It would not be wrong to say that most of us either intend to earn money or derive an equivalent value of some sort through iPhone app development. However not every one of us is sure or aware of all the ways of iPhone app monetization.
Hence we thought it would be beneficial for every iPhone app development company, publisher, seller and others who are into mobile app business, to learn and use the various methods of monetizing through iPhone apps.
So here goes the list:
- In-App Purchases (IAP):
This has remained the biggest revenue driver particularly for iPhone apps. IAP generated a whopping 76 per cent of revenue in the Apple App Store for iPhone in Feb., 2013, in the USA. This clearly shows the success of this monetization method.Now there are several ways of implementing in-app purchase which are mentioned below. However you must also note that you will have to comply with Apple’s guidelines to implement the feature, which says that you must provide any additional functionality, including unlocking built-in features or downloading content.
- Consumables: You can exercise this option with IAP to sell virtual goods. The best we can use here will be of iPhone games like Farmville wherein gamers can buy fertilizer for the farm (in the game) through in-app purchase. Likewise there can be bullets, other special super powers, costumes, customizations for characters and much more that can be sold through in-app purchase feature.
- Subscriptions: You can even use IAP to sell subscriptions that may provide access to content or services on an extended basis. The good instance would be of magazine and newspapers.
- Ads: You can run ads and earn money even when your iPhone app is free and costs nothing to the user. Each time when a user will be shown an ad, you as an iPhone app developer/ Publisher or Seller will be paid for it. You can run and display an ad in your app, via various ad networks like iAd, AdMob, etc.
- Affiliate Sales: This is another approach to make money through your iPhone app where a 3rd party will pay you each time you bring them a user of their product or service.
- Direct Purchase: Keeping a price for your iPhone app is the most common way. However there are 2 ways to do so which are as follows:
- Huge Market: You can build a very interesting iPhone app based on a fresh concept and keep a low price for it. As the volume of downloads increases, your revenue from the app will rise.
- Niche Audience: If you are confident that your app is for a rare consumer audience but offers an enormous value, you can still make money out of it. You can bring your app in existence for a niche market. For example, you can take a reference from apps like Multistate Bar Exam Course, iTeleport, OmniGraffle, etc.
- Localization: Believe it or not but localization is the best way to boost your revenue and make money through iPhone applications. In fact you can follow a detailed article on iPhone app localization.
Although you might have had a good insight on iPhone app monetization, you will still need a reliable iPhone app development partner for implementing all or any of these strategies. You can start right here with Space-O, contact right away.