monetize business app: How to make money with your business app

It cannot be denied that since digitization has gained momentum in a digitally driven world, the internet has become more convenient and accessible for everyone to stay up to date with trends. According to Statista, India has more than 900 million internet users, making it the second largest internet market in the world.

In this scenario, India has seen a significant boom in apps in recent years due to increased market penetration, smartphone penetration, affordability and availability. Regardless, the huge market has not only increased internet consumption, but also boosted the use of apps. According to Statista, India’s app market revenue is expected to reach $2,364.6 million by 2022-2026 at a CAGR of 9.2%. As a result of the growing demand, the Indian app development industry is expanding.

In fact, creating and monetizing an app is a great way for business owners to increase their efficiency in this competitive era. Regardless of your motivation for developing an app, every business in today’s world has something in common with other potential publishers. However, before starting app development, you need to plan your app revenue strategy. So here are some ways to make money with your business app.

Ways of raising capital

To raise capital with your business app, you need to consider the demand, need and want of the mobile user to pique the user’s interest, which will ultimately lead them to download the app to use. However, developing a business app is expensive, so before you throw a dart at the wall you want to hit, you should know the best ways to generate income with your business app.

In-app purchases: In-app purchases are one of the most effective ways to raise capital for business apps. As we live in a digitally driven era where everything around us is focused on technology, people are increasingly relying on in-app purchases instead of other means or consulting with others. Because in-app purchases are used to gain access to advanced and powerful features that make user interaction much faster and more powerful. Simply put, in-app purchases allow app developers to effectively sell their virtual goods. According to Allied Market Research, the global in-app purchase market is expected to reach $340.76 billion by 2027, growing at a CAGR of 19.8%. As a result, it’s an intriguing model for converting app users into paying customers and capitalizing on it.

Advertising using the application: Advertising is also among the most popular ways for businesses to monetize their app. In this way, you can promote third-party products and services on your app and receive the corresponding payment. Establishing an online presence to pique consumer interest is the best way to build brand image and grow exponentially in today’s scenario. Furthermore, every business can profit from various types of advertising, such as interstitials, banner ads, in-video ads, and native ads. Therefore, advertising with a business application is highly considered and proven to be extremely profitable.

Subscription model:
One of the few ways for a business app to make money is through a subscription model. Although it is less popular, on the other hand, it can be the most effective and best app monetization strategy. In this strategy, the app owner can offer free or premium content within their app for a limited time before charging a subscription price to allow users to see the classified and meaningful things they provide. The most popular strategy used by most business app owners is to offer a free trial of the app before billing to users who want to continue charging the subscription price. Furthermore, this monetization approach is also heavily used in cloud services, online audio or video streaming, and online news portals.

In today’s competitive environment, capital is essential to start a company from scratch and establish it in the market with trust and credibility. Under these circumstances, crowdfunding has emerged as a new and successful approach for business applications to raise funds themselves. In this strategy, the company can discuss and promote its innovative ideas on online fundraising platforms to raise funds for the promotion and development of the application. And this model is becoming popular for companies in today’s ever-growing corporate landscape. This opens up avenues for companies to monetize their business applications.The bottom line: don’t fake it if you can’t make it!
Lying in this digital age is not the right way to make money since everyone already knows that the Internet has become convenient and reliable. Adopting the most amazing monetization plan will not only give the company a credible position in the new age market but also enable them to seek funding with their business app. While each way to monetize your business app has its pros and cons, businesses need to carefully consider the plan that will work best for them to achieve success.

(The writer is co-founder and CEO, 9 Yards Technology)

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