Make Money From Your Phone – Let’s face it, you’re not just building apps for fun. Building apps is a business and you need to make money to continue. But with so many monetization options available, which strategy should you adopt for your app?
Being clear about your monetization model from day one helps demonstrate that your customers are willing to pay to solve the problem you’ve identified, a critical part of validating your app idea.
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There are three pricing models that all bring revenue. According to a Distimo report, in-app revenue from free apps accounted for 71 percent of revenue, paid revenue at 24 percent and in-app revenue from paid apps at 5 percent.
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If you launch your app using one of these monetization models, you stand a better chance of earning more revenue than any other model.
It’s not only the most popular monetization option for games and apps, but also the most revenue-generating option, with in-app purchases accounting for 76 percent of all revenue in the Apple App Store in the United States and more than 90 percent in Asia. Markets according to Distimo report.
A freemium app or game with limited features, content or virtual goods is offered to users for free. Users can access the premium version or additional content and features through in-app purchases. This method is also used to subscribe to monthly content updates. A free app or game with an in-app purchase removes price as a barrier for people to download the app and gives the developer a chance to demonstrate the value of their product.
Premium or additional content may be offered or basic features may be offered for free where the user has to pay to use the full functionality of the application. A good example is the recipe app of famous British chef Jamie Oliver and Pandora Radio, which offers additional content, updated every month for subscription.
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Offer customers a free basic version of your app for quick purchase with low resistance, and allow them to purchase additional features for a fixed price or monthly subscription once they’re hooked and find value in it.
If you want to launch a paid app, users should be compelling enough to pay to download it without trying it first. Also, no recurring revenue from your existing customers. To get constant income, you need to find new customers every time.
So how do you decide if your app should pay? Most paid apps offer major value on first download, followed by minor additions or improvements to design and usability. Most utility applications fall into this category. For example, Build Your Self-Esteem by renowned hypnotherapist and best-selling author Glenn Harrold or the productivity app Clear.
It’s a hybrid monetization model that has gained traction recently, but not with its fair share of criticism. Many feel that paying to download an app and then paying again to take advantage of more features is unfair. It’s tricky for you to build this, but done smart with the value proposition, it can definitely work, and it goes by the numbers.
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An example of an app with this technique is the top 100 flight tracking app, Flight Radar Pro.
While all of the above options require users to pay to use them, one of the monetization models Distimo excluded from their research is a free app with ads.
Many apps use this monetization model. Take Shazzie’s Sleep Easily Meditations, for example, which costs nothing to download and runs non-intrusive ads while the app is in use. This app gets more than 330 downloads every day and runs for more than 20 minutes every time it is used.
You earn money only when a large number of users download and use your app frequently. So choose this model for monetization only if your app requires frequent extended usage as above.
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While there are many options for monetization, the only way to achieve any kind of revenue growth over the years is through repeat transactions from existing customers through new transactions. The lifetime value of your customers determines whether an app is a hobby or a business. We spend more than one eighth of our day looking at our mobile phones and that time can be used to earn money from your mobile phone. However, if you can earn extra income with the right apps, the wasted time won’t be completely unproductive.
Doing side gigs to earn money is not new, and there are lots of money making apps these days. All of these are incredibly easy ways to earn income remotely, but some will make your time more valuable than others. However, today there are many ways to earn money from your mobile phone.
Looking for great ways to earn extra money from home or on the go? Do you want to earn money with your mobile phone? Take a look at our list.
How to earn money from your mobile phone 1. Take surveys and tasks on InboxDollars and Swagbucks
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Survey apps are an easy way to earn money from your mobile phone, and some do electronic surveys like InboxDollars and Swagbucks. Both help big companies like Target and Walmart get to know their customers better, and both reward quick and easy tasks.
Both InboxDollars and Swagbucks stand out from the e-survey crowd thanks to the sheer number of ways you can earn some quick cash with them. Online survey sites and apps are also sometimes very curious, but both apps are run by reliable companies and have earned high ratings from users.
You get a whole variety of easy ways to make more money with any app, but if you want cold hard cash up front, InboxDollars is the way to go. Otherwise, Swagbucks has more than just cash rewards like iTunes and Target gift cards.
Another way to earn money from your mobile phone is simply by playing mobile games. If you are a mobile gaming fan and a fan of blockbusters like PUBG Mobile and Candy Crush Saga, start earning fast today with Mistplay. Billed as “The Gamer Loyalty Program”, getting paid with MistPlay is easy – just play on your mobile phone.
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The games available on MistPlay vary from region to region and some have different point multipliers. If you’re also playing on a laptop, Mistplay will reward you with Steam Credits, perfect for putting that game on your wish list for the next annual sale.
Cashback is not a new concept and is now one of the fastest ways to earn money from your mobile phone. Cashback apps are a quick and easy way to earn extra money on your mobile phone: open the app, scan your purchase receipts and voila! Zero problem for quick rush.
Not all cashback apps are created equal. Paribus and Ibotta are turning the concept around with new ways to give our money back for every dollar spent. A paribus is to compensate you after spending money; Ibotta, on the other hand, works its magic before you shop in a store.
With smartphones packing increasingly powerful lenses these days, snapping some great photos and selling them on a mobile app can make quick and easy money in your spare time. Unlike websites like Shutterstock and Alamy, it’s easy to make money using your mobile phone with mobile photography marketplaces because you always travel with your mobile phone by your side.
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Photo selling apps want to showcase your amazing photos, but not all of them have a keen eye for value.
Now is a great place to start: Unlike most marketplaces that charge commission, Now lets you keep 100% of what you earn. There’s also a star rating system that acts as a quality filter, meaning there’s plenty of room to increase potential earnings here.
Fop, on the other hand, charges a 50% higher commission. However, large corporate clients such as Sony and MasterCard browse through their catalogs, so you may have more change when you participate in many of their ‘missions’.
Want to do absolutely nothing and still make money from your mobile phone? Now the easiest way to make money using your mobile phone is to turn your lock screen into a mini billboard for news and ads with lock screen apps.
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Some lock screen apps still require a bit of swiping action, but Slidejoy wants you to sit back, relax, and let your lock screen do most of the work for you. Payment ranges from $0.05 to $0.30 per day depending on the ads that appear. Even better, the app lets you cash in your “carats” (the app’s currency) one-to-one.
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