5 Things to Avoid When Attempting to Monetize on iOS App Development
Saturday, June 2, 2018
With many mobile app development plans, it’s easy to stop strategizing once the product is wrapped up and ready to deploy. However, once an iOS app developer has finally put the finishing touches on their app design, suddenly a whole new task arises: how to monetize the product.
Selecting the most
favorable monetization strategy for your app is no simple feat, and it’s
possible for even the most talented of developers to make the wrong
decision when it comes to generating revenue. To help you avoid those mistakes,
we’ve compiled a list of the most important things to avoid while planning to monetize
your iOS app.
Deploy Your iOS App Without Monetization or Growth Strategy
First and foremost, an iOS app developer should never deploy their app without
an adequate monetization and growth strategy in place. When
developing a strategy to make money from your app, it’s critical to take every
aspect into account, from the type of product you are creating to the audience
it’s intended to reach.
For example, most games
use the “freemium” model, but other types of apps might be more conducive to
advertisements. There is an infinite sea of ad placement services on the
market, so be sure to research which one seems optimal for you. At the same
time, flexibility is important so it's best to experiment with different price
points, strategies, ad placements, etc. to avoid being constrained by your
initial monetization plans.
Growth strategies should also be drawn up before
your app hits the market, that way you have a trajectory to follow, providing
insight into whether your product or monetization strategy is working to its
full potential.
Avoiding Analytics
If you’re an iOS developer
that has just created an app, there’s a chance you’ll have an emotional
attachment and bias towards your own work. Don’t let that get in the way
of optimizing your monetization strategy. One of the most important
ingredients to the success of iOS app development is analytics,
utilizing critical numbers and data to gain a clear picture of which
monetization path you should take.
The best option is to
employ a marketing firm experienced with mobile app monetization to
gather various analytics for you. By doing so, you can obtain invaluable
insight into user behaviors and demographics, ad format performance, potential
revenue streams and more.
Undervaluing Your App (And Yourself)
While most of the top
grossing iOS apps use the “freemium” model for monetization, this isn’t usually
the best option for a new and relatively unknown application. Not only will you
be giving away a good portion of your work for free, it’s also unlikely that
your app will attract enough users to generate revenue from this model.
In other words, don’t
undervalue yourself and your app. Instead of releasing your iOS app as a
free download, do some market research and consider setting a download price,
which of course can be reduced if not enough users bite.
Integrating Dull Advertisements
One common mistake that
iOS developers make when monetizing their app is not putting much thought into
the advertisements that will appear. However, when counting on ad impressions
and a hefty CTR (click-through rate), it’s important that you tastefully
place creative ads throughout the application.
Selecting the proper ad
strategy and placement is a crucial part of monetization. One practical way to
ensure this is with the CPI model, which allows the developer to
customize banners, buttons, and other items to fit the style of the app. By
offering a user-friendly ad experience, you can increase your CTR and
optimize overall monetization.
Being Your Own Beta Tester/Consultant
No matter how talented a developer you are, you should consider employing the help of a consulting agency to analyze your app and potential monetization strategies. These firms typically have tons of experience with determining the best path for revenue and offer a plethora of tools and data analysis to help you along the way.
Additionally, a successful
iOS developer will always try to find a suitable collection of beta testers
to make sure that the app is both functional and user-friendly. You can always
use beta testers to try various monetization techniques, helping you find that
one (or more) that’s best suited for your product.
