How To Maximize Your Mobile App Revenue
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Whatever your app may be, one of the most common sense strategies to maximize your revenue is to extend the relationship that your customers have with your business. The longer your users use your app, the longer they have to warm up to the idea of buying various items from you.
The first thing this means for your app is to think of features that can make the app something that your users use every day, and make a part of their daily habit. This isn’t simple. Personally, I have been thinking for over a year about such features for my business apps, and while I’ve come up with features that satisfy this goal to some degree, honestly I am not happy with what I’ve come up with. I feel that I have not found the perfect killer feature. I mention this not to complain, but rather to illustrate how challenging this can be. For some apps such features are natural, but for some apps it is extremely challenging. So if you don’t come up with such a feature quickly, don’t be discouraged. Keep it in the back of your mind.
Once you come up with a way to make your app a part of people’s daily habits or tasks, it becomes natural to sell a subscription-based product inside your app. The key to subscriptions is that once people subscribe, they rarely unsubscribe. It takes work to unsubscribe, and frankly, many of your users won’t even be able to figure out how to unsubscribe. Think about how your local exercise gyms make money. They all work on the subscription model because many people exercise for a few months, quit exercising, but think that one day they will go back to exercising. So they keep their gym memberships. Because of this nuance, many business owners covet subscription-based revenue models.
If it doesn’t make sense to create a subscription offer for the type of app that you have, there is another option that is nearly as good. You can simply create features that your users will want to come back to on a regular basis. That way you can people hooked on using those features without making them sign up for a subscription. A subscription won’t be necessary if those people are naturally hooked to using a paid feature. The difference is that when those people stop being hooked, they will stop making the purchase whereas if they were signed up for a subscription, they would have to do a bit of extra work to unsubscribe, which is something many people wouldn’t do.
Another way to make sure you put yourself into a good position to get your users to spend the maximum amount of money with your app is by offering multiple products. People who like your products are often open to buying more from your business. You just have to actually have something else to sell to them that they may want. In the case of my apps, they come as a 4-app series. 15-20% of the people who buy any of my paid apps go on to then buy at least one more of my paid apps. That has been a very successful way for me to increase the potential revenue from users of the apps who are open to spending money on my apps. In fact, you don’t stop there. Some people go through all 4 of my paid apps, and want more. For those people I offer courses, books, and my coaching. It rarely happens that a person gets my apps, books, courses and coaching, but every once in a while that does happen. When it does, that single person can bring hundreds of dollars of revenue.
Mobile App Marketing Book
This tutorial is just one section of my mobile app marketing book. Check it out on Amazon. It is available on the Kindle which means that you can read it on the Kindle app of any smart phone.
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