It is now possible to make money online without leaving your home! Thanks to the advancement of smartphones and the internet, entrepreneurs have found a way to create multiple streams of income using only their phones. In 2018, the global market value of mobile apps and mobile games was 465.9 billion USD, and this number is predicted to reach 677.8 billion USD by the end of 2025.
Regardless of whether you’re looking to make a quick buck or you’re already well-established and seeking new ways to make money, mobile apps offer an attractive and feasible option. If you’re curious as to how to make money online through apps, continue reading.
Consider The Apps Market Value
Before you dive into how to make money online through apps, it’s important to consider the current state of the market. As mentioned, mobile apps and mobile games have seen a significant increase in value, partly due to the growing internet population and the rise of smartphones. Despite this, mobile apps and mobile games are still a fairly new concept and many people are still skeptical about whether or not these platforms can deliver sustained earnings. While the jury is still out as to whether mobile apps will become a true source of wealth for individuals or businesses, understanding the existing market trends can help you prepare for the future.
Create A Niche
Like any other form of investment or business, establishing a successful niche within the mobile app industry requires careful consideration. To create a niche, you need to consider what separates your product from the competition. In the mobile app industry, this often takes the form of features and functions. If your app is lacking in any of these areas, you will struggle to gain traction and, as a result, fail to make any significant income. With this in mind, take some time to consider what your app does, why it’s useful, and how it distinguishes itself from other apps in its genre. With a little bit of effort, you can easily position yourself as a go-to app in your industry.
To ensure you develop an app that is both useful and innovative, it’s important to conduct thorough market research. Before you begin coding or hiring external developers, consider speaking to potential users to get a sense of how they use apps and what features they want. By knowing the “pain points” of your target audience, you can develop a clear picture of what features and functions are required to make an app that is both useful and appealing. Alternatively, you can use market research tools like Google Analytics to gain insights into what functions your app users are interacting with, how they’re using it, and which features they prefer.
The content that you include within your app is just as important as the app itself. While you need an app to create a business or to make money, you also need content to attract and retain users. When developing content for your app, bear in mind the platform you’re creating for as this will guide the structure and function of your content.
If you’re using a mobile device, you can easily access a wealth of content at the tip of your fingers. Due to this, many apps have shifted towards encouraging users to consume content rather than perform tasks. If you’re creating a business app, curating content that is both useful and appealing to your target audience is a key component to establishing a successful product.
To encourage users to engage with content, businesses have incorporated numerous techniques. Some apps will display content at the top of the screen as a call to action. For example, Instagram will display video content at the top of the feed as a means of enticing users to engage. The call to actions on social media platforms are often located at the top to encourage users to engage with content.
Now that you have a functional and appealing product, you can begin to think about how you will monetize it. To do this, you need to consider what rights you have to the content within your app. Typically, the app store or your own website is the preferred route for monetization. If you’re looking to monetize through ads, make sure you consider the ad models available on your platform.
The most popular method of monetizing content on mobile is through affiliate marketing. In this type of monetization, you promote various brands and products that are relevant to your target audience. When a user clicks on a suggested link or buys a product that’s promoted on your site, you earn a commission (usually between 10% and 30%) from the sale. In some instances, you may require the user to make an additional purchase to redeem the specified offer. This method of monetization is usually associated with eCommerce websites and blogs. It’s a popular choice among app developers who want to make money online through apps as it requires very little effort to set up and maintain. However, this type of monetization is limited in many ways.
Aside from being somewhat limited in terms of the platforms on which you can make money, affiliate marketing through mobile apps is hardly ever profitable. To put this into perspective, in 2018, affiliate marketers earned a mere $15.83 billion USD in total revenue. This was only 44% of the total market value of all mobile apps and mobile games in 2018.
For most app developers, the second most popular means of monetization is through in-app purchases. This form of monetization requires the user to have an account on the platform that you’re using. When the user makes an in-app purchase, they’re usually presented with a list of options related to the app. To encourage users to make in-app purchases, businesses often offer in-app discount coupons, free trials, or premium content for a limited time. Having the opportunity to try a product before purchasing it is an effective way to increase the chances of a sale.
Secure A Spot In The App Store
Once you’ve developed a functional and appealing app, it’s time to think about how you will get it in the hands of your target audience. To do this, you need to take into consideration a number of factors, including but not limited to:
- the app’s price
- the current trending topics within your niche
- the app’s reviews (both positive and negative)
- the app’s competition
- the app’s features
- the app’s marketing plan
- your budget
Depending on the nature of your product and how well you execute, the path you choose to take to market can vary. To secure a spot within the app store, you need to take a business-like approach to marketing. To attract potential users, you need to ensure your app is informative, and, ultimately, valuable. In the age of the internet, information is power and it’s something you should never underestimate. Building a relationship with your target audience through quality content is a surefire way to generate interest and support for your product.
To secure a spot within the app store, start by looking at the trending topics within your niche. This way, you’ll ensure your app is easily discovered by people interested in your niche. Next, consider the cost of your app. Depending on your target audience, you may want to look at the various pricing plans available in the app store.
To enhance your chances of securing a spot within the app store, consider engaging with potential users through social media platforms. When developing content for your app, look at other apps and social media platforms within your niche to determine what content is most valuable to your target audience. In some instances, it may also be beneficial to join pertinent forums or groups on social media platforms to engage with potential users.
Regardless of whether you choose to sell your app for free or for a price, your goal should be to generate interest, support, and sales for your product. To accomplish this, carefully consider all aspects of your app, including but not limited to: