If you have an amazing mobile app but you are not successful at capitalizing from it, then this article could be of help in fixing your approach towards generating revenue from your mobile app.
Mobile apps have completely revolutionized the world of business. The user-friendly and attractive features of these awesome apps attract one and all. This is why consumers, at present, are using mobile devices more than ever and are more comfortable in doing in-app purchases, which ultimately increases the overall mobile app revenue.
In 2016, the total mobile app income from mobile app downloads, advertising, and in-app purchases was $88 billion — this number is projected to pass $188 billion in 2020, says Statista.
With so many mobile apps emerging in the market, the competition is getting tougher. So, in order to increase revenue from mobile apps, your business needs to compete in the market space. It is important that you adopt the right mobile trend that compels your customers to spend more money.
Ways to improve revenue via Mobile Apps
To raise revenue from mobile business apps and make it a success, you must understand the customer’s needs. You must figure out what they want and how they want it. Since many consumers are using smartphones, you need to take advantage of this and encourage them to invest more money through it. Here are some ways in which you can let your customers spend more through your mobile apps.
Launch a Customer Loyalty Program
Setting up customer loyalty programs allows you to keep your customers coming back to you which lets your customers spend more money. This is an excellent way to increase revenue via mobile apps. Before you implement this strategy, you need to design a lucrative loyalty program.
According to the recent research increasing retention by just 5% through customer loyalty programs can boost revenue by 30 to 90%.
Loyalty programs are great for your companies as they inspire repeat purchases. Moreover, it is more affordable to sell something to the existing customers than it is to acquire new ones. Surely, the type of program that you choose has a huge impact on customer retention.
You can also reward your customers by providing them with a discount or free item after they purchased a certain number of items. This way you encourage users to keep using your app thus assisting in increasing revenue via mobile apps.
This strategy encourages your customers to spend more thus resulting in bringing more mobile app revenue. It also keeps your customers happy as they get rewards for choosing your services.
Build your own brand
Customers prefer to choose brand names these days. If your business has a well-established brand, people will definitely spend more money. Doing this will inevitably increase revenue via mobile apps.
Big brands are trusted by everyone. So, people won’t question your reliability and will assume that everything you offer is great. This allows the customers to spend more which ultimately increases the mobile app revenue.
Brand building takes time. It is not a thing that can be implemented very quickly. You can build a brand by having a well-established presence on social media. For this, you need to ensure that you have a lot of followers and high engagement.
By gaining a lot of ratings, reviews, and downloads from the Appstore or Google Play, you can create a brand for your business and increase revenue from mobile apps. If your users find that many people are satisfied with your app and brand, then surely they assume that they’ll be satisfied too.
Thus, brand-building brings more consumers to your business and grows mobile app revenue. You can also create highly engaging apps for your business to build brand perception so that your consumers want to spend more on you.
Hope you have a clear idea of the ways to boost revenue from mobile apps. Hence, by implementing a customer loyalty program that rewards people for buying things from you and creating a brand for your company, you can surely compel your users to spend more thus enabling your business to gain revenue via mobile apps.