4 Ways You Can Make Money from Your Business App

Have you ever wondered if you could make money from your business app? If so, the answer is most definitely yes – and in much greater amounts than you might think. As screen time increases and ecommerce booms, more and more consumers are turning to apps to make purchases for everyday items, subscriptions and treats. As a case in point, Joe Wicks’ The Body Coach app, which provides personalised fitness and plans launched in late December 2020, is said to have generated £9 million in revenue in the first week of 2021 alone. Over Christmas, there were reports that the fitness coach made £46,000 in one hour thanks to a huge surge in sign-ups.

If you’re planning to add an app to your business this year, here are 4 ways that you can monetise it.

1. Subscriptions

Apps don’t cost a lot of money to purchase as a user, and the majority are free to download, so you might wonder how you can begin to use an app as a revenue stream. An easy way is to offer paid premium upgrades in the form of a subscription services.

For example, if your app is a business tool, omit some premium but sought after features from the free version and allow your users to pay for the full app on a rolling subscription. Alternatively, you could provide the entire app for free for a given period but charge users an ongoing subscription once their trial is over.

2. In-App Purchases

You could also set up in-app purchases to turn your app into a money maker. This could enable users to purchase goods or services from inside the app itself. This has become increasingly popular in app design - and increasingly lucrative.

3. Selling Products

The benefit of an application is it is on your users phones, in their hand and therefore easily accessible from anywhere. If you have a product or service to sell, promoting it within your app and allowing users to purchase your goods or services directly from their device adds convenience and can boost conversions. It is an easy way for your to reach your audience and an easy way for your audience to complete a purchase on the go.

4. Advertisements

Advertising also makes a lot of money for app owners, which is a great way to monetise your application if you want to keep everything free within the app itself. Similar to advertising on websites, every time a user clicks on an ad, you will receive a commission. Although you can use advertisements alongside these other methods, any paid for or premium services should be ad-free.