How To Make Money From An App: 6 Proven Strategies For 2024

Last updated on August 22nd, 2024

In today’s competitive mobile application landscape, users are inundated with choices, often opting for free applications over paid ones. Statista reports that only 3.1% of apps in the Android store and 6.4% in the Apple store are paid. Therefore, a revolutionary app idea must also generate revenue to succeed. But how can free apps generate income?

Fortunately, monetizing apps has become a feasible way to create additional revenue streams. The App Builder simplifies this process, offering a range of features designed to help anyone interested in making money through an app—no coding required! Read on to explore effective strategies for app monetization and see how iTechnolabs can empower your voyage to financial success.

Table of Contents

How to make money creating apps

You might be curious about how to develop an app that generates revenue. While there are numerous profitable mobile applications, many fail due to inadequate planning and a fragile business model. It’s crucial to grasp which business models can lead to financial success in the mobile app arena. To create a money making app, you need to start with a robust plan that incorporates effective sales and marketing strategies aimed at driving revenue.

10 Strategies to make money with mobile apps:

Advertising: generate revenue from ADs

Advertisements play a crucial role in the mobile app market, with many businesses relying primarily on ad revenue. Here are some key points to consider when integrating ads into your app:

Widespread Presence: Ads are ubiquitous, and mobile applications are no exception. Incorporating ads can be a significant source of income.
Revenue Models: There are different metrics for calculating ad revenue, with the most common being:
Cost Per Click (CPC): You earn money each time a user clicks on an ad within your app. Although individual clicks yield little revenue, earnings are often measured in cost per thousand clicks (CPM).
Cost Per View (CPV): This model is primarily used for video ads, where revenue increases with the number of times users watch the video.

App Builder for Advertising

App Builder equips your app with sophisticated monetization capabilities through a wide array of extensions that can be tailored to your needs. You have the flexibility to select from two monetization strategies available on the app-making platform. By incorporating various types of advertisements, you can generate revenue from your app. App Builder presents you with two distinct options:

External Ads: Connect to Third-Party Ad Networks

By integrating external ad networks, you can expand your revenue generation capabilities within your app. Here are the key points to consider:

Activation Process: You can activate your preferred advertising networks by entering the required information provided by these platforms.
Options for Native Apps:
AdMob: A popular choice for displaying ads across many formats.
Ad Manager: Offers advanced management and analytics for your ad campaigns.
Facebook Ads: Leverage Facebook’s extensive network for targeted advertising.
Options for Progressive Web Apps:
Ad Manager: Ideal for managing ads

Selling Ad Placements

Engaging directly with advertisers and local businesses to sell ad placements in your app can be more beneficial. This feature enables you to create your own advertisements through the Internal Ad Server submenu. Here’s how it works:

Campaign Creation: Develop your campaign by providing a title and choosing the platforms for ad display.
Display Rules: Set specific conditions for when your ads will appear, including:
No restrictions
Display during a specified period
Limits on the number of impressions
Limits

eCommerce: online sales with a shopping app

Following the lockdowns imposed during the COVID-19 pandemic, the demand for doorstep delivery has surged. Consumers are increasingly seeking everything from everyday necessities to clothing, leading to a rising interest in modern products. As society shifts to adapt to this new normal, establishing an e-commerce website through your app can provide a significant opportunity to boost your revenue. You have the option to enhance your current application by incorporating a shopping category or to develop a new e-commerce app to generate additional income.

iTechnolabs for eCommerce

With iTechnolabs, you can harness top-tier technologies to develop an ideal shopping app tailored for your audience. Begin utilizing the no-code app builder to swiftly create outstanding e-commerce applications. Designed to enhance conversion rates, our app builder includes a diverse range of features, such as automatic login, promotional discounts, push notifications, a persistent cart, and much more. iTechnolabs serves as a comprehensive e-commerce app development provider specifically crafted for mobile devices, ensuring the best customer experience within your shopping app through effortless navigation, rapid loading, one-click payments, and timely push notifications.

In-App Purchases

One of the most effective monetization strategies for applications involves leveraging in-app purchases. Developers and publishers can generate income by offering purchases directly within the application. The following are three key categories of in-app purchases:

Consumable Purchases: These are items or services that can be used within the app and are depleted after a specified number of uses. For instance, in gaming applications, users might buy extra lives, virtual currency, or similar resources.
Non-Consumable Purchases: These purchases provide features or services that remain available for the user’s lifetime. Examples include premium functionalities, ad-blockers, additional storage space, and more.
Subscriptions: This monetization model allows users to pay for access to specific services, products, or content for a designated period. Subscriptions can be either one-time payments or renewable, enabling developers to generate ongoing revenue while fostering user engagement.

In-App Purchase extension

Ultimately, users can opt to pay for enhanced features, content, or services directly within an application. Among the various types of in-app purchases, subscriptions stand out as the most widely adopted model. This approach benefits both developers and users; it generates consistent revenue while fostering a more dedicated and engaged user base. For users, in-app purchases enhance their experience and provide additional value without leaving the application. With automatically renewing subscriptions, users are billed at the beginning of each payment cycle until they choose to cancel.

For example, a monthly subscription might allow full access to premium news articles. This monetization strategy enables app users to enjoy ongoing access to exclusive content for as long as their subscription remains active. The renewal occurs automatically until the user opts to unsubscribe, which is a straightforward process that can be completed at any time, ensuring flexibility without any long-term commitment.

Referral/Affiliate Marketing: brand promotion and partnerships

While it’s a common misconception that mobile apps are solely meant for promoting or selling one’s own products, this is far from the complete picture. In fact, promoting third-party products or services can be an effective avenue for generating affiliate revenue. This model operates similarly to traditional advertising but often offers greater rewards and deeper partnerships for app owners. When a user clicks on an affiliate link and makes a purchase, the app owner earns a commission from that sale.

Referral marketing is not only highly scalable but can also provide a steady and expanding revenue stream. As previously mentioned, apps developed with iTechnolabs enable you to sell ad placements within your app. This feature allows you to create and manage your own ad campaigns using an internal ad server, giving you the flexibility to target specific audiences based on various criteria, display multiple ads, and much more.

Direct Application Fees: freemium apps

To effectively utilize the freemium model, numerous applications provide a complimentary version that includes restricted features, alongside a paid version granting full access. This setup allows users to explore the free version and assess its functionalities before deciding to purchase the full version if they find it appealing.

However, offering an excessive number of features within the free version could be counterproductive; it may entice users to stick with the free option, resulting in only a small fraction opting for the paid version.

Memberships: in-app subscriptions to exclusive contents

A membership app enables users to subscribe for in-app access to exclusive content, creating a space where creators can provide specialized offerings, services, or experiences for a recurring fee. Subscribers benefit from premium materials, such as articles and videos, as well as opportunities for community engagement, which fosters a deeper connection and loyalty to the app. Such an app includes tools for subscription management, exclusive content delivery, and member interactions. If you’re interested in generating consistent revenue through an app, consider exploring Membership App Builder and Membership extension.

App Reseller Business !

App Reseller Program empowers you to effortlessly design and sell mobile applications. Here are some of the key benefits:

Create and publish an unlimited number of apps across multiple platforms, including the Web (PWA), Google Play Store (Android), and the App Store (iOS).
Access a dedicated management interface for seamless app development.
Enjoy a white label experience, with the brand concealed from your projects, allowing your brand to take center stage.
Benefit from dedicated support and assistance throughout your app-building journey.

Native Ads: A profitable business

Incorporating native ads into your app can also be a lucrative way to generate revenue. Native ads are designed to blend in with the overall look and feel of your app, making them less intrusive and more appealing to users. With Native Ads extension, you can integrate targeted ads into your app from top advertising networks like AdMob, Facebook Audience Network, and AppNEXT. You have full control over the ad placement within your app, ensuring that it doesn’t disrupt the user experience. Plus, you can track your ad performance through detailed analytics.

Paid Apps: Another potential revenue stream

If you prefer to charge upfront for your app, get Paid Apps extension that provides a flexible and user-friendly way to monetize your application. This feature allows you to set the price for your app, ensuring you receive payments directly from users through convenient in-app purchases. Additionally, you have the option to attract more users by offering free trials or promotional discounts, which can significantly entice potential customers to download and explore your app. By implementing these strategies, you not only enhance user engagement but also create a compelling value proposition that encourages users to invest in your app from the outset.

Freemium: The best of both worlds

The freemium model combines elements of both free and paid apps to provide a balanced revenue-generating solution. With Freemium extension, users can download your app for free and access a limited amount of content or features. However, if they wish to unlock additional premium content or features, users will be prompted to make in-app purchases. This approach allows you to reach a broader audience through the initial free download while also generating income from those who opt for the premium version. You can easily customize what is available in the free version versus the premium version, giving you complete control over the user experience and potential revenue.

What type of apps are in high demand?

If you aim to connect with a vast audience and maximize your app’s monetization potential, consider developing an app in one of the following high-demand categories:

Social Networks: Platforms that facilitate communication and interaction among users.
Food Delivery: Services that allow users to order meals from local restaurants for home delivery.
Transportation: Apps that provide ride-sharing or public transport solutions to ease commuting.
Healthcare: Applications that assist with health management, telemedicine, and wellness tracking.
Games: Engaging and entertaining applications that captivate users with diverse gameplay experiences.

How much does it cost to make an app ?

The price of a best mobile app can greatly vary based on its complexity and the reputation of the development agency, typically ranging from €4,000 to €50,000. For smaller businesses, this represents a significant investment. However, the emergence of app builders has made app development more accessible, providing cost-effective and dependable do-it-yourself solutions for creating mobile applications online.

Suggested: How Much Does it Cost to Create An App

Choosing an app builder

App builders offer a streamlined approach to app creation, requiring no prior coding knowledge. These platforms provide a much more affordable alternative compared to hiring developers or an agency. With app builders, you can develop your own app for a fraction of the cost, empowering you to manage and maintain it directly, both before it goes live and after its launch. This hands-on experience allows for greater flexibility and control over your project’s direction.

How can iTechnolabs help you with a flexible app builder to make money with an app?

At iTechnolabs, we understand the importance of cost-effective solutions for businesses looking to develop their own mobile apps. That’s why we offer a flexible app builder platform that allows you to create your own custom app without breaking the bank.

Our app builder provides a user-friendly interface and a variety of customizable templates to choose from, making it easy for anyone to design and launch their own app. Additionally, our team is always available to provide support and guidance throughout the development process, ensuring that your app meets your specific needs and requirements.

Affordable Pricing: Our app builder platform is designed to be budget-friendly, allowing you to invest in app development without overspending.
User-Friendly Interface: With a simple and intuitive design, you can easily navigate the platform, making app creation accessible for everyone, regardless of technical skills.
Customizable Templates: Choose from a wide range of templates that can be tailored to fit your business needs, ensuring your app stands out in the market.
24/7 Support: Our dedicated team is available around the clock to assist you with any questions or challenges you may encounter during the app development process.
Ownership and Control: Maintain full ownership and control over your app, allowing for easy updates and modifications as your business evolves.

Conclusion:

Users increasingly seek applications that simplify their lives across all devices. An effective app should prioritize user-friendliness, avoiding excessive ads and in-app purchases that frustrate the experience. The strategies outlined in this article can generate substantial revenue, so as you consider entering the app-based market, begin by asking yourself, “How can I create my own app?” If you opt for a no-code solution to develop your application, it’s crucial to select a versatile app builder capable of implementing effective marketing and sales strategies. Look for a platform that supports various features, is adaptable across devices (iOS, Android, PWAs), and suits a wide range of business types—iTechnolabs is an excellent choice for this purpose.

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