Want to know how to make money by making apps? Well you have landed on the right article.
It was the year 1995 that changed things in India. VSNL launched the internet for the first time and our entire generation and a lot more changed rapidly. But with the advent of 2G and 3G, the internet has finally dominated our lives.
Creating apps has become much easier and faster than before. There are more than 5.50 million apps in Apple App Store and Google Play Store. And many more are entering these platforms almost every day.
Don’t you feel it’s quite easy to get lost in the crowd, rather than make it stand out and even earn money? And many youngsters get into app development thinking that it will return them lakhs right from the next day.
But no, that is not the case. A well-defined and proper monetization strategy is required so that your app starts earning money. Thus, let’s begin by understanding what actually goes into the monetization strategy.
How to Become rich in India is a question that many people want answers to. From an early age, people are taught that money is important. It is one of the necessities for living a comfortable life.
Money can provide people with the ability to purchase the necessities of life, such as food, clothing, and shelter. In addition, money can also provide people with opportunities to improve their lifestyle and enjoy life’s luxuries.
All said, the truth is that the road to riches in India is paved with opportunity, hard work, and a bit of luck. While there's no one-size-fits-all blueprint to becoming fabulously wealthy.
What works for one person might not work for another, and what made someone rich in one place might
not work in a different place. First and foremost, focus on earning an income. Invest in yourself by getting an education and learning a marketable skill.
Take whatever jobs are available to you in the beginning, and scale up as your skills and experience grow. Make smart financial decisions and keep following these general tips to have a great start.
How To Make Money by Making Apps in India
Below given are various ways how the app will start earning money. Let’s have a look-
Advertisements
Premium
Subscription Mode
Sponsored Posts
Affiliate Links
Crowd Funding
Advertisements
One of the highly paid ways to earn is through apps. Can you remember one app which does not have an advertisement?
Well, all of them have, and why not, that’s their major source of earning. The revenue model through advertisements is highly profitable and is widely used across different applications.
App advertisements have different models like - Interstitial ads, Video Ads, Banner Ads, Native Ads, and many more. And do you know the huge amount of money that the apps make?
The starting price of the app can be 0.10$ and it can go as high as 100$.
Premium
You might not be aware of this but there are some free ads as well as some premium
ads too just like there are some free apps as well as premium apps.
For premium ads, you need to give certain details as well as pay before you start using the app. Some of the applications or features in this ad might.
Be free to use, but for some, you need to pay the amount. For instance, when you are using a fitness app, then you might need to pay a premium amount to consult a dietician.
Subscription
Now, comes the time when you are charging the audience constantly. It can be weekly, monthly, or even annually. Subscription can also be 1 time.
Like when a new user signs up on the app, then he needs to pay a subscription. But make sure that your content is top-notch and that you are regularly changing or updating it.
Else this subscription strategy might not work. There are only 5% of mobile apps that earn through subscription. Some of the major apps that have adopted the.
subscription model are - Spotify, Netflix, Amazon Prime, Google Play Store, and likewise.
Sponsorship
Upgrades and subscription models are one of the best ways to earn from such apps.
Whenever you have new content or users need access to some premium content then go ahead and charge a good amount from them.
For instance, Hotstar, which is one of the major entertainment apps, earns money through sponsorship only.
Most of its content is free, but some of it is sponsored content and thus the viewers need to pay to view this sponsored content.
Crowdfunding
One of the best ways to earn funds. But you must know that crowdfunding platforms are limited to some apps only. This is majorly done to attract the crowd.
You need to have such campaigns in your app that the crowd can sympathize with easily. For instance, there are many social campaigns where people need to raise money for medical treatments and all.
And if you put such posts in your app then your app and the cause both can earn money through crowdfunding. Normally, apps earn a minor portion of the amount out of such crowdfunding campaigns.
This is another very good way of earning money through the apps but you need to align correct campaigns with their respective apps in order to gain major footfall.
Affiliate Links
One of the oldest but highly successful ways of earning for your apps. This monetizing mode is also used for blogs. And now, the same can be replicated for the apps too.
The app developer can ask some companies to put their affiliate links. And then they can motivate the users to click on the same. Once the user clicks on the same .
Then the app in return generates money. Now, there are different parts to getting money here as well.
1. When the user spends time on the affiliate website.
2. When the user buys something from the website.
Thus, before adding the affiliate links make sure that you are fully aware of the model and how to use it and most importantly get returns from the same.
Things to Consider
Below are some of the important points that you must consider while you are framing the monetization strategy -
Objective
Consumer
Market Review
Technologies
Objective
It is very important to define the purpose or goal of your application. Your mobile application must target a problem and the same must be based on a solution.
Your application must define the following -
Problems the app is based on
Solutions the app is offering
USP of the app
All of the above will be extremely helpful in setting up the objective of the app and thus defining its monetary requirements.
Consumer
It is very important to focus on your target population. Please define the consumer market right at the initial stage.
For example, if your app focuses on a particular class of the population, then make sure that you define the same right at the very start.
In case your app is focusing on the business class then do mention it in the beginning.
Identifying the correct segment of consumers is one of the most important bases of monetization strategy.
Market Review
Before launching any new product in the market, competitor analysis is quite important. In order to move ahead successfully, make sure that you have a closer look at the market.
Who all are the major players in that segment and where they are moving. And then you can have a closer look at the competitions and find out what they are lacking
In their offerings and how you can pitch in. This will enable you to enjoy an edge over the competitors.
Technologies
After all, you are offering apps to the consumers and thus technology is of utmost importance here. Make sure that technologies are easily understood by your target consumers.
For example, A health app must be synced to automatically track your steps throughout the day, measure your water intake, food and much more.
So, try to build a technology that is friendly and at the same holistic in itself. For instance, most of consumers spend at least 80% of their time on mobile.
And thus it is very important to come up with mobile-friendly technology. Also, try to allocate some space to the real-time app so that customers can track directly and then update themselves.
Try to keep your monetization strategy as defined and specific as possible, This will really be helpful in the journey ahead.
Frequently Asked Questions (FAQs)
1. How can I earn money by developing an app in India?
Developing apps is trending nowadays. But earning money through the same is possible only under the monetization model. There are several ways to monetize apps out of which some of the most popular ways are - crowdfunding, premium, subscription, etc.
2. How do app owners make money?
App owners make money through a number of monetization modes. The app developer can choose any of the monetization modes as per your requirement. App owners make money in multiple ways.
3. How much can an app developer earn in India?
An app developer's earnings can vary a lot. The earnings can range from 1 lakh per month to 5 lakhs every month.
4. Do apps make money per download?
Yes, apps make money per download but the amount varies highly. The amount might change as per the platform and the app nature and likewise.