How To Set The Price Of Your Mobile Application?

So you have decided to come with a mobile application. Once you are done with naming, designing, and beta testing, it's time to submit it to the respective app store. At present, Apple's App Store and Google's Play Store are the two biggest stores in the mobile application sector. If your aim is to generate revenues from your app then you need to figure it out before publishing your app on the store. Will you offer your app for free or it will be a freemium or subscription based?

Here are few strategies you may want to consider for your app's revenue generation process:

In-App Advertising

Apps using this strategy are available for free. In this, the app-owners sell an advertising space to firm and charge money from the seller. This is the commonly used revenue model these days. If your app is on the Top 100 list and has thousands of active users then you can make a serious amount of money. It will be good if you hire an experienced mobile development  company as they will help you figure out the in-app advertising process.

Freemium

This strategy is used by mobile game apps. In this, the primary functions of the app are free but users have to purchase some essential virtual products or services to enhance the usage experience. In games, the users generally have to purchase coins to unlock new levels or any sort of equipment to perform better while playing.

Subscriptions

Magzine and newspaper apps offer subscription based services. In this the app is free to download but to read the article, the reader has to pay a fixed amount on the monthly or yearly basis. Usually, these apps offer some portion of the content for free and to read the whole article or blog you need to switch to paid plan.

Paid Apps

The mobile applications use the simple method of having consumers pay upfront and then only they can download the app. Once the purchase is done, users can enjoy all features. It takes some time to market the paid app plus you should get your app developed by a skilled and knowledgeable Mobile app developer as they are the only once who can ensure quality work.

Sponsorship

If you wish to offer your app for free and still want to make money then this advertising concept is the best for you. This method requires you to select sponsors who are willing to give rewards to users once they complete certain action in the app. This allows you to have a share in the percentage of what your advertisers are paying while the customers get rewarded and stay hooked to your app for a longer time. Sponsorship offers a win-win situation for both app owners and users.

Summary

In this article, you will read about five the best strategies that will assist you in generating revenues from your mobile app. Make sure you choose a skilled developer who not only has a good amount of industry exposure but also possess latest tools in his arsenal.