It seems like apps are everywhere these days, and the popularity of apps might make you wonder just how much money you can make from developing your own. The truth is that app monetization is a real thing, but before you fire up your workspace and begin coding, there are some considerations to factor into your plans.
What Does Your App Do?
Just like the old Apple commercial used to say, “there’s an app for that”, so if a problem needs solving, you stand to make money from solving it by developing an app; however, some problems are more niche than others. If your app doesn’t have mass appeal, there needs to be at least a sizeable enough customer base to support it if you plan to make a profit.
If you develop a niche app, you’re probably going to need to think about your app monetization strategy. For example, you will probably need to raise the price of the app since your customer base is going to be smaller. So, consider how many sales you could realistically make and compare this number against the price you plan to charge. If the price of the app is set too high or too low and the customer base is too small, you may need to rethink your app idea overall.
How Many Competitors Does Your App Have?
Even if you can perfectly work out the pricing and costs, consider how many competitors your app has. You might have the greatest idea ever and have the perfect price point worked out, but none of this is going to make you money if there are hundreds of competing apps available that all do the same thing as your app.
How Much Support Will You Provide?
You’re also going to need to think about how long you plan to offer support for your app. Support costs can eat into your profits over time. Some app stores have policies that dictate the length of time a developer must provide ongoing support. So, even if you make a lot of money off of an app initially, you can also lose it if it ends up costing more to support the product in the long run.
Read a similar article about customer engagement software here at this page.
