Mobile apps have come on leaps and bounds over the last year, with no sign of slowing down any time soon. This has lead to a proliferation – some may even say saturation – of apps on the market, and we are moving into era where quality as opposed to quantity takes centre stage when choosing which apps to download.
With so many apps on the market, enterprises are finding it increasingly difficult to measure ROI when it comes to mobile apps, and the need to monetize apps is becoming ever more prevalent.
There are two clear ways of doing this, firstly you can charge users to download and access specific content on your app (for instance, Time magazine), or secondly use advertising to fund your app (for instance, the FT). The only other alternative is to provide free apps, seeing their value as driving sales leads and promoting the brand.
The strategy that an organization chooses for its mobile app portfolio is driven mostly by what their competitors are doing. If a competitor has a cheaper or better quality app, they will likely win the customer over. This makes it is crucial to understand what’s going on in the market place when devising an app strategy.
In all cases the silver bullet of an app strategy is, as with most things, the simplest of solutions – quality. If an app adds value to a customer they will use it. If the app doesn’t add value and only costs the customer money or time in watching adverts, they will not use it. It’s as simple as that. Make an app work for the customer and the monetary rewards will follow!
To achieve this quality-driven app approach, a strategic end-to-end view of mobile marketing is essential. A set procedure needs to be in place should a new device or new technology come on to the market to ensure the future is catered for. In addition to this, an app needs to cater to all customers and maximize the individual features on each and every device to ensure a consistently better app that is worth the cost incurred by monetizing.
A best of breed app portfolio is the only way to draw in customers and make monetizing apps work.