by Innovimobile Administrator on July 25, 2018
Trying to figure out how much your app is worth isn’t easy. It all comes down to how much it costs to produce and maintain the app and how much users are willing to pay for it. Some other factors also take into account are the revenue from in app purchases and in app advertising.
Still wondering how much you should charge for your app? Read these 3 tips below!
Free or Paid?
Free apps or freemium apps are basically apps that you download at no cost. You can offer a paid version which usually holds features the free version doesn’t have. The price for paid apps has significantly dropped in the past couple of years with “free” apps dominating the market.
Purchases made in Apps
In App purchases with users have exploded in recent years. While there are still some people who pay for apps, most people download a free app. Once they have used the app for a period of time, they are more likely to start making in app purchases.
Advertising
In app advertising is a great way to get on going revenue for your app. The good & bad? You’ll only get paid for one app download, but you can continue to get paid through in app purchasing. There is a wide range of advertising options. The key is to find the right balance.
You don’t always have to charge customers for an app up front. There are plenty of different apps that are free but still make money. A easy way for app developers to get attention is to greatly reduce the price of their app to free. It isn’t unheard of for apps to be $5.99 one day and then free the next. But there is a catch to this, and it is usually just for a limited time. This happens so you can warm up to the app and the end result is eventually you like the app so much, you’ll buy it!