Mobile app development is a growing industry in Nigeria, with many businesses looking for app developers to help them create custom applications.
Starting a mobile app development business can be a profitable venture, as more businesses recognise the importance of having a mobile app.
Profitability
With that said, 16% of Android developers earn over $5,000 per month with their mobile apps, and 25% of iOS developers make over $5,000 through app earnings.
App Monetisation
Consumers clearly love to use apps, so the opportunity is there.
Building an app is expensive, and you will come across hidden development costs along the way.
Think of your app like any other business. The easiest way to make money is by keeping the customers happy and keep them coming back. That’s why you should turn your website into an app.
In addition to speed and convenience, the checkout process on a mobile purchase is also much simpler.
App Monetisation For Physical Products
To successfully sell consumable products through an app, you have got to put yourself in the minds of a mobile shopper. Seventy nine per cent (79%) of smartphone users have bought something online in the past six months. This number continues to grow each year. I’m referring to the company, Touch of Modern.
Seventy per cent (70%)of the company’s total sales are generated from mobile devices. Roughly two-thirds of those sales come directly from their app. So, how do they do it?
Roughly 150,000 to 200,000 users download this app each month. 57% of their shoppers are repeat customers. When you have the ability to focus on customer acquisition and customer retention at the same time, it’s a formula for success. It’s their checkout flow that makes Touch of Modern so successful.
Free Apps vs. Paid Apps
Something else you’ll want to consider is whether or not you’re going to charge users to download your app.
On average, you would obviously generate a higher revenue per download.
It may seem like a nice way to get some up front profits, but you might turn people away if they have to pay.
90% of the apps on the Apple App Store are free. Free apps make money.
Freemium Upsell
Free apps make money. You could always use the freemium model, which is popular in startups and gaming apps. With this method, the free version of your app might have display ads, pop-ups, sponsorships, video ads, banner ads, or other ways to generate app revenue from your target audience.
Subscription Models
Another way to generate money from a free app is with upgrades and subscriptions. The subscription model is great for recurring revenue.
Advertising
Displaying in-app advertisements is another popular monetization strategy. This is one of the easiest ways to start making money from an app right away.
Referral Marketing
Referral marketing is another form of mobile advertisements. With referral programmes, you will be advertising a third-party product or service in your app.
