Business

How to Monetize Your App With In-App Purchases

Struggling to design a mobile service to make money? Let’s speak about a reliable instrument to return your investment and to get a profit – it’s in-app purchasing. That’s an answer to the question.

And we shall start with in-application purchase content and how it can be represented in your platform. Shall we?

Examples of in-app purchasing content

Wondering on what exactly you could apply as such content to drive revenue? Examples below will surely give you a few ideas.

●     Ads shutting down

Is some cases, when a user is enjoying the service, advertising could be pretty irritating. When having little time to do what they need, the audience can really upset about ads. It’s in your power to help your users enjoy the application even more by providing them with a chance to turn it off. Only one-time payment and such a problem is solved!

●     Multi-purchase deals

When having multiple functions to offer the users, you could group them to sell in a package. Today’s audience prefers purchasing in bulk.

“Buy 3 and get 1 for free” is a great way to go. Such an instrument widely applied in various supermarkets.

●     Short-lived options

Time-limited offers create some sense of urgency encouraging the audience to buy. A countdown clock with 50% off will motivate users to purchase. Simply adjust “time left” and pricing to make it relevant and attractive.

●     Free-trial extensions

Thinking on how to monetize the app? Here’s another instrument to accomplish it.

Being a perfect solution for subscription applications, such an approach can help you increase feedback from your users by 27% or to enhance your conversion by 33%. That’s the example of the Trak service who applied for free trial extensions and were happy with the output.

They have reached such results in a very simple way – they were offering free trial extensions to those customers who were sending them some feedback. Thus, such in-app purchase content turned out to be a solution to two different issues: increasing conversion and improving the service thanks to the feedback info. Sounds interesting, right?

Those are only a few available options for in-app purchasing content.

Another aspect which we’re to discuss this time would be key points of in-app purchase techniques to see how to take advantage of such an instrument in the most optimal way to make good revenue.

In-application purchase strategies

When you know how to make in-application purchase work for you, you’ll be happy with the income your mobile service brings you. Let’s distinguish what steps are critical to carrying out in the process.

# Collecting data

You have to realize who your final user is. Knowing their preferences and needs will help you build the best in-app purchase deals specially for those people, so they cannot resist buying what you offer.

Devote some resources – human, time and financial – for market researching learning on your potential audience behaving to modify the strategy accordingly.

When designing an application specially for your target audience, you’ll definitely benefit from proper in-app purchasing strategy.

# Engaging the audience

You can come up with diverse techniques, say, ratings and reviews. However, they’ll be of no use for you, unless the users are hooked to your app. It’s true for in-app purchasing as well.

Your mission is to present the audience the key value of the mobile platform. Figure out a smart way to explain to users why it’s so important for them to have it. When users are engaged and enjoy the application having a positive users’ experience, the audience turns into paid customers.

The right attitude to achieve users’ engagement is to take all customers’ issues seriously and try to solve them quickly and effectively.

# Making free plan good, but not too good

Let’s see the Hootsuite experience.

They’re offering their audience a great free plan with various features, including social profilings and basic analytical tools. However, while applying the service for business purposes, customers require more accounts. Then, service upgrading is what they need, since it provides more in-depth analytics together with greater interaction.

The idea is to let the audience enjoy your free version, and then to see their need in additional functionalities, and to give it to them for an extra charge.

# Motivating customers to move away from a trial fast

“Would you like to take advantage of upgraded features? Get a package today to receive 2 extra functionalities for free!”

Don’t you agree that similar notifications are to encourage the audience to go for it?

Statistics prove that when users are happy with an app for at least 3 days, they’re to get upgraded 4 times more often. You’ll easily manage to keep the audience content after conducting the market research and collecting data on your final users. It’s as simple, as that!

# Following the color concept

We’re well aware that color can impact users’ behaving, thus, choose your color palette wisely. A&B test results shall guide you. By the way, it’s not mandatory to redesign your UI from scratch – simply choosing the right color for your “Buy Now!” button shall do the magic.

Color influence:

  • Yellow is to call users’ attention;
  • Green is to relax your customers;
  • Red is to create a sense of urgency. Do you remember, we’ve mentioned such effect while discussing short-term deals;
  • Orange is to motivate some actions;
  • Blue is to ensure safety and respect;
  • Black is to identify some luxury items, and when being combined with gold shall determine the most valued online product of your in-application purchase content.

# Attracting attention

You’re to “raise your voice” to be noticed. Let people be aware of your platform, and make sure they know your app key advantages.

Here exist few channels to introduce certain service benefits:

  • In-app messages;
  • Drip campaigns;
  • Text messages.

# Making your customers happy

People cannot help but associate what they’re experiencing with what they feel about it in different situations. Such a case is applicable to online products as well. It’s in your power to help your audience feel great and comfortable with your platform.

Some compliment on the house will serve for the audience to associate your app with a pleasant experience. Such positive emotions surely encourage users to spend money on your application.

Please remember – whatever you do, you can’t irritate your audience. That’s a dead-end! Customers’ satisfaction is your objective, thus, kindness is the means to achieve it. Only happy customers will buy your online products.

# Analyzing, adjusting, improving

Taking into account changing market trends and numerous competitors, you shall never stop improving your in-app purchasing approaches.

From time to time you shall devote your time for:

  • striving for your in-app purchase strategies improving;
  • making your content more appealing;
  • trying your content to be easy to purchase.

Now, we hope, you see what it takes to drive your revenue by means of in-application purchases. We wish you very good luck!

 

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