Mobile platforms are an increasingly important aspect of business. Companies understand that the majority of their customers are not just online, they are going mobile. Entrepreneurs have worked hard to build innovative companies entirely on mobile platforms, experiencing significant business success. Whether it’s a mobile app, website or other platform, a commonality between successful startups are their ability to monetize their platform. If you are able to monetize, or make money, from your mobile platform, you will have cash to grow the business. In this post, we’ll cover mobile monetization strategies that work for various mobile platforms.
Banner ads are among the most popular type of advertising model on mobile apps. It’s simple and straightforward to implement. Usually, the banner ads are placed at the top of the screen or bottom. The amount of revenue is usually based on the number of impressions rather than clicks. You can maximize your CPM by working with platforms like https://www.mopub.com/publishers/platform/. If you have a decent number of users, this is a good start to monetizing your mobile app or website.
Mobile Native Advertising
Native advertising earns revenue by sending referrals to other apps or websites. These types of ads include sponsored content that is “suggested” or “recommended” to users. If they click or tap to that content, you will receive revenue for the referral. While you be concerned about losing traffic, other mobile platforms have been able to grow their traffic while finding higher revenues with native advertising. Depending on the type of traffic you have, you may prefer native advertising to banner ads because of the difference in monetization results.
Another monetization model based on referrals, affiliate marketing can be a lucrative way to earn money from a mobile platform. This monetization strategy requires sending leads or sales to another company. Typically, you can track the number of referrals on your Facebook analytics, app analytics or affiliate reporting system. In return, you are paid for each lead, sale, or both. If you have a website that can promote other high paying offers, your mobile platform could make money promotion other business’ products and services.
In contrast to promoting other ads, referrals or products, you can offer your own products to sell. These in-app purchases can be digital goods that are an add on to your app. For example, in mobile gaming apps, they sell digital goods that help users advance quicker or level up. On the other hand, content based businesses can sell exclusive content or informational products directly from the app. Promoting your own products through in-app purchases is one of the most profitable ways to monetize a platform.
Freemium Subscription Model
The freemium model is a strong monetization strategy. Rather than having users pay per download, you make your app or website free. Then, you can charge a subscription for premium access, features or content. This is a proven model to build a massive user base. It also gives you a chance for users to trust your startup before spending money. The freemium monetization model can generate significant revenues once users start converting.
Depending on your mobile platform, one or a combination of these mobile monetization strategies could work best. Stay focused on delivering value to your audience and then find the best monetization model that complements your tech startup platform. These mobile monetization strategies can make your mobile platform very successful.