Hold Onto Your Free App Idea Have got a great free app idea? Worried you con’t make money if its free? Then it is time that you realize that you...
Hold Onto Your Free App Idea
Have got a great free app idea? Worried you con’t make money if its free? Then it is time that you realize that you can turn it into a workable reality for you. Yes, that is right. You can get your app designed and developed by experts, make it free to the public, and still make money.
Earning Through Your Free App
One of the primary reasons for developing an application is to make money from it but monetizing it is the biggest challenge. Most of app owners get their app designed and developed but then don’t know how to profit from it. They believe that charging for the app will return their investment. That isn’t the case most of the time though.
Breaking a Popular Misconception
There is a misconception that only premium applications bring a lot of money for app owners. Although users having to purchase the app before they download it or to view more content is smart business, there is another way to do it.
Free Apps Bring in More Revenue
Believe it or not, a Free app can really help you make a lot of money. Reports published on TechCrunch made it very clear that almost 90% of the revenue generated by the Google Play Store is due to free apps. Seems wrong right? Truth is people are more likely to visit app stores to download applications that are free for them.
The Free App Psychological Factor – Helping Increase Your App Revenue
Think about this. Which application would you like to download when you reach any app market store. An app you have to pay for or a free app that offers similar services?
App developers who want earnings from their app need to focus on the number of downloads. The app revenue generated will depend upon the number of downloads. Therefore, concentrate on the same. The number of downloads can be increased by keeping your application free for one and it should be innovative while still offering the basic services people seek so that it can attract a great number of app users.
Premium Version (for advanced features)
Let your customers download your free app but then also give them the option to upgrade to the premium version with more advanced features. Similar to how Spotify treats their users. You have the ability to use Spotify for free non-stop, but you always have the option to upgrade to Spotify Premium for offline listening, no ads/commercials and other advanced listening features.
You can also opt for an in-app purchases. For instance, game developers can allow their customers to buy coins online or go for some advanced levels within the game-app. That can be seen in any game app these days including Candy Crush, PokemonGo and Angry Birds. We have all witnessed the popularity and addiction these game apps have caused within a short amount of time. Not to mention that they are all free apps. Anyways, free apps can also come with subscriptions. With easy monthly or quarterly subscriptions, you can keep earning money through your free app.
Adverts: Get Sponsors for Your App
Getting sponsorships for your free app can certainly help boost your earnings. The concept of sponsorship here is just the same. Just like how advertisers show willingness to pay for ads on popular websites, you can get them pay for ads through your mobile application. To get sponsors for your mobile app and profit from them, you will have to focus on marketing your free app because only popular apps will get a large number of sponsors (which would mean more income and downloads).
Selling Your App When It Gains Popularity
Once you’ve worked to market your app and found sponsors, then a large user base usually follows along. Of course, once you gain popularity you may not want to sell your app after successfully establishing a unique place in the market. That is definitely understandable. However, if you no longer want to focus on managing the app then selling it is your best bet. If you sell a popular you can expect to get great ROI (Return of Investment). So don’t give up on that brilliant app idea because it’ll be free and if you already have a free app, well now you know how to make money from a free app.
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