Mobile apps have changed the way we discover, communicate, and engage with content and services. Today, more and more people are choosing to create a niche app to help them make money online.
But creating an app is far from easy. If you want to make money online, you need to understand how mobile apps work, what features are needed to create a successful app, and how to promote it to get downloads.
In this article, you will learn about how to make money online with an app. You will discover the various ways you can monetize an app and the various apps that can be used to make money.
Monetizing An App
Let’s begin by looking at how you can monetize an app. A mobile app can be used to both make money and serve a purpose, so you have two options here. You can either charge people for using your app or you can offer products and services that are associated with your app through affiliate marketing.
If you choose the former, you can integrate Google Adsense with your app to display advertisements. You can also use your app to capture a user’s contact details and information, which you can then use to follow up with marketing emails. You can’t rely on advertising alone to fund your app; you need an audience to monetize your app.
The latter approach is more commonly used and involves promoting other companies’ products through affiliate marketing. When a user clicks on an affiliate link or banner and makes a purchase, you are given a commission.
Creating A Profitable App
If you decide to go the monetization route, you also need to consider how you can create a profitable app. Just like any other business, you need to look at the various pricing models available to you and decide which one is right for your app. Some apps are free and allow you to monetize only with adverts while others will allow you to make a small profit only with the purchase of virtual goods.
On the free side, you will struggle to make a profit from virtual goods alone. You will mostly be reliant on ads to fund your app, and potentially selling extra content for users to consume. This could mean generating additional revenue of just a few dollars per day.
The middle ground is a better option and allows you to generate a small amount of revenue, typically around $1 to $5 per day. With this model, you will need to integrate one or more virtual goods or currency systems into your app. Popular options include Apple Store (IAP) money or Google Play (GAP) Cash. With these options, users can make a purchase within your app and receive an in-app purchase (IAP) or Google Wallet (GAP) cash gift card as a reward.
Deciding which route to go with is essential if you want to create a profitable app. Just like with any other business, the choice is yours. But, if you want to be able to make money from a mobile app, you need to consider the various options available to you.
The Various Apps That Can Be Used To Make Money
Now, let’s take a brief look at some of the more popular apps that can be used to make money online. These apps let you connect with advertisers and allow you to earn a commission when a customer makes a purchase. Remember, to make money from mobile apps, you need to have a healthy balance between ads and purchases.
- TikTok – A mobile app that connects users with advertisers. You get a commission when a user interacts with an advertisement or video. Some sources say that around 85% of TikTok’s revenue comes from advertising. With around 500 million monthly active users, you can be sure that advertisers will be lining up to reach this audience.
- Fiverr – A popular online market where you can offer your services for minimal costs. Around 14.2 million people use Fiverr every month, allowing you to connect with potential customers easily. Just remember that Fiverr has high variable costs because it uses a freelancers’ model. That means you will need to be aware of this if you plan on using this platform.
- Clickfunnels – A popular landing page builder that can be integrated with many affiliate programs. You can use the platform to build a professional-looking website with a shopping cart that collects payments through a variety of methods (PayPal, Stripe, etc.). It’s a one-stop shop for those looking to create an online store.
- Instagram – The world’s largest social media platform with over 1 billion monthly active users and counting. You can integrate Instagram with a payment provider or acquire a merchant account to accept credit card payments through the app. Plus, you can create custom audience segments to target groups of users and engage with them.
- WhatsApp – The world’s most popular messaging app with over 1 billion monthly active users. You can integrate WhatsApp with a payment provider and start accepting payments through the platform. Plus, you can develop your own in-app purchases to generate additional revenue.