Today’s mobile phones have endless functionalities provided by apps. We cannot imagine our lives without them now, which is why the mobile app industry has grown into a multi-billion dollar business. Considering all this, it’s a no-brainer why many people choose to become app developers or start an app publishing company. However, not everything in life comes easy, and the same goes for success in the mobile app business.
Just having the desire to succeed isn’t enough. You need to have some expert knowledge to get you started. We’ve prepared a few questions to check if you have what it takes to dive into this business. Before reading the answers, try to think of them on your own.
1. What is mobile app monetization?
This is an easy one. Feel free to move on to the next question if you’ve just rolled your eyes.
Mobile app monetization is an umbrella term used to describe all the methods and strategies employed to earn a steady income from a mobile app.
2. Which methods of mobile app monetization exist?
There are many methods of mobile app monetization. In addition to simply putting a price tag on your app, or making it a premium, you can also offer a freemium app, whose monetization is supported by other methods – in-app advertising, in-app purchases, subscriptions and paywalls, sponsorships, cross-promotion, data monetization, merchandise sales, as well as combining all of the above.
For instance, you can show ads to your paying users as well, you just need to be extra careful about how you implement them, like offering a user who just purchased some coins an opportunity to watch a video and earn some more coins.
3. Which ads work best?
There are several types of ads used in apps. The old-school banner ads have been around for some time, constantly being shown in the app’s interface through its entire use. Since banners can sometimes be annoying, they are now being replaced by more convenient and effective ad categories such as playable or interactive ads, which allow users to get a feel of the advertised app before downloading or buying it.
Push notifications are ads that appear in the device’s status bar, informing the user about various app features, news, etc. They are useful for reminding the user of the app’s existence should they happen to download and forget about it. That said, video ads have grown in popularity in recent times, especially the rewarded video ads. The rewarded videos are shown to app users in exchange for some in-app benefits.
For example, a user can choose to watch a video to earn in-game currency, extra lives, a special feature, or any other kind of bonus This type of ad is most beloved by users and hails the best results.
4. What is user acquisition?
Mobile user acquisition refers to the process and all the methods it entails to attract users who will not only download and install your app but will continue using it for a longer period of time, clicking on ads and making in-app purchases. Your ultimate goal, however, should be acquiring ad whales, 20% of users who generate most of your income.
5. What are the best methods of UA?
Just like with mobile app monetization, mobile UA has more than one method to choose from. The most talked-about is the App Store Optimization (ASO), which refers to various factors you can tweak that affect your app’s visibility and position in an app store.
These can be divided into two categories:
- search optimization factors that affect an app store’s ranking algorithms and include reviews, ratings, downloads, etc.;
- appeal optimization factors that users see first when they find your app in an app store (images, icons, keywords, and more).
Some other methods make use of social networking. They include advertising campaigns on various social media channels, as well as pitching to social media influencers, both of which have immense user bases you can present your app to.
Acquiring new users can also be accomplished via a good website and blog, where you can describe your app and inform the public about all the developments, key terms, studies, and other information related to it. The power of paid referrals, email campaigns, and traditional press coverage to reach wider audiences shouldn’t be understated either.
6. What is the difference between ad mediators and ad networks?
Ad networks are companies that connect advertisers with app publishers that host ads. Ad mediators, on the other hand, are ad tracking platforms for publishers that facilitate automatic or manual allocation of ad inventory across multiple ad networks to maximize fill rates and revenue. Ad mediators prioritize ad networks on different levels.
7. What is mobile attribution?
In simple terms, mobile attribution is the process of measuring a mobile app’s installs and identifying their sources, thus allowing you to stay on top of your marketing efforts. When a user downloads an app from an ad and opens it for the first time, an attribution provider records certain data points – the engagement with the ad, advertising ID, IP address, user agent, timestamp, and first install.
8. Do you have a good app analytics platform to help you out?
One of the essential things to have when publishing and monetizing an app is a good partner at your side who will assist you in keeping track of all the things involved in the process. This is important as measuring your app’s performance and the areas for improvement helps you optimize your strategies and make the necessary changes. Ultimately, a good analytics platform helps you bring more valuable users (like the previously mentioned ad whales) and maximize your profit.
SOOMLA is the only app measurement platform that is not just unbiased (as we aren’t affiliated with any ad provider) but also enables identification of ad whales using lookalike audience targeting.
How good is your score?
If you failed to answer any of the above questions, you might need to consider reading up some more on the topic. Checking out this post is the first step in the right direction, and we provide plenty of additional reading materials on our blog and social media channels. On top of that, feel free to contact us if you need advice or a good monetization partner. That’s why we’re here for.