Is It Possible to Make Money through Apps?

You're always seeking for new methods to monetise your app as an app developer or publisher. The landscape is always changing, and staying on top of industry trends is critical for long-term revenue growth. At the same time, you must consider the user experience at every turn. If it leads to user alienation, low engagement, and poor retention, a momentary gain in revenue isn't worth it.

Unfortunately, certain forms of commercialization are more prone to these kinds of issues. To earn more income, you might, for example, increase the amount of adverts that consumers see. First, you'll see an increase in revenue. The increased advertisements, on the other hand, eventually turn users off. Eventually, you'll find that your user base is dwindling. The next thing you know, you're dealing with a big user retention issue.

However, there is a method of app monetization that might genuinely boost user retention and engagement: incentivized surveys.

Our goal at RapidoReach is to provide publishers with the tools they need to optimise income while keeping users interested and rewarded for their engagement. What is the mechanism behind it? Let's take a look at a case study from recently.

Working with RapidoReach is one of the nicest things you can do because of our unique "partial compensation" concept. Users get compensated for their time merely by coming across the SDK, regardless of whether or not they complete the survey. Publisher revenue is maximised while user alienation is avoided with this unique technique.

App Monetization: 5 Things Every Developer Should Know

The world of app creation has never been more competitive, with the Google Play store now offering over 3.5 million apps (and counting). According to some estimates, less than 1% of apps are ever "financially successful." And more than 98 percent of the money-making apps are available for free download.

As a result, publishers will need to come up with new and creative ways to monetize their apps. The days when a few in-app adverts might cover a developer's salary are long gone. As a result, businesses such as MocoSpace, an online mobile gaming community, are increasingly relying on incentivized surveys and virtual money to generate new revenue streams. RapidoReach, a firm that connects developers and publishers with market research surveys, has recently collaborated with them.

Is your mobile app generating as much revenue as it should?

There are a few important elements that every app developer or publisher should understand, whether they've recently monetized, have been utilising it for a long time, or haven't even started yet.

We've previously gone over the four most straightforward ways to monetize your mobile app, so let's go over how to get the most out of them. We'll be discussing gaming apps, but these ideas apply to many types of apps.

1. It is important to have prior experience.

There's no shortage of methods to make money with an app: banner ads, interstitials, in-app purchases, offerwalls, videos, and rewarded surveys. But, above all else, user experience should influence which ones you choose and how you implement them.

When it comes to monetizing user experience, there are three things to bear in mind:

• Engagement\sRetention
• Flow of the User
• Anything that harms or weakens these three will have a negative impact on monetization effectiveness. This is a major issue with interstitial advertising, as they frequently arrive out of nowhere, breaking the user's flow and producing an unpleasant experience.

Any app's purpose is to keep users engaged in a meaningful way so they keep coming back for more. That's why it's a good idea to explain the value of currency in a game early on, as well as the various ways to obtain it. This manner, your monetization efforts are built into the user experience from the beginning, and users will not only be more open to them when they emerge, but will grow to expect them.

2. Adapt to the Situation

The path a user takes through an app to perform a goal, such as purchasing a product or selecting a character, is referred to as user flow (or journey). It's their capacity to complete those jobs with the least amount of friction that matters. This is when the Core Loop of an app comes into play.

Take Clash of Clans, for example, where the main goal is to collect resources.

Battle with armies you've built and trained!

Repeat

The core loop controls the game's flow and, as a result, where the user travels. Along this journey, the most effective monetization calls occur. Providing a way for a player to earn more gems while growing their army in Clash of Clans fosters a more enjoyable experience.

The days of relying only on a user to visit a store and make a transaction are long gone. It's significantly better to carefully place adverts within the fundamental flow of their experience. That's why a developer shouldn't just stuff their software with as many monetization options as possible. Instead, they should integrate them into or, better yet, enhance the user experience.

3. Maximize Your Earnings Potential

Have you ever played a mobile game and found yourself with more cash or diamonds than you could ever use? Because the app's creators severely limited the app's monetization potential, this is the case.

"Monetization Capacity" is the maximum amount of something that can be sold before it causes a performance disruption. To put it another way, it refers to the amount of ways a willing user can spend money on your app. A limitless monetization capacity means that a user can spend as much as they want and yet be satisfied. (In case you're wondering, having an endless monetization capacity should be everyone's goal.)

While many games allow players to purchase upgrades, health restorers, and other items indefinitely, there comes a moment when the user loses interest. The goal is to strike the appropriate mix between supplying users with in-game currency and providing them with fun ways to spend it. As a result, your app's revenue potential never reaches a ceiling, and profits continue to rise.

4. Monetization Must Be Enjoyable

DeNA's Chief Game Strategy Officer Kenji Kobayashi was interviewed by Gamasutra a few years ago about his company's extraordinary performance with mobile monetization. The post is still important now as it was back then, and anyone interested in leveraging psychology to better app monetization should read it. When Kenji says, "The thing that I worry about the most is whether or not the user is getting excitement, or amusement, that's proportionate with the money he's expending," it sticks out.

When it comes to app monetization, this is a sentiment that app developers rarely consider. However, having fun while playing a game is an important aspect of the experience, and it's what keeps users coming back session after session. As a result, every component of the game, including your monetization approach, should try to achieve that goal.

In gaming apps, having pleasure is inextricably linked to a sense of challenge. A user will become bored and eventually leave if a game is too easy. They are more likely to stick around if it challenges them just enough to make them feel accomplished when they succeed. They'll also be more likely to do things like watch a video or fill out a survey that rewards them with products that will help them solve the problem.

5. Examine Your Crucial Information

Mobile app monetization relies heavily on data. The greatest method to assess an app's ability to be both financially stable and competitive is to analyse it. It's not always easy to figure out which data is the most important. Many individuals obsess over figures like downloads, bounce rates, and time spent on the app. However, when it comes to monetization, information about: LTV is arguably even more important (life-time value of a user)

ARPU is an acronym for "advance (average revenue per user)

Paying-Users Ratio

Let's say your ARPU is $20. That's excellent, but there's still a lot of potential for development if only 2% of your consumers spend money. Analyzing your data will allow you to determine by how much.

There are numerous tools available to assist with this. Several well-designed app monetization systems also provide these metrics on a silver platter. These systems give the required data for a developer to assess performance through simple analysis. But, regardless of where the data comes from, an app that relies on revenue would struggle to survive in the long run if it lacks it.

How to Define Your App's Target Market

The way app users are monetized has changed dramatically over the last decade. Premium games were the norm ten years ago. Users were willing to pay a large sum of money to play a game. Things swiftly changed, though, when freemium games flooded the market.

Companies needed to refocus their efforts on identifying and properly monetizing their so-called whale users, or those consumers who were prepared to pay for premium products.

There was a limit to how much a publisher could earn through in-game purchases alone, with less than 5% of freemium users ever making a purchase. As a result, there was a greater emphasis on ad revenue. Publishers are relying increasingly heavily on specific sorts of marketing, such as video commercials, offerwalls, and compensated surveys, as a result of the recent launch and success of hyper-casual games.

What is the moral of the story?

At the end of the day, various users are best monetized in different ways based on their own preferences as well as the app's style and usability. Finally, good monetization boils down to knowing your audience and providing them with options. You'll be able to monetize your audience more successfully if you have a better understanding of them. Effective monetization leads to higher user engagement and deeper insights. However, in order to comprehend your users, you must provide them with options. It's impossible to understand more about a user's preferences without options. What methods do you utilise to gain a deeper understanding of your users?

Experiments and A/B testing should be carried out.

A/B testing is essential for understanding your users. You can discover more about your users' tastes by using the correct tests. The data gathered can help you enhance your monetization efforts. However, data gained from A/B tests can also assist you in creating a better user experience and making game design decisions. Some publishers just conduct a little amount of A/B testing. However, third-party tools are now available that allow you to A/B test almost anything, including design, incentives, capping and pacing settings, and more. The most crucial thing is to stick with A/B tests that can provide you with detailed, long-term information about your users. Quick tests may appear to be a smart idea because they promise to provide feedback in a timely manner. Short-term A/B tests, on the other hand, can be misleading due to the sheer number of external factors that can potentially influence user behaviour. You'll get a better understanding of your users' genuine preferences if you focus on long-term testing.

Allow your users to choose.

In addition to A/B testing, giving your users options is a good method to learn more about them. Giving your users several alternatives for accessing premium services and earning rewards, in particular, will help you figure out what kind of monetization works best with your user base. For example, in exchange for in-game currency, you may offer players the option of making an in-app purchase, watching a video ad, or completing a survey.

Keeping track of the kind of monetization your consumers like will help you make better judgments about where to focus your future monetization efforts. When it comes to acquiring user data, rewarded surveys can be especially valuable. You can discover more about your players' age, gender, occupation, and a variety of lifestyle-related interests by evaluating the information they supply when they react to an in-game survey.

The New DIY Survey Platform from RapidoReach

RapidoReach's goal is to assist publishers in better understanding their target audiences. To that aim, we're launching a new self-serve rewarded survey platform for publishers. Traditional survey panels are just unable to keep up with the ever-changing needs of today's marketers. These panels are unable to provide the high-quality responders and responses that marketers require. With this in mind, our new DIY platform will enable publishers to sample content in real time. In other words, consumers can be polled programmatically while still in the app, resulting in higher survey quality.

This will result in more accurate data and faster outcomes. This strategy will also result in decreased prices, which will be beneficial to both marketers and publishers. Our new DIY platform will enable better survey targeting and trend measurement, both of which will aid game development.

RapidoReach can help you gain valuable insights.

You'll be able to monetize your people, keep them engaged, and evolve to meet their changing demands if you understand them better. At the end of the day, knowing your audience is essential for both user loyalty and developing a long-term, viable monetization strategy.

Conclusion

Perhaps none of this is new to you, or perhaps you've been in the app world for a while and have heard it all before. In any case, brushing up on the fundamentals of getting the most bang for your buck from monetization never hurts the bottom line.

Please feel free to contact us at any moment if you'd want to learn more about how you may include these five essential themes into your app. We specialise in assisting developers in achieving revenue success with Rewarded Surveys at RapidoReach.

What are the Benefits of Rewarded Surveys? Because we've discovered that they boost engagement, fit easily into user flows, and improve an app's overall user experience. And, most importantly, they're a lot of fun.