7 Ways to Monetize your app

Explore pros and cons of different ways to monetize your handcrafted product

Photo by rupixen.com on Unsplash

You have a great app idea. You built it. Tested it. And now ready to ship. But how do you monetize all the work you have done? Let’s explore.

• Free
  OK. I know I said “monetize”. But hear me out. Offering your app for free is a strategic move to attract a large user base quickly. Although you won’t earn revenue upfront, this model can enhance brand recognition. Then you can convert those users to pay in other ways later. You can also ask for things that are not money, such as email to build a mailing list.
• One time purchase
  Users pay upfront to access the app’s full range of features. Personally, I think this is not ideal. First, it’s hard to get user to pay if they haven’t try the app. It’s a barrier of entry. Second, it’s not sustainable to have user pay only once but you have to support them forever. I think that’s why many apps like TweetBot release TweetBot 2, TweetBot 3, TweetBot 4 every year and you have to buy them again. If you plan to release every year, then I guess it’s ok.
• Subscription
  Subscriptions are an excellent way to generate consistent revenue over time. This model is ideal for apps that provide ongoing value, such as streaming services, productivity tools. Unlike one time…