An entrepreneur’s dream is to have the ability to do everything you need, all in one place. What’s better than that one place being a mobile app directly connected to your phone; allowing you to work anywhere, anytime.

Apps are definitely a growing market, especially amidst the pandemic. We have relied on apps for nearly everything. From connecting to friends, business meetings, and starting up businesses to find alternative ways to make money without the need to go anywhere. 

However, as this is a fast-paced growing market, there is a significant amount of money that goes into apps – billions of dollars for a rough estimate, and that number is always continuing to grow. 

Based on the stats from Statista – global mobile app revenues were calculated to be $69.7 billion US dollars in 2015, and in a short 5 years it is estimated to basically triple to be $188.9 billion by 2020. 

You may have come up with a savvy idea for an app, but like most, are unsure how to make it a reality. We’ll be discussing and going into detail on just how to do so.

How to Generate a Profit from Mobile Apps

In order to make money, we need to understand the HOW.

The 3 Basic Methods on how to get monetization include;

• App downloads

• In-app purchases

• In-app advertising

As you must know, if you want to maximize the number of downloads your app should be free. Although, it is recommended to create both a paid and a free version and analyze which one will make you the most money.

Deciding which monetization method to use for your app, all trickles down to WHAT kind of app you want to launch, as well as your target audience!

Conclusively, the best strategy to monetize your app, is to integrate it and make it feel like an ordinary part of the experience; you want to grow a large, active user platform to increase chances for revenue.

In-App Purchases

• An option that makes initially downloading the app free, but then provides consumers who would like to, pay for “deluxe” features within your app.

• This is most common in games or gaming apps; for new levels or accessories for characters

In-App Advertising

• Creates revenue from clicks and impressions

• In-app advertisements can vary for different sizes, positions, and placements

10 Steps to Creating a Profitable App

1. Create a vision

• Find your purpose and come up with rough ideas

• Questions you can ask yourself:

o   What do you want your app to do?

o   What problem is it going to solve?

o   Who is your target audience?

o   How are you going to make money with your app?

2. Research the Market

• Take your idea, and investigate what other apps are out there like it

• Plan accordingly and design your app so it stands out from the others

3. Create a Sketch

• Put your idea to paper, and draw out what each individual page and screen would look like

• It can be done on pen and paper or you can use a wireframing structure such as;

o   Pidoco

o   Axure

o   Microsoft Visio

o   Evernote Penultimate

4. Design the Appearance

• Take your wireframe ideas, and add colour and design

5. Back End Coding

• The largest phase of the app development

• While your code is being created by software developers, it is a good opportunity to register for a developer account with Google Play or the Apple App Store

6. Test your App

• This is a crucial stage, since you want to make sure your app is fully functioning

• At this point every screen should work and appear well

7. Modify and Adjust

• From the testing stage; adjust your prototype and make the tweaks necessary to polish up the app

8. Beta Testing

• This allows you to recruit testers from your target audience

• You can recruit the ideal beta testers from Twitter, Reddit, etc.

• Make sure the testers get engaged, giving you the most feedback

9. Launch your App

• Wrap up the final changes and then release!

• For Android: you are able to simply add your app and start selling it in Google Play

• For Apple: your app will have to be reviewed before it goes live, this takes time, anywhere between 3-10 days

10.  Market your App

• Promoting and marketing your app is important to ensure consumers know about it and start downloading the app; so, it can begin making money right away

• A good way to market your app is to promote it through your social media platforms, for example on Instagram through both stories and posts.

Creating a profitable app is no easy task, reach out to us today and learn more about how we can help you launch your next great business idea!