeted customers.

     

    On the basis of these requirements, attractive facilities can be added to your existing application. Users who will become satisfied with the features of your free app-version will definitely show their interest in going for the paid version for enjoying much more fascinating and lucrative facilities. This is how you can earn a huge amount of money from your app-making. But from the very beginning if you make your app premium, then you will not be able to get a great response from the targeted market and on the other hand revenues will not come as well.

     

    Nowadays, this model is giving a lot of responses to gaming apps. Therefore, you can start your business by developing interesting gaming-applications.

     

    Best ways for monetizing freemium-apps:

    • Virtual currencies:

      Nowadays, gaming-applications can be easily played with the use of virtual currencies. These currencies do not have any real existence, and thus the users do not mind in using them for playing different gaming levels. Virtual-currencies can enable users collecting different weapons for playing high-tech games smoothly. After a certain level, the paid version is needed for playing the next stages and in the meantime, the players get so involved that they automatically become ready to make the payment for moving to advanced level.

      There are many games where gold-bars are needed for winning at advanced levels, and these bars can be purchased only with real money. Waiting several hours for receiving new lives can be quite a painful thing and thus it is better purchasing gold-bars for continuing the games. The users can also easily use virtual-currencies from their virtual-wallet. With every level, they usually earn these currencies and collected currencies can be used in playing further levels. 
       
    • Unlocking new gaming-levels:

      Unlocking new or higher levels in games is a matter of great thrill, and addicted users will never want to lose this chance at any cost. This will make them pay the price for unlocking levels. Therefore, you should make multi-level games where there is a surprise or thrill at every phase otherwise app-users will not feel interested in turning up the surprises at the next level. 
       
    • Offers for a limited time:

      This is the oldest tactic of monetizing applications effectively. Here, special deals are provided for a specific period so that the users can hurry to have those offers. You can offer them either Promo-codes or discount-vouchers for making the deal more lucrative. Many users do not have enough funds to buy precious coins or lives for their favorite games. They really need something that can help to play games for long within their pocket-limit. For them, these offers are the best thing, and thus you can also get a significant advantage out of it.
       
    • Free trials:

      Free game-playing is of great fun especially for game-lovers. These trials will inevitably invite a lot of paid subscriptions to you as a result of which you will earn more. You can decide the trial timing as per your business norm and requirement. You can also follow the standard trial-timing of the concerned industry.
       
    • Subscriptions:

      Already popular applications can use paid-subscriptions. But if the payment is too high, then the users will not find it an attractive deal. Therefore, you should fix a reasonable amount that can be easily afforded by your targeted app-users. 
       
    • Discounts over long-term subscription:

      Discounted deals or offers over long-term subscriptions are very much exciting for both existing and new users. These discounts will reduce the users' subscription cost to a great extent. Though as a Top mobile app developers, you will receive a comparatively lower amount of money from a single subscriber. But if lots of subscribers subscribe to your app then the accumulated amount will be huge, and this will take you towards success. 
       
    • Multiple subscription planning:

      You have to implement different kinds of subscription-plans. Varied payment-plans have been recently introduced like months, yearly and weakly. The users can choose their desirable and comfortable plans as per their budget-limit and requirements. Multiple subscription-levels are now treated as the most effective option for app-monetization.
       
    • Ad-free subscription:

      Using advertisements is quite a popular strategy these days. In this case, users are given the power to remove ads so that games can be played uninterruptedly without any disturbance. For removing unwanted ads, users will surely get ready to pay a nominal price. If innumerable players are doing so, then you will earn a lot from their ad-removal subscriptions.

     

    You can implement any of these strategies for gaining acute success in the field of android application development. You can also consult with any professional expert having specialization in the concerned field. The expert will surely guide you in a proper direction. Only thorough research can help you know about the tactics getting used by your competitors currently.

     

    You can also have a chat with top app developers of your place for receiving more and more valuable suggestions. You have to strategically combine all ideas for framing a perfect plan regarding how to initiate and how to execute for long.

     

    Initially, you might not receive huge responses, but with time you will definitely receive desirable output. You have to remain patient otherwise you will not be able to prepare future moves. If your existing strategy is not going well, then you can replace the same with another one. You have to continue this process until you get success in your goal.

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