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4 Steps To Ensuring Your Mobile App Will Make You Money – Forbes

4 Steps To Ensuring Your Mobile App Will Make You Money – Forbes

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Open up the app store on your mobile device and it can seem a little cluttered. If you’re searching for an app for a specific task, chances are you’ll be overwhelmed with choices, with several different brands offering the same functionality. With over 3 million apps available on Google Play and more than 90 of the top 100 brands already launching at least one mobile app, that’s a lot of competition.

But making sure your mobile app cuts through all that noise is only half the battle. In the quest to get noticed, downloaded and positively reviewed, it’s easy to forget the point of creating an app in the first place. Before you get caught up in designing your user interface, be sure to ask yourself this question: how is your app going to make a profit?

60%&nbsp;of all iOS apps fail to make their developers money. But even if your app is a free download, there are plenty of ways to monetize your work. From selling advertising space to implementing micro-transactions, check out these four steps to ensuring your mobile app will make you money.

Ask Yourself: Is There A Market For This App?

Before you take the plunge and release your mobile app to the general public, get a grasp of where and who your potential downloads will come from and tailor your app to their needs.

Conducting market research is critical in identifying the key demographics for your application and understanding the industry’s existing pain points so you can offer innovative solutions. Finding out how your product can increase productivity for the user, simplify everyday things in their life, or make an experience more interesting or fun, can go a long way in the success of your launch. Skipping the market research process may save time in the beginning but can be very costly in the long run.

It’s equally important to work with growth advisors, business specialists and UX/UI experts to streamline the functionality of your mobile application. Using this valuable data, brands can get a better notion of whether their idea can go the distance in terms of profitability.

Build A Fanbase Before You Monetize

A great way of ensuring that you have a target market for your product or service is by building a fanbase before you monetize. Simply begin by creating customer lists that you can expand as you market your app. Friends, family, and fans are a great place to start, and as the lists grow, segment those lists so you can target your marketing efforts specifically to each group. For example, you may want to send a different message to family and friends than to new users or industry contacts.&nbsp;

Mobile app for sharing personal moments in private, Capsure, allows users to create groups and share certain information only with the people they choose. So, no more worrying about your boss reading about your day off, or baby spamming your single friends. There are no adverts or promoted posts, so you have an uncluttered interface where you share and see only the moments of your choice.&nbsp;The app allows new users to test drive the app before offering them additional features along with paid plans.

Smart social network app Vero, that makes sharing media online easier, is also getting creative when it comes to building an audience. They’re leveraging the fanbase of key influencers, like Christian Collins, who has partnered with the app to promote his “Limitless Movement” to engage the fickle Gen Z cohort. They’re also making the app free to the first million users before trying to monetize their ad-free social media platform.

Listen To Your Audience

It’s key to analyze feedback from your audience and know that your app should change with their recommendations. TIZE is an app that allows users to create and arrange professional quality music on their phone. Users can import samples from their own music library, or compose songs using the drum pads and keyboards built into the application.

With no ad budget, the app accrued over 250,000 downloads, which is a free download with varying subscription models. Now they’re using this positive momentum to implement new features suggested by their users. One of which is a collaboration feature that enables artists to work together on songs over the app.

“We feel that music is a collaborative process, and built out a feature set so that friends could make songs together from wherever they happened to be,” says Benjamin Breier, CEO of Tize. “Once that was in place, we wanted to give our users a chance to show off their creations, and the feed was born. As engagement grew with the social aspects of the app, we realized we were lacking in some supporting features, like commenting. It has been an iterative process, with each new feature improving the value of everything that came before it.”

Simplify Technology To Make It Easy For Consumers

If the UX is not simplified, the user won’t stick around for very long. 90% of apps are used just once and then deleted, with only 16% of users willing to give an app a second try. This means it’s imperative to smooth out any flaws and test for possible bugs before you launch your app.

Whether you monetize through subscriptions and in-app purchases or are using your app as another channel in which to communicate with consumers, the object is to ensure a return on investment. From walking through options in terms of monetization models (from paid, to freemium, to blended methods) and ensuring your app adds time-saving value to users to considering reward options and motivating loyalty, there are plenty of considerations before moving forward with the development process. The bottom line? There should be seamless integration of the monetization strategy with your application’s purpose and functionality.

Before you decide to jump on the app bandwagon, be sure to keep your end goal in mind. If your app doesn’t make you money, it’s going to cost you money. So make sure there’s a market for your app, that the user experience is flawless and that you can monetize once you’ve built up a loyal fan base. Your app should be continually improving as you receive feedback, so use this invaluable information from your users to your advantage to keep from operating out of the red.

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Shutterstock

Open up the app store on your mobile device and it can seem a little cluttered. If you’re searching for an app for a specific task, chances are you’ll be overwhelmed with choices, with several different brands offering the same functionality. With over 3 million apps available on Google Play and more than 90 of the top 100 brands already launching at least one mobile app, that’s a lot of competition.

But making sure your mobile app cuts through all that noise is only half the battle. In the quest to get noticed, downloaded and positively reviewed, it’s easy to forget the point of creating an app in the first place. Before you get caught up in designing your user interface, be sure to ask yourself this question: how is your app going to make a profit?

60% of all iOS apps fail to make their developers money. But even if your app is a free download, there are plenty of ways to monetize your work. From selling advertising space to implementing micro-transactions, check out these four steps to ensuring your mobile app will make you money.

Ask Yourself: Is There A Market For This App?

Before you take the plunge and release your mobile app to the general public, get a grasp of where and who your potential downloads will come from and tailor your app to their needs.

Conducting market research is critical in identifying the key demographics for your application and understanding the industry’s existing pain points so you can offer innovative solutions. Finding out how your product can increase productivity for the user, simplify everyday things in their life, or make an experience more interesting or fun, can go a long way in the success of your launch. Skipping the market research process may save time in the beginning but can be very costly in the long run.

It’s equally important to work with growth advisors, business specialists and UX/UI experts to streamline the functionality of your mobile application. Using this valuable data, brands can get a better notion of whether their idea can go the distance in terms of profitability.

Build A Fanbase Before You Monetize

A great way of ensuring that you have a target market for your product or service is by building a fanbase before you monetize. Simply begin by creating customer lists that you can expand as you market your app. Friends, family, and fans are a great place to start, and as the lists grow, segment those lists so you can target your marketing efforts specifically to each group. For example, you may want to send a different message to family and friends than to new users or industry contacts. 

Mobile app for sharing personal moments in private, Capsure, allows users to create groups and share certain information only with the people they choose. So, no more worrying about your boss reading about your day off, or baby spamming your single friends. There are no adverts or promoted posts, so you have an uncluttered interface where you share and see only the moments of your choice. The app allows new users to test drive the app before offering them additional features along with paid plans.

Smart social network app Vero, that makes sharing media online easier, is also getting creative when it comes to building an audience. They’re leveraging the fanbase of key influencers, like Christian Collins, who has partnered with the app to promote his “Limitless Movement” to engage the fickle Gen Z cohort. They’re also making the app free to the first million users before trying to monetize their ad-free social media platform.

Listen To Your Audience

It’s key to analyze feedback from your audience and know that your app should change with their recommendations. TIZE is an app that allows users to create and arrange professional quality music on their phone. Users can import samples from their own music library, or compose songs using the drum pads and keyboards built into the application.

With no ad budget, the app accrued over 250,000 downloads, which is a free download with varying subscription models. Now they’re using this positive momentum to implement new features suggested by their users. One of which is a collaboration feature that enables artists to work together on songs over the app.

“We feel that music is a collaborative process, and built out a feature set so that friends could make songs together from wherever they happened to be,” says Benjamin Breier, CEO of Tize. “Once that was in place, we wanted to give our users a chance to show off their creations, and the feed was born. As engagement grew with the social aspects of the app, we realized we were lacking in some supporting features, like commenting. It has been an iterative process, with each new feature improving the value of everything that came before it.”

Simplify Technology To Make It Easy For Consumers

If the UX is not simplified, the user won’t stick around for very long. 90% of apps are used just once and then deleted, with only 16% of users willing to give an app a second try. This means it’s imperative to smooth out any flaws and test for possible bugs before you launch your app.

Whether you monetize through subscriptions and in-app purchases or are using your app as another channel in which to communicate with consumers, the object is to ensure a return on investment. From walking through options in terms of monetization models (from paid, to freemium, to blended methods) and ensuring your app adds time-saving value to users to considering reward options and motivating loyalty, there are plenty of considerations before moving forward with the development process. The bottom line? There should be seamless integration of the monetization strategy with your application’s purpose and functionality.

Before you decide to jump on the app bandwagon, be sure to keep your end goal in mind. If your app doesn’t make you money, it’s going to cost you money. So make sure there’s a market for your app, that the user experience is flawless and that you can monetize once you’ve built up a loyal fan base. Your app should be continually improving as you receive feedback, so use this invaluable information from your users to your advantage to keep from operating out of the red.

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