Mastering App Monetization: Essential Do’s and Don’ts for Success

This post was most recently updated on February 9th, 2024

So you have a mobile app, but how do you monetize your app and make it known to users? The core foundation of a successful app is user acquisition and monetization strategy. Addressing users’ needs and keeping them engaged while maximizing revenues would be the main drivers for your business. Know the do’s and don’ts of in-app monetization campaigns:

Essential Don’ts for Success:

1) Don’t eliminate a planned user-acquisition campaign

One mistake you can make is to assume that users will find your app organically. With millions of apps to choose from, that sounds unrealistic. A user acquisition campaign is an integral part of a business if you seriously want it to grow. The big problem to address is: how will people find your app? A certain study from In Tune Research shows that there are 1.5 additional organic installs earned through paid acquisition.

2) Don’t launch your app too early or too late

Simple: do it right on time. An app is a ‘never finished’ media that needs continuous innovation in order to keep traction. If you launch too late, other competitors could have acquired your target users already. Be very sensitive to your users’ needs and keep pushing updates to your app for them to keep using it.

What if you launch too soon? The question is, do you like eating bread that’s half-baked? Check out the below To Do’s.

3) Don’t set out without a clear monetization strategy

You could be the next giant (i.e. Facebook, Instagram, Twitter) – but that’s a one-in-a-million chance of becoming one. Always have a clear monetization strategy when you want to build the business.

Related Read: App Monetization: First 30 Days Crucial for User Engagement

4) Don’t monetize without knowing the rules of the game (i.e AdMob Policy)

Avoid getting your app banned or suspended just because you don’t abide by the rules. Please know the guidelines. Could not stress enough on this.

5) Don’t: Neglect Regular Updates

Regular updates not only improve app functionality and security but also signal to both users and app stores that your app is being actively maintained. This can lead to higher rankings in app store search results and improve user retention, as users are more likely to remain engaged with an app that is continuously evolving and improving.

6) Don’t: Ignore Ad Placement and Frequency

The placement and frequency of ads can greatly impact user perception and app usability. Ads should be strategically placed to be noticeable without being intrusive, and their frequency should be optimized to maintain user engagement without overwhelming them. Finding the right balance is key to maintaining a positive user experience while effectively monetizing your app.

7) Don’t: Compromise User Experience for Revenue

While monetization is essential, it should never come at the cost of user experience. Intrusive ads or overly aggressive monetization tactics can frustrate users, leading to app abandonment. It’s crucial to find a balance where monetization strategies are integrated seamlessly into the app, enhancing rather than detracting from the user experience.

8) Don’t: Overlook User Feedback

User feedback is a goldmine of insights. It is essential not only for improving app functionality and design but also for refining your monetization strategies. Ignoring this feedback can lead to missed opportunities for growth and improvement. Make it a habit to actively seek out and incorporate feedback through various channels, ensuring your app remains aligned with user expectations.

DO’s:

1) Do: Conduct Thorough Market Research

Identifying your target audience is crucial before implementing any monetization strategy. This step involves a detailed analysis of user behaviors, preferences, and demographics. The goal is to tailor both your app and its monetization approach to meet the specific needs and expectations of your audience, ensuring a more personalized and effective user experience.

2) Ensure your app is market-ready

A few items that should be in place prior to starting your paid user-acquisition campaign:

• The app is free of bugs
• App analytics are integrated and are perfectly functional
• Ensure quality of landing page, app store categorization, and app store search visibility

3) Find out your optimal campaign launch time

When you think you’re ready to publish your app, make time for a few final checks. Your checklist could be extensive. Example below:

• Developer profile
• Store listing ready
• App pricing set
• Guidelines met

The list can go on. Also, consider the season or timing. For instance, an app with a Marvel character could be launched when the movie is being talked about or popular.

4) Do establish your ASO (App Store Optimization) plan

You will have to take your app to the retailer shelves and tell people where and/or how to find them. App store optimization could be a great help to be discovered but to get significant traction, marketing your app is a must.

Avenues to market your app could be tech bloggers, press releases, and word of mouth.

5) Do: Leverage Targeted Advertising

In today’s data-driven world, personalized and targeted advertising can significantly increase engagement and conversion rates. By leveraging user data, ads can be tailored to fit individual user profiles, making them more relevant and effective. This approach not only improves user experience but also enhances the efficiency of your advertising efforts.

6) Do decide on the level of ROI you need before monetizing

Should you monetize on a CPC, CPM, or CPI basis? That would depend on a number of factors. Determine KPIs (key performance indicators) of LTV (future lifetime value) — how engaged are your users? How much time do they spend on your app? How much money do they spend on the app?

7) Do set your monetization tactics first: Ad Formats, Transparency, Monetization Partners (i.e. MonetizeMore)

Always put ‘user experience’ a priority. Don’t overwhelm your users with too many ad banners and pop-ups. It is also important to remain transparent with your monetization partner regarding your users’ profile, behavior, demographics, etc — all the key factors to finding the best optimization strategy for maximum CPM performance.

8) Do start small and grow from there

Do a soft launch in order to minimize risk in case something doesn’t work. Don’t complete the app with all the features when you release it. Start with the core proposition and analyze how the users react. Listen to what they have to say.

So what if your app does not succeed? Come up with more app ideas! It’s just like releasing a music single that you won’t know which song would make it.

9) Do: Implement Loyalty Programs

Loyalty programs, rewards, and exclusive content can significantly enhance user engagement and loyalty. By offering these incentives, you encourage users to return to your app repeatedly, increasing their lifetime value and, consequently, your app’s revenue potential.

10) Do: Explore Multiple Revenue Streams

Relying on a single monetization model is a common mistake. To maximize revenue potential, it’s advisable to explore and implement multiple revenue streams. This could include a mix of in-app purchases, subscriptions, advertisements, and affiliate marketing. A diversified monetization strategy not only increases revenue opportunities but also provides users with choices, enhancing their overall experience with your app.

Conclusion

Good news! MonetizeMore can now cater to in-app advertising offered by Google. MonetizeMore has been exclusively invited in the In-App Beta Program of Google for Mobile App Monetization.

We are now welcoming app developers and publishers to sign-up via MonetizeMore in order to get maximum ROI from Google ads. 

Sign up for a Premium account at MonetizeMore today!

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