If you own a smart-phone you are probably in the majority of users who have downloaded and installed an app from the market place. You may have noticed a huge number of apps solving any problem imaginable from productivity to entertainment. Android market alone is home to approximately one million apps and the number is growing. Part of the reason for such success is an incredible potential for profit. That’s right! App business is booming and there are tons of money to be made. But how exactly do you make money from apps ?
You can either create a free app and monetize it with advertisement or develop a premium app which would require the user to purchase it in order to use it or even pay a recurring monthly fee. Free apps are not necessary less profitable. In fact, some of the most popular apps that generate millions in annual revenue are fully monetized by ads. In order to make the most money from apps you are often advised to carry out some market research and experiment with different monetization models.
There are two ways you could go about developing your first app. The simplest way is to hire an app developer. This will require some initial investment which could range between a few hundred dollars to hundreds of thousands of dollars depending on your app’s complexity. Most apps however tend to be pretty simple in their functionality. Keep in mind that in order to make money from apps you would need to generate some profit and the more money you spend getting your app developed the more profit you will have to generate later on. Unfortunately nothing can guarantee your app’s success and it could be a risky investment.
Alternatively you could make money from apps by developing your own app for free. Your only expense would be the cost of publishing your app to the marketplace. All the tools and resources that you need in order to create your own app are available free of charge. Of course you would require some knowledge of Java as well as app development environment but fortunately you can learn those in your own time online. Java is one of the easiest programming languages to learn and there are plenty of tutorials and documentation available on the web. There are a number of successful and very profitable apps that were created by novice programmers after only a few months of learning.
In order to make the most money with apps you would need to develop your apps for two leading platforms, IOS and Android. This way you would be maximizing your exposure and generating more downloads. Make sure to familiarize yourself with various requirements both platforms need as each marketplace has different rules, standards and listing criteria.
Once you get your apps up and running you would need to promote them before you can start making money. At the end of the day you could have the best app on the market but if nobody downloads it you would never make a penny.
There are a number of ways to promote your apps. You could start by issuing a press release to announce your app to the world. If you are not familiar with press releases you could hire a professional to write and distribute one for you. In most cases they should not charge you more than a few hundred dollars. Alternatively you could market your app on social media. FaceBook is an excellent platform to advertise your app on as you could target potential customers who already have the right phone and use similar apps. However, one of the most important things you could do to promote your app is to generate a lot of reviews. Give your app away to your friends and family and ask them to post a review on the market place. The more downloads and reviews you have the higher your app will appear on the list of apps. It might even become a featured app for a few days which would almost guarantee some success.
Finally it’s very important to release updates regularly in order to make money with apps. The longer you keep your app useful and functional the more people will recommend it to their friends and family. Even if your initial number of users is low, you will maximize the chances of your app going viral. A lot of developers chose to charge additional money for big updates or better versions of their apps. A popular money making model involves releasing a free app and then offering a premium version of the same app for a cost. Most users will be tempted to buy a premium app for the extra features it will offer and they will already have some trust in your apps due to their previous experience with a free app.