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Making Money From Your App
When you make an app, you need to decide how you plan on making money from it. You can either go for selling it at a certain price, or you can resort to making money through advertisements incorporated within the app. You can use a few factors to determine which way to go.
Prior reputation – If you are known for making similar apps in the past, you can sell it at a high price and your loyal customers will probably not mind paying for it. However, this majorly relies on brand loyalty and you are not likely to build this on Apple or Google stores. You are usually a nobody on these stores, and people will rarely every notice the developer’s name unless an application becomes unusually popular. If you do build this, however, pricing your app at an appropriate can be a great idea.
Uniqueness – There are hundreds of clones out there for every application. If you want to sell your app at a high price, you may do so. However, there is a very less chance that anyone will be willing to pay for it. This is because several developers out there might have more or less the same product to offer free of cost. Most people will naturally go for the free apps, and unless they find them of low quality or unsatisfactory, they will not be willing to pay for yours.
Target population – Most apps and generally aimed at young adults and students, who are also the people looking for free applications. If you are making a game or another recreational app for this age group, it should ideally be free. However, if your target market is the business class or another group that would generally see a few dollars as a very small amount to pay for a useful app, it would be a great idea to sell it for a certain price.
Effectiveness of advertisements – Naturally, you also need to make sure that you get enough returns on your capital and do not operate on losses. Do you have enough advertisements in your app to generate enough returns without actually bothering the user too much? If not, then selling the app for money can be a good idea to at least cover your costs, even if you do not get to make a lot of profits.
Now, you have made your decision as to how to make money from your app. Here, however, is the truth: You cannot generate a lot of money through app stores unless you have an exceptionally unique, useful or intriguing app. The apps are usually sold at a very low price and you need a lot of sales to make any profits at all. Here is a further look into this.