How to decide perfect price for your Mobile App? In-App Purchase Analysis.
Today, the app industry is booming all around. We find millions of apps already live in the Apple App Store and Google play store with hundreds of app launches every month. The study proves that last year the majority of people were spending time on their phones. For any app developer, building a great app takes center stage. For any start-up, the app development process is quite challenging. They need to consider the amount of time required to build each step, spend time on discovering, designing, and developing an application.
In the end, our prime goal is to provide excellent value to the end-users by understanding the pricing of digital products. Do not overlook the app and determine to build a scalable and profitable mobile app business.
Marketing plays a significant role in product pricing strategy in getting your app initial visibility and traction in the app store. For this, one needs to determine the product's price, which decides your app's success in several downloads where user retention has long run. The whole app development process includes a lot of work. It becomes tough to come with a fixed price that will fulfill the app development work. The price deciding for an app is essential, and it depends on several factors.
Determine what is a product pricing strategy?
It's how we make money through the mobile application. Initially, one needs to be concerned rapidly by launching a minimum viable product. With using a pricing strategy, the user can build a robust product. Product pricing may seem an easy task, but it certainly isn't. App Store and play store sprawl millions of apps and various types of pricing models evolved. We delve deep to understand it's typed and pricing strategies and discuss its pros and cons.
The App programmer works hard to properly design the app and craft an incredible mobile application for use. One can think of various points which decide a price for the developed new brand app. Here's the description of different points which help you to determine an app's cost.
Using this cost-oriented Technique, the whole process of calculating the average amount becomes easy. First, you will find an appropriate amount required for crafting the app and do the app's promotion. After this, a customer knows the amount of charge he needs to spend on developing an app and what estimate price he should charge for selling the app. With this, you will be able to come to a point for making the correct decision for the app's price.
It's the other way to finalize the cost of an app. In this Technique, one needs to search for different people & see how much they are willing to pay for the app. One can offer various price ranges for your app with some attractive offers for the user. By following this criterion, the whole process becomes a little easier to judge on the price app.
Value-Oriented Technique helps calculate the original cost for the mobile application. It focuses on the significant points which calculate according to the user's profit & which are right rendering to the app's best features. If a user finds the app beneficial, they will never think to spend more buying that app.
The competitor-oriented Technique is used to decide the app's price by keeping its competitors' expense in mind. It helps applications get more downloads when you increase a little more worth from your competitor's price. It shows the app has unique & useful features. Don't grow too much cost for the app; otherwise, customers would never buy such a mobile app. Sow the best features with the right price that makes a great impression on the market.
Types of Mobile Pricing Strategies
Who doesn't love to get something or anything for free? The customer expects to get apps for free. To offer free apps is a good step, especially if you plan to attract many users. But how can one make money through the free app? Well, there are mainly two types of free apps. One which is an entirely free and in-app purchase app.
- Completely Free
These kinds of free apps come with add-ons established products or services. The main goal of these free apps is not to make money directly. Instead, they can generate revenue by driving people to other revenue streams. For example, one's app offers coupons that can be purchased through the website. Also, there are few banking apps which makes it easier to manage their finances on the go.
Here is a Guide to Make Money from Free Apps: Tips and Strategies
- In-app Advertisements
Using this strategy, one can use for ad revenue. These advertisers rent the space within your app, and people see those ads when they use your app. But still, the application is free to download. If you're planning to build a gaming app, then the in-app purchase is best recommended.
Understand here why Mobile App Advertising is changing the world scenario by spreading awareness among people to adopt the technology trends.
It's a model where the app is available free, but a few additional tiers and features are used within the app which is chosen to pay for. Mainly there are three types of freemium apps.
- Users download the app for free, and they must pay to move to the next level. One can get boosters, use in-app currency and proceed.
- The application comes with all added functionalities and features with limited time offers. Users need to pay to continue.
- The app is free but contains ads. The user gets options to pay for a one-time fee where ads are removed.
Various points on which app developers work before declaring the price of a mobile application
- Compare the app with the other apps in the market.
- Take a look at the features that other apps have and find whether their app has all the features or not.
- Looks to find a competitor's app price and then compares it with another app.
- Avoid high-range of app price & set price of an app lower. compared to its functionalities to avoid negligence from the audience.
- Download and look for other apps which fall in the same category.
- Research the full market of an app for concluding the price of the mobile application.
- Participate in the app's download competition; it's just for making the best app at a reliable cost.
- Check the graph of the app's download, which shows several apps get downloaded.
- After the app development, check the app's features and find whether any part is missing or not.
AgileInfoways encompasses a well-educated team of app developers having above 5+ years of experience. With this experience, mobile application programmers are capable enough to fulfill user demands. Our strategies are simple, where we aim towards excellence. Our goal is to satisfy all clients by providing them with the best results.