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It was a pleasure working with the TRT team. Prior to contracting this group, I had a system created that was absolutely terrible and poorly developed. I also worked with a few freelancers that couldnt cut it either. TRT was actually able to execute on our concept and have built a truly solid system for our company.
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Firebase provides cloud services like Realtime database, Web hosting, Authentication, Push Notification, Cloud functions, Test lab, etc. We can integrate firebase with these services.
Ionic enabled integration with Google Maps in our application. We can introduce several features in our application like location search, navigation, etc.
This is a common feature in mobile applications. We can use FCM (Firebase Cloud Messaging) for in-app notification and remote push notifications for incoming messages.
Ionic natives contain many plugins like the Camera plugin. We can develop features with camera options.
Stripe is a popular payment gateway worldwide. If we are developing an E-Commerce application using Ionic then we can easily embed the payment systems for the same.
Finger Print is a very useful plugin in the Ionic Native section which enables users to add more security in their applications.
Time and money are valuable resources. Investing them in a product idea that may eventually fail in the market tends to cause irreversible damage in terms of financial stability. Developing an MVP helps you verify whether a proposed product has a chance of making it big in the market. It is, therefore, necessary to test and review MVP in-depth, so as to avoid wasting time and efforts in building a full-fledged product. In this article, I provide you with an overview of how to build an MVP and an in-depth look into how to test your MVP. MVP - A Brief Background The concept of a Minimum Viable Product (MVP) was popularized by Eric Ries in his book ‘The Lean Startup’ [https://www.amazon.com/Lean-Startup-Entrepreneurs-Continuous-Innovation/dp/0307887898/ref=sr_1_1?crid=1F2VQLD66U42X&dchild=1&keywords=the+lean+startup+eric+ries&qid=1599634054&sprefix=the+lean+startup%2Caps%2C970&sr=8-1] . His definition of MVP is “The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.” The idea of viability differs from person to person just as it differs from a product to product. In a more general sense, a product is viable if it successfully fulfills a need in the market. The notion of product viability is concerned with learning whether the features you deem important are, in fact, important to the users as well. The minimal aspect comes to play in identifying the features that are necessary (must have’s) and the ones which are surplus (nice to have’s). How To Build an MVP The process of building an MVP begins by defining the core problem that your product is aimed at solving. The key to developing an effective MVP [https://www.thirdrocktechkno.com/blog/10-essential-steps-to-build-a-saas-mvp/] is defining the problem as clearly and specifically as possible. Once you’ve successfully defined the problem, the next logical step would be to come up with the most efficient solution. Build an MVP simple enough to test the feasibility of your central idea while satisfying the needs of the customers. Remember, the execution of an idea is often more important and difficult than the idea itself. As such, you need to be on the lookout for your competitors and study them. The objective is to present your product in a way that’s better than its contemporary alternatives. Before commencing the actual development process, it is essential to plan out the details of the project. You can opt for either a time-based or a progress-based product roadmap, depending upon the needs of your project. After a detailed plan is laid out, the actual development process begins. Start out by building a basic version and keep testing and updating it until you have something that resembles your idea of the final product. Ultimately, you seek to earn revenue from the product that you’ve developed. But to do so, it is necessary to test various pricing models in the development stage itself. You need to come up with a model that is neither overpriced nor underpriced. Finally, launch your MVP in the market and stop further developing it. After the launch, your main focus should be to attract more users by spreading a word about your product. 10 Essential Steps To Build a SaaS MVP Read More [https://www.thirdrocktechkno.com/blog/10-essential-steps-to-build-a-saas-mvp/] How To Test Your MVP > “Of course, as the Minimal Viable Product is not the final version of the product, it's unlikely to be perfect. However, testing should show if there are any major issues with the MVP that must be fixed.” - Vladlen Shulepov, CEO, Riseapps [https://riseapps.co/] As you know by now, the concept of building an MVP wasn’t already there. Even now, many startups and entrepreneurs underestimate the power of testing and validating an MVP. “Why should you test your MVP” is still a common search term, both on Google and in real-life conversations. It is very critical to test your MVP no matter how promising your idea sounds. Sometimes, how we see the product or the problem for that matter, is vastly different from the audience we are aiming to target. No amount of data can outperform the insights we get from the responses of actual people. > “The creation of MVP is an affordable and low-risk investment that, combined with a proper testing approach, can be potentially transformed into a robust product.” - Maxim Ivanov, CEO, Aimprosoft [https://www.aimprosoft.com/] A good approach for how to test an MVP would include testing the major hypothesis underlying the idea. I am going to discuss the top 5 proven MVP testing strategies that work well with most product types. However, there can be many other ways to do so too. The only decisive factor for how to test your MVP is that you should be able to verify your MVP has a market demand and will create value for the users. > “An MVP is ready for testing when it has enough features to solve the core problem. The core problem in most cases will be the most pressing problem which will be the foundation of the product. If we take Gmail as an example, the core functionality is sending emails to another receiver in a simple and quick way. All the other features like adding a signature, attaching a file from Google Drive are good to have, but those features will not make or break the product.” - Rahul Mohanachandran, Founder and CEO, Kasera [https://kasera.co.uk/] Top 5 Best MVP Testing Strategies 1. Customer interviews Did you know UberCab was initially targeted at customers (passengers) only? During the MVP testing stage, they learned that a much better solution would be to meet the needs of both passengers and drivers. That’s how Uber came into being, with the help of insights gained during MVP testing in the form of real-world customer interviews. Once you have built an MVP, the most honest feedback you can get is by asking open-ended questions to your potential audience. Encourage unfiltered, unrestricted responses about how your MVP will be useful to your customers. In order to get the right kind of insights, you must know how to leverage first-hand interviews in the right way. There are many ways in which you can get the responses you are looking for. For example, list down problems that your product aims to solve and ask your customers about it. Tell them to rank these problems and understand how desperate they are for the solutions. Then offer your MVP as a solution and ask them if that’s something they would like to try. It’s also an opportunity for you to gauge insights about your final product. Asking things like what else would you wish the product could do for you can help you reshape your MVP into a much more viable final product. > “You'll only get the answers you are waiting for if you address the question in a vis-a-vis setting. Not only will your customer be more honest, but their answers will also be as authentic as it can be since there's no way they can lie about something that they have only seen for the first time. These are realtime reviews and they will surely be pivotal in improving your MVP.” - Willie Greer, Founder, The Product Analyst [https://theproductanalyst.com/] Find your testers Sometimes, it's also extremely beneficial to identify the audience that may be interested as well as the ones who may not be interested in using your MVP. These people can work as testers for you and give you actionable feedback about your MVP. > “We release the product, let's say an alpha build of an app. Then we solicit feedback via surveys from the testers we've selected, and interview testers who are on the positive and negative end of the spectrum. These are people who often feel very strongly one way or the other, and their opinions can really help us hammer out issues or improve features.” - Dan Bailey, President, WikiLawn [https://www.wikilawn.com/] > “Collect some users who might possibly use your product and have them try out the MVP in a test environment. You will very likely see the best results from this one as the user personas match your target audience. If they can derive value from the product, then you might be good to go!” - William Chin, Web Consultant, PickFu.com 2. Landing pages Buffer, the renowned social media tool, was once just a landing page, actually two landing pages. The first page showed its features and the second was a signup page. According to its co-founder Joel Gascoigne, that’s all he did to validate his MVP. Landing pages are one of the most trusted answers to how to test an MVP. A landing page helps you find out whether your MVP interests your target audience. Conversely, it can also tell you what kind of buyers are interested in your product. You never know, you could discover a whole new treasure of potential market through a landing page MVP. Even though landing pages are very common, not many budding entrepreneurs make the most of it. At best, landing pages are treated as an opportunity to build an email list of potential buyers. But it’s so much more than that! The kind of data you get out of landing pages can be a gold mine of insights for you. For instance, you can try out a couple of different versions of a landing page. These versions could show your MVP in various different ways, from design to features and pricing models. Now, based on the number of and the kind of people who sign up for those different versions, you will be better to to understand how viable a solution your MVP is and what kind of users it appeals to the most. Google Analytics [https://analytics.google.com/analytics/web/provision/#/provision] can do the job well for gathering all the relevant traffic and sign up data. > “A/B landing page tests, hot maps, and pre-order sales pages are good ways to test pricing. You know that an MVP is ready for testing when it is capable to test the riskiest hypotheses. Instead of perfecting the design or technical details, spend more time collecting feedback from users in multiple iterations. Less is always more.” - Anastasia Schmalz, Founder, GenerationNomads.com [https://generationnomads.com/] 3. Crowdsourcing campaigns Source: https://techcrunch.com/2012/07/08/how-pebble-and-other-product-phenomenons-killed-it-on-kickstarter/ Crowdsourcing campaigns are majorly leveraged to raise funds for bringing a product idea to life. However, if done the right way, you can use it as one of the top MVP testing strategies too. Under a crowdsourcing campaign, entrepreneurs explain their startup ideas and provide relevant details as to how they plan to use the money received out of the campaign. If users like the idea and are ready to invest in it, it clearly indicates the idea is worth pursuing. If there are investors today, there will be buyers tomorrow However, the major challenge here is to make your MVP stand out from the rest. Platforms like Kickstarter [https://www.kickstarter.com/] and IndieGoGo [https://www.indiegogo.com/] have become tremendously popular now. There are hundreds of campaigns being launched on these and many more platforms. So, you have to present your idea that not only appeals to the users but also sounds convincing enough for them to invest in it. The Pebble E-Paper Watch [https://www.kickstarter.com/projects/getpebble/pebble-e-paper-watch-for-iphone-and-android?ref=sidebar] killed it on Kickstarter as the first smartwatch within an affordable price range. With a highly effective crowdsourcing campaign, they raised over $10 million [https://www.forbes.com/sites/wilschroter/2014/04/16/top-10-business-crowdfunding-campaigns-of-all-time/#46e381273e9f] in less than 40 days! 4. Ad campaigns An ad campaign can be a holistic market research tool for you if you know how to use it well. Just like landing pages, ad campaigns on social media channels too can provide you with highly useful analytics. However, the kind of analysis you get through ad campaigns is pretty sophisticated. Ad campaigns enable you to make the most of the buyer persona [https://blog.hootsuite.com/buyer-persona/] you must have created for your MVP in the initial stages. Based on this persona, ad campaigns allow you to position your MVP to the specific sections of the audience that you want to reach out to. You can show your ads to people on the basis of gender, location, age group, and even interests of your audiences. Moreover, an ad campaign is your chance for A/B testing your MVP. You can create different ad campaigns for different audiences. Along with that, you can also choose to create ads highlighting different aspects of your MVP to gauge what appeals to your audience the most. Analytics like click-through rates [https://analytics.facebook.com/success-stories] will help you polish the positioning of your MVP which in turn will help you launch your MVP in the most effective way. > “Let's say I wanted to create a profitable niche e-commerce business around Unicorn apparel. First I'd test interest in the idea, creating a website and some blog articles to see if I could get organic SEO traffic with a new site. Seeing that organic traffic can be the mechanism to build the business, I'd create a Facebook page and share memes and other sharable content to generate interest, a community, and learn more about my potential demographic. This would then inform me of what sort of merchandise to create based on user feedback.” - Austin Iuliano, Social Media Consultant, Austin Iuliano Inc [http://austiniuliano.com/] 5. Wizard of the Oz Just like magic, this MVP testing strategy is all about creating an illusion in the mind of your audience. Wizard of the Oz can be your savior if you don’t have enough funds to build a complete MVP. Under this approach, what your audience sees is much more sophisticated than what you actually build. Zappos [https://www.zappos.com/], the pioneer in online shoe retailing business, is a classic example of how successful this MVP testing technique can be. The founder Nick Swinmurn had a great idea of selling shoes online but he wasn’t sure whether people would be willing to buy shoes without trying them on. He didn’t want to invest money in an idea the demand of which was still only in his head. To verify whether his business would create value in the market, he set up a website. He then went to local shoe stores, clicked pictures of the shoes, and put them for sale on his website. This way, he made his customers believe that Zappos was a brand with a huge inventory and a supply chain system in place. In reality, he would simply buy the shoes and get them delivered to his customers for the first few orders. Now that he knew his business model had a demand, he went ahead and created a full-fledged startup. Later in 2009, the million dollar shoe retailer was acquired by the eCommerce giant Amazon [https://techcrunch.com/2009/07/22/amazon-buys-zappos/]. Thus, if you have an interesting idea, the wizard of the oz is your go-to MVP testing approach. It yields the maximum benefits when the idea is fresh and it is possible for you to carry out initial processes manually. > “The common scenario for testing an MVP is to hand it to a small group of loyal customers and start generating feedback. Of course, before an MVP can happen you go through a rapid prototyping step, creating an interactive click-through model of an application. That way, an MVP is sort of pre-tested even before it’s developed.” - Joe Tuan, CEO, Topflight Apps [https://topflightapps.com/] How To Build A SaaS Product: A Complete Guide Read More [https://www.thirdrocktechkno.com/blog/how-to-build-a-saas-product-a-complete-guide/] How To Test An MVP: The Bottom Line > “Choosing the right way to test your MVP will depend a lot on what type of MVP you’ve created. If it’s an explainer video, blog, or fundraising pitch, your measurement of success will be as simple as seeing how many people viewed, commented, or donated.” - Sam Orchard, Project Director, Edge of the Web [http://www.edgeoftheweb.co.uk] > “With groups of users that gradually grow larger. Start 1, then 10, then 100, etc. For each user, understand what they like, what they don't like, what the solution replaces, and why they have that existing issue.” - Nick Swekosky, CEO, Market Metrics [https://marketmetrics.io] Out of the MVP testing strategies I have shared here, you can choose to adopt any one or a combination of techniques. The only thing that matters is your approach to test an MVP should provide verifiable insights on whether your final product will have a fair share of the market after its launch. Looking to create a quick and effective MVP for your software idea? Contact us [https://www.thirdrocktechkno.com/contact-us/] for a free consultation call with our experts! [https://bit.ly/Hire-TRT]
Amongst the millions of existing mobile apps on app stores, there are some truly exceptional ones that get lost in the crowd. No matter how groundbreaking your app idea is,it’s good for nothing if users don’t know it or pay for it. App marketing techniques [https://www.thirdrocktechkno.com/blog/mobile-app-marketing-mistakes-that-can-hurt-your-brand/] play a huge role in getting your app some recognition. But what after that? You have to earn revenues in order to grow. This is where app monetization comes into the picture. To make the most out of your brilliant mobile app, here are the best free app monetization strategies to use in 2020. In this blog, we will answer the following questions for you: What is app monetization? How do I monetize my mobile app? What types of ads can I run on my mobile apps? How do I choose the best app monetization model for my mobile app? What is App Monetization? In simple terms, app monetization refers to the act of generating revenue from an application. Typically, the mobile app monetization process begins after the app has been downloaded by the users on their devices. Once the companies have a better understanding of their market and users, they can capitalize on a relevant mobile app monetization model to get started. > “All developers put in a lot of effort into making an app. The amount of sweat and time that goes into it cannot be measured fairly. Sometimes, developers incur a cost to get their app running, either for some service they're dependent on or other common requirements with an app - a supporting website, it's hosting, its domain, etc. Building something for free is great, but it's even better to be rewarded for your hard work.” > - Rajat Vaghani, Founder and CEO, Snap Search [https://snapsearch.online] Most modern businesses adopt an app monetization model as it is critical for the development of their app business model. Free apps attract the maximum number of users. So, once these apps are downloaded, the developers can make modifications to earn a profit out of them. It is necessary that such changes do not drive away from current users while earning revenue at the same time. Top Free App Monetization Strategies in 2020 Considering a large number of app users, organizations can employ a myriad of strategies to make money off their apps [https://www.amazon.com/Mobile-App-Marketing-Monetization-thousands-ebook/dp/B00N14RSNY/ref=sr_1_1?crid=2R9CD1K40M16A&dchild=1&keywords=app+monetization&qid=1595574637&sprefix=app+monetization%2Caps%2C416&sr=8-1] . However, make sure you don’t compromise on UI UX of your app while deciding on app monetization strategies. In the long run, a bad UX can have a number of serious repercussions [https://www.thirdrocktechkno.com/blog/5-reasons-why-a-bad-ux-can-be-dangerous-for-your-app/] on your app revenue. > “Protecting the user experience at all costs will keep users coming back. They'll continue to use your app, leave positive reviews, and even recommend it to their friends. Just wait and watch how your app begins to generate more revenue than before.” > - Dennis Bell, Founder and CEO, Byblos Coffee Following are 7 of the most popular free app monetization strategies along with their pros and cons: 1. In-app Advertising Models In-app ads are the most popular model among app development companies for generating revenue from their apps. Since it allows businesses to earn profits by keeping the app free, it’s the most sought after method of mobile app monetization in 2020. However, these ads can also backfire by cluttering up the UI if displayed at the wrong place or time. There are 5 types of in-app advertisements for mobile apps: Banner Ads Banner ads are the oldest form of in-app adverts. These ads are more relevant in mobile apps that have a free and a paid version. The free version of the apps hosts banners that occupy a certain area of the UI to advertise a product/service. Over the years, banner ads have garnered negative reviews. They make the UI repulsive and the users find them intrusive. Moreover, these ads take up a small area of the screen making them almost invisible to the eyes of the users. Since they have a low engagement rate, the advertisers are not willing to a hefty amount for running these ads. Interstitial Ads Interstitial ads are a popular alternative to banner ads. It is named so because it appears as a full-screen advertisement between separate user flows such as pages, stories, etc. Interstitial ads can be in the form of a display or a video and ask the users to just simply look at the screen during its run-time (usually a few seconds). By understanding the dynamics of their user, app developers can optimize this strategy in their best interest. It is important that these ads don’t cause a negative user experience inadvertently. The end of a user flow is generally considered an appropriate time for displaying interstitial ads. A great advantage of this model is that it demands the users’ attention for a very short amount of time. After just a few seconds, the users have an option to close the ad and move on or click through to get more information. Native Ads In this model, the adverts are adapted seamlessly into the overall look and feel of the app. These ads are placed in such a way that they look like just another piece of content on the app. In this way, they don’t distract the users but rather blend in naturally with the UI. This also results in an increased engagement rate and user-friendliness. In hindsight, this method does raise concerns over its use. The ads can deceit the users into thinking that it is an organic part of the app which disrupts the user experience. The app is perceived as spam and it chases away the users. The solution is to make the adverts feel natural while clearly marking them as ‘sponsored content’ at the same time. Affiliate Ads Affiliate ads are a form of Affiliate marketing [https://neilpatel.com/what-is-affiliate-marketing/]. They allow businesses to use other apps, products, and services to generate revenues. The developers earn commission by advertising related third-party apps and products on their applications. Since these ads use the ‘word-of-mouth’ principle, the success rate is relatively high as loyal users trust the recommendations given by their favorite apps. Affiliate ads work the best when they enhance the user experience. Companies must place the ads at relevant points in the users’ journey. Example: A home workout app can advertise for an equipment store in between the individual exercises. Reward Ads Reward ads are the most effective type of advertisement for app monetization. This is particularly beneficial for free apps that get the users hooked for long periods of time such as mobile games. The users are motivated to watch a short ad (usually a video) in return for an incentive such as an extra life. To get this model right, the value of the reward must be in line with the advertisement. The timing and frequency of the ads are also crucial. Users must not find themselves watching an ad over and over which ultimately defeats the purpose of your app. > “The rewarded video ad should be shown when there is something big in return. For example, on most of my games, when a user loses all the lives,I show a button to get an extra life and continue the game. The conversion rates for that button are always high.” > - Madhsudhan Khemchandani, Owner, MK's Guide [https://www.mksguide.com] 2. Freemium Models The Freemium model [https://blog.hubspot.com/service/freemium] combines free and premium features into one app. Essentially, freemium apps can be downloaded for free. The free version of the app allows the users to browse through the basic features. The premium version of the app can be accessed by the users when they make a purchase that unlocks additional content and features. The strategy is particularly useful for those with an aim to expand the user base while still being able to monetize the app. Free accessibility of the app has the potential to attract large crowds that can be converted into the users of the application. The success of this method depends upon the user experience of the apps. Only if the users find the free features valuable enough, then will they be willing to upgrade to the premium version for a complete experience. Spotify is a prominent example of a freemium app. Through constant experimentation and data analytics, the app has achieved a higher conversion rate than most other apps in its niche. Pros of freemium model * The app develops a loyal user base since people are able to initially try it for free. * Highly adaptable and suitable for all the industries. Cons of freemium model * The right balance of free and premium features is often difficult to determine. This can bring about too few or too many free features. * This model often requires the developers to provide users with time and options for decision making. The users can take a long time to test the free features and in the end decide against going premium. 3. In-app Purchase Model One of the best free app monetization strategies in 2020 is the in-app purchase model. This functionality makes it possible for the users to buy content, services, or special features (such as a power-up in game) within an app, at a predetermined price. While implementing this app monetization model, developers must ensure these in-app purchases add to the experience of the users and not otherwise. Like reward ads, the product/service must be worth the money spent. This model demands some efforts on the part of the app provider. Users must be encouraged to make those in-app purchases. This can be achieved by sending personalized notifications and offering periodic discounts to the users. The photo editing app VSCO has managed to successfully use this model to its advantage. The app offers a wide range of additional photo presets with their own aesthetic in the form of in-app purchases at bargain prices. Pros of in-app purchase model * It is a very risk-free method of app monetization. * The model has proved to be most successful for the e-commerce vertical. Cons of in-app purchase model The selling platform (Apple store or Google Play Store) demands a high commission rate for selling virtual products. 4. Subscription Model In many ways, the subscription model is similar to the freemium model. However, mobile apps with subscription models go beyond the simple “buy” or “don’t buy” options. Several apps offer various levels (bottom to top) of subscription to the users. Each level has its own pricing policy and an accompanying set of features. This functionality even allows those ‘not-so-sure’ customers to test the app with a low tier of subscription. Besides converting users to subscribers, these apps must also focus on introducing new and interesting features/content for the current subscribers. Headspace can be used as a relevant example of the subscription model. By offering guided meditation on productivity, relationship, and other topics, the popular mindfulness app has amassed thousands of subscribers. Pros of the subscription model: * Long term subscriptions result in a steady and reliable income. * The model can drive a significant amount of engagement. Cons of the subscription model: Apps with subscription models often require a huge investment to create highly responsive and constantly engaging content/features. 5. Sponsorship and Partnership Using this mobile app monetization model, developers work together with advertisers to earn profits. The advertising company will provide a reward to the users upon completion of certain in-app actions. The original app’s user base must be strong enough to attract brands for collaboration and greater exposure to the audience. The original app benefits from the interaction with the users of the advertiser app. In other words, sponsorship is a mutually beneficial deal for expanding the respective user base of each brand. > “A creative way that an app can be monetized, which unfortunately a lot of developers are not thinking about, is by product placement. This is advertising, but not annoying advertising. For example, let's say you have a restaurant app. You could get paid by a big company like Coca Cola to show their logo in the restaurant menus. It's not annoying, it doesn't take up screen space, and users won't feel cheated.” - Oliver Bravo, Founder and CEO,Best Lawsuit Loans LLC [https://presettlementlawsuitloans.org] The best example is that of Nike + and Headspace. App users get the benefit of coaching from Nike pros along with advice from Headspace experts to improve their overall experience of the running and exercise experience. 6. App Data Monetization Data monetization is quite a controversial free app monetization strategy. Under this model, app owners collect data from their users and sell it to others. A number of industries have already started earning revenues from their customer data. > “Data monetization can drive revenue to any app category. After the one-time SDK integration, there's no further commitment, so it's scalable.” - Jus Chall, Brand Strategist, Skein [https://www.skeinagency.com/] At present, the importance of big data is unparalleled and it is extremely useful in virtually every field. App developers can use this for creating hyper-targeted marketing campaigns for the current users and boost ad prices. However, this model of app monetization is a tricky one. The developers must resort to a completely secure and transparent data collection process. Moreover, users should be able to voluntarily decide whether to opt-in for the process and should be allowed to opt-out at any time. > “Avoid data monetization if you can’t protect the privacy of your users’ data. While selling data can help you make some money, it will hurt your business in the long run and make you vulnerable to competitors.” > - Neal Taparia, CEO, Solitaired [https://solitaired.com/] Which Free App Monetization Strategies Are Right for You in 2020? > “Free app monetization strategies must employ clearly defined revenue models that are transparent to users of your app and are defined upfront before any engagement or download.” > - Bryan Osima, CEO, Uvietech Software Solutions Inc. [https://www.uvietech.com/mobile-app-design] In order to maximize monetization from your app, it is important to comprehend the analytics of user behavior. An ideal strategy is one that prioritizes the user experience while generating revenues. Since each app has a different set of features and aspects to it, choosing the right model can be tricky. However, the following few points will help you get a clearer idea. Business Goals An application is launched by keeping in mind the business goals of the company associated with it. Some apps aim at making profits right from the beginning while others concentrate on increasing their user base first and think about monetizing at a later stage. Outlining a clear business goal helps in identifying the most appropriate approach for your business. 11 Must-Have eCommerce Mobile App Features Read More [https://www.thirdrocktechkno.com/blog/11-must-have-ecommerce-mobile-app-features/] Understand Your Target Users As mentioned before, getting familiar with your users is an important step in determining the monetization strategy for your app. You can learn about the demographics and app usage patterns and strive to give the best user experience to your users while looking out for yourself. Free App Monetization Strategies in 2020: The Bottom Line The mobile app monetization models discussed above are not exclusive; many apps use a combination of strategies. An example can be that of a free app with targeted ads. Currently, a large number of companies use a blend of strategies to monetize their apps. The key is to find out which combination works best for your app.
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