How to Ensure that Your App Earns Revenue Consistently?
- February 11, 2017
- Posted by: Vivek Shah
- Category: Mobile Apps
Let’s begin with a straightforward question. What do you understand by the success of a mobile app? Is it just the huge number of downloads or so called hype about the new app among the uses? Most of the app makers will agree that it is neither of them. Yes, for mobile apps the biggest parameter of success refers to a growth in revenue. Is your app earning consistent revenue or is it just managing to survive without really offering any considerable returns on investment? If the letter is the case with your app, you need to be concerned and take positive measures before your app becomes extinct.
Let us talk about some positive aspects that are continuing to make mobile app business a promising one for many app developers and publishers. Do you know, around 87% of millennial who owns a Smartphone just do not part away with their Smartphone, at any time of the day? Until last year, there were more than 2 million apps available separately for each major app marketplaces, respectively Google Play Store and Apple app store.
As per the recent forecast, by 2020 the business volume generated from the mobile app business is going to process $189 million. Naturally, whoever has started with his mobile app is already ahead of many others and has a better chance to take on the competition then the huge competition overcast in the horizon. So if you are in the top business there is not a better time to drive perfection and ensure that your app earns consistent revenue.
What are the key steps that can ensure consistent revenue and growth with your mobile app? Well, here we are going to introduce some of the most tested and tried tips to ensure growth in revenue through your mobile app.
Solving An Important Problem In A Unique Way:
Does your app add any unique value to the life of the user? Does it solve any important problem that other apps do not? Or, does it solve a common problem in a unique and engaging manner? Does it offer any unique attribute that other apps are missing with? When you have an app idea in place, you need to ask all these questions and ensure that it does any of the above-mentioned things. People will only be interested in your app and go with it beyond few days only if the app adds any considerable value to the life of the user.
Offering unique features and content is just not enough. Until and unless the user is convinced how the app is actually going to help in their real life situations, they cannot remain interested in your app for long. This is why your app needs to quickly engage and make people learn how the app is going to help them. Often a unique app idea and quality development does not get its due just because of the poor app design. After ensuring perfection in design and development it is the turn of the marketing to make your app glide through the competition in app marketplaces.
Make The Branding Shine Through:
Every app niche is well populated with countless apps. This makes it really challenging for a new app to remain discoverable at least in instant look and feel. Your new mobile app not only should look different from many others, but it should carry your brand image and brand-specific look and feel. Without making your brand image shine through your app you cannot engage your existing customers and peers associated with your business for a long time.
More Informed Advertising:
As far as monetization is concerned, you need to take help of advertising. But, advertising decisions should be better informed about the preference of the user and their use habits. The positive thing about mobile advertising is that now you can easily track user engagement and user behavior with the respective ads when they are using your app.
Unlike the Billboard ads for the advertisement shown on premium TV time, mobile ads allow you real time tracking of your user reactions and responsiveness in relation to those advertisements. Most reputed ad networks that work particularly for native mobile platforms, are ready to pay a premium if you have built a highly engaged user base.
Knowing Users Better Over Time:
How deeper you know your users? Do you know the user behavior patterns in various times of the day? Do you know their reactions in regard to app performance and flaws? Do you have exact figures and numbers concerning your user engagement relative to demographic categories? What are the most detested elements in your app? What are the most popular hand enjoyable attributes of your app? Obviously, getting all these user data right from the initial days of your app is next to impossible.
You can only know your user better over time. There are plenty of tools and metrics that help you gather user information and most relevant insights about your users. Taking help from all these metrics and analytic tools is a sure way to know your user better and address their concerns.
Some of the Key metrics that help you evaluate user engagement, user acquisition, and retention and ROI growth prospect of your app, include the following:
● Monthly active users and daily active users.
● The length of the user session.
● The Number of screens opened in a session.
● User interaction to messages and push notifications.
● Average revenue per individual user.
● Users with daily weekly and monthly frequency of using the app.
● Average lifetime value of each user
User-Centric Marketing Strategy:
Just like the development and design of a mobile app the marketing strategy equally needs to be user centric. Beside a pre-launch marketing campaign long before your app is actually launched, you should not leave any page upturned when it comes to marketing. A robust and effective app marketing strategy always demands a mix of various channels at the initial stage. Only when you know the success ratio of various channels you can focus and prioritize a few.
First of all, make the basics perfect and it begins with an App Store Optimization strategy. Optimize the app store description with relevant keywords, app screenshots and a small body of text that describe your app best.
Secondly, a robust social media and PR campaign by targeting key industry influencers. Influencer marketing is one of the most effective ways to help your app being talked about in various circles.
When it comes to creating buzz about your new mobile app let it be reviewed and commented upon by your close peers, associates, and customers. Encourage your business customers to use the new mobile app for business communication and transaction. This is the effective way to get your fast band of loyal users.
If you are in product or service oriented business, consider leveraging the benefits of latest location technologies like iBeacon, GeoFencing, etc. Location based push notifications can help you gain footfall in your business store or can encourage business introduction from customers.