“By 2020, the mobile apps are slated to generate 189 billion USD in revenue through app stores and in-app advertising.”
The interesting fact has geared up the businesses to launch a cool app. And, you looking to build a mobile app, the design has to be absolutely fantastic, the app should be working flawlessly and the app’s niche has to be unexplored and competition-free. That’s stupendous.The users are exactly looking for such apps.
Unfortunately, you found that you are not getting anything in return. This is embarrassing. The laurels received are not bringing growth to the business.
If that’s the case, you have run into the problem that many of the businesses are facing after publishing the app which is: you have acquired enough app downloads, but not making in-app purchases; gained enough traffic volume, but leads are not converted; competitors have sprung up at a blink of an eye and killing the app. Oops! You are not prepared for this situation. Well, don’t get discouraged- your app can hit the market with a sting-proof strategy.
You have to accept and cling to the fact that something is missing or wrong with the app that needs to be handled rightly in order to let the app cut the mustard as the evolving market expectations. In addition, you have no time to dance to the “Trial-and-error” song. There is neither a magic wand nor you can work with your “gut-feeling,” you have to make your app solve the user’s real needs.
Here is the 6 step guide to arm you with bullets(tactics, tips, and modifications) which in turn spruce up the conversion and uplift the revenue with a profitable plan:
Maximize user’s LTV
It’s essential to track if your app holds significance to create a sustainable energy alongside user acquisition that can retain the users over a lifetime. There are a few things you should check:
Making the users experience difficulty as they step in, often leads to the app abandonment. Don’t scare the users by asking a lot of information and detailed explanation during the SignUp process. It makes the users run away. Either allow users to use the app in a guest mode or simplify the onboarding with social SignUp or keeping fewer fields in the registration page. Onboarding is a good chance, in the beginning, to demonstrate how easy and bespoke your app is for them.
Use the deep linking intelligently to direct the users to the activity they are looking for. If not used rightly, it turns into user frustration, so make certain when deep linking offers the existing users what they need in place of deceiving them, it can establish a long-term relationship between brands and the users.
The PRs, landing pages, tech events and the app stories are some of the channels to spread the positive word about the app. This is a great marketing tool, which when perfectly harnessed, it makes the app future-proof as the more people believe in the “aha” moment shared by the existing users.
The following ways surely increase the users Lifetime value, where the new users can be turned into the potential users. Thereby, you will get the brand advocates and the brand ambassador for free that boost conversion and generate revenue.
Leverage in-app advertising aptly
Finally, you have strategized to make the existing users fall in love with your app and bring new app lovers. The next step is to create a monetization strategy with in-app ads. Beware! Flooding the app with ads drive away the users and make the contribution to the app deletion. Embrace it smartly.
At first ensure that the native ad, interactive ad or rewarded video ads you are using must be non-intrusive and offer the best experience to the users.Next, segmenting the ads based on the different user group’s interest is necessary to enhance the user engagement, else the probability of maximizing the ROI with in-app ads is zero to none.
“Ultimately, your app ad creatives should speak directly to the needs and desires of a very specific audience,” explained Craig Weinberg of Marketing Land.
Concentrating on eCPM rate is also important because the more impressions the ad receives, the earning will also increase proportionately. At last, don’t forget to test the app performance to ensure the ads are not interfering with the app’s performance.
Get teamed up with the ad network service provider to display ads on your app based on click-through impressions or rates to gain the revenue. Also, you can offer the audience to upgrade the app in order to get the ad-free experience.
‘Nobody is buying anything’- this is the challenge if your app is confronting, then at first convert your premium app into freemium and in case it charges no penny to download, it’s excellent you don’t need to do anything. It sounds odd, but worth it,in case brings revenue.
Later, engineer the brilliant experience and entice the users when they use the app, which appeals them to unlock a new feature after buying the premium content. Once, you get succeeded in adding value to the users, the users will be yours forever.Here, you get the chance to tap the opportunity to reap the profits for a long term in the exchange of limited time offer.
Consider the example of Whatsapp, the freemium app that has initially appealed the audience worldwide with the instant messaging feature, and reached the massive scale. Later, when it has made the announcement of $1 fee for an annual subscription, the users were ready to pay. However, the idea of monetization was ditched.
It indicates the free version boosts your app downloads and when it’s updated to the paid version, the sales get augmented.
Best-in-class push notification strategy can push the purchases
Push notifications create a line of communication between business and customers, and it can be transformed into a revenue-generating machine when the notifications are sent to the right users at the right time. The research studies have illustrated that the notifications have big potential if sent on a particular day and time.The importance is not of sending notifications haphazardly, while it’s about creating a push notification strategy that brings results.
Dakota Smith of Hopper described how the push notifications drive success to the app in the Forbes article:
“Refining our push-notification strategy was really the key for us in converting our install base into paying customers. Each month we send upwards of 20 million push notifications to our users and almost all of our flights are sold in response to a push notification. The notifications themselves are a mix of buy and wait recommendations, all designed to help the user get the best possible deal on airfare. As one might imagine, at that kind of scale even small changes can have outsized impacts. Some of our seemingly-small A/B experiments on copy, timing and frequency have led to conversion-rate improvements on our push notifications that have increased sales by millions of dollars.”
Set up a referral program
The referral program is the flip side of the churning rate coin that can turn it into profit side.The existing userbase is the goldmine, which businesses can perfectly leverage to bring new users in the exchange of rewards. The existing users can be prompted to recommend their friends to download the app or make in-app purchases in order to get attractive perks.Targeting the most influential users bring more leads down the sales funnel. This strategy is very easy to plan.
The catch is- integrating in-app referral program helps in bringing organic downloads without spending a bundle.
Get social proof to de-risk the transaction
In the app crowd, when the users encounter your app, there is no UL certification markon your app which lets the users trust the app. The app developers need to maintain a mindset of buying personas from the design engineering to workflow creation to the development of the features. However, it won’t work for in the long run because the high-end graphics, intuitive UI and rich set of features won’t guarantee that the app is safe to use or provide the financial details to make the in-app purchase.
Here, the existing users (your brand advocates) may help. When the users had a proof in the form of past customers’ positive reviews, they find the benefits outweigh the risks and don’t hesitate in making the transaction with the app. Getting social proof is even better as 74% of the consumers count on social media platforms, testimonials, PRs, case studies or success stories before zeroing in the decision. Fill in the gap to ensure the users they are placing a safe bet with your app.
It’s a great opportunity, don’t miss it, to open the wallets and increase mobile app conversion.
Bonus tip- look no further, discover it.
The app revenue growth coincides with everything that makes the app to the notch in every aspect. This is you who has to figure out what’s there in the app that’s not persuading enough or making interference with the user experience.
Quantify what’s lacking in your application with the recipe to develop an app which starts with minimizing the conversion or impacting the download. Once you find, fix the issues. Thereafter, simplify the onboarding, leverage in-app advertising, use paywalls, integrate push notifications, launch a referral program and mitigate the risks embracing the social power to appeal to the target audience and satiate their logical side. This way, the users no longer remain up in the air, when it comes to dealing with your app.
What’s more? Nothing. Just incorporate the changes if you find any gap, else keep rocking with your app.