In this day and age, companies have much more options in generating revenue that they had even ten years ago. Back in the day, the companies needed to make everything within a realm of possible in order to turn potential audience into the customers.
Let’s start from the most obvious one. Advertising is probably the easiest way of generating revenue out of free application. All you need to do is to provide engaging and effective services for the user and in the meantime he will see an assorted collection of various ads for other products.
2 In-app purchases
Another viable option for generating revenue from a free application is through additional in-app purchases. The catch is – your application needs to be a top notch gangbuster in the first place in order to pull this off. Otherwise, no one will care. Keep that in mind.
3 Freemium / Premium model
For the majority of free applications, freemium / premium model seems to be the most feasible option. It is much easier to realize then in-app purchases and it sure needs less hands-on approach than in-app ads.
4 – Partnership & Sponsorship
Building a partnership between several product in order to promote one another is a tried and tested option as old as time itself. The reasons for that are simple: it allows to make an audience overlap, expose your product to a different audience segment and hopefully make your overall audience bigger. On the other hand, you are doing the same favor for the friendly company.
5 Ads-free version
In a decidedly vitriolic and bastardous twist of fate, advertisements can be beneficial for the product even when they are not present. Because you can literally offer users ads-free version.
Free app monetization is a tricky thing.
|Kate is a freelance UX designer and tech writer. She is now working on unorthodox usability and accessibility solutions for mobile applications. Want to come up with killer design scheme. Kate is a self taught data science enthusiast and crypto fan. Also she enjoys writing about her explorations in the ever changing world of IT-industry. Check her latest article https://theappsolutions.com/blog/marketing/free-app-money/|