Most app developers build an app hoping to cultivate user loyalty, gain new mobile users, and create more brand awareness, in addition to providing a value-based benefit. However, more than anything, most mobile app developers want their app to provide a sustainable source of revenue for mobile apps business models. This wish list is not one that’s easily achieved if you don’t have the right planning or tools in place. This is why it takes a successful revenue building business model to take an app to the next level.
Determine the Best Business Model for Your App
Believe it or not, a mere 2% of all app developers claim a lion’s share of 54% of all app revenues. This is why it takes a well-designed plan to gain revenue from your app. There are questions that you must answer in order to glean insight into what type of business model would work best for your app;
- What problem or problems is your app trying to address?
- What makes your app unique and distinguishable and is it something people would pay for?
- What users be willing to pay for additional upgrades?
- Which business models do competing apps use and which ones have been successful?
You also need to consider what you value the most when it comes to your app. Are you more interested in gaining a ton of users initially, or is it more of a priority to gain revenue as quickly as possible? Some business models are structured to build revenue right away without a real focus on user retention, while others aim to create a large number of downloads initially that will produce profit later. With this being said, there are six bankable business models that produce the most revenue for mobile apps. Fortunately, these models can be mixed to suit your app or combined to include more than one approach in order to create more revenue.