How to Monetize Your App with Affiliate Programs
In the era when there are plenty of mobile applications for pretty much everything, monetizing your product is something obvious you should do. Sure, most users prefer not to pay for apps and download them for free. But there are ways you can offer them your product without any payments. There are many ways to earn with your app. For instance, you can cooperate with affiliates and promote their services. And there are more. Keep reading our article to learn the basics of app monetization and how to combine it with affiliate activity.
Ways for Monetizing Your Product
Let’s start with the definition of the basic terms. When we talk about mobile app monetization, we mean the process of earning money using this product. This means we use a particular approach to convert active users into sources of revenue, in one way or another. This opens a lot of ways for promoters, affiliates, publishers, and developers to make money on something people enjoy using. Let’s disclose the most popular ones
If you have ever used a free app, you know what we are talking about. This is the most popular, simple, and proven tactic to monetize an application. Publisher collaborates with promoters and other third parties and includes their ads in the app’s interface. Users see this ad, click on it, subscribe, buy, or make any other conversion, while the publisher gets a reward depending on the payment model. It can be CPM (cost per impression), CPC (cost per click), or CPA (cost per action). In-app ads can be displayed as banners, native or interstitial ads, and affiliate ads.
It is common for gaming apps when users are offered to get some boosts or in-app currency for some money. In this case, both parties win, as the user aka player can increase his score, while the developer gets revenue for the product. In the case of non-playable apps, you can offer additional features or services.
This strategy is proven around the app market. Users are not forced to pay for the app as long as they are satisfied with having access to the limited set of features. Usually, publishers offer a 7-day premium trial, so the user could combine the experiences and make an informed decision.
Sponsorship and Partnership
Here we mean the collaboration between similar developers when one promotes the product of another to his audience. For instance, if you have a financial app, you can partner with some planner app, banking, etc., as your users might benefit from those products as well.
This method means getting paid for bringing visitors, subscribers, clients to the company you are partnered with as an affiliate. Your reward depends on the number of people who react to the ad, as well as the commission from the purchase they could make. For instance, in the affiliate marketing life insurance industry you can earn from attracting users of your financial or health app. As a developer, you can be an affiliate or partner with an agent who wants to promote the particular policies to your audience.
What is Suitable for Insurance Affiliate
Insurance affiliates can collaborate with developers and promoters to detect suitable platforms for advertising and selling their policies as a part of the life insurance affiliate program. This is good for both direct sales and lead generation. It is important to choose the right app and research whether the audience will be interested in such offers.
The modern market world creates numerous opportunities to earn via apps with a wide audience. As soon as your application gets popular and appreciated among users, you can develop a strategy for monetizing it by combining the approaches. The main thing here is to define the interests and pain points of your users to make sure the ads and offers you promote meet the tone and purpose of your product.