So, let’s be honest. There are a countless number of apps of every kind, available in different App Stores (be it iOS, Android, Windows, Blackberry, etc). This is obviously a blessing for the consumers but not so much for the app developers. The competition that arises makes it difficult for app developers to earn the buck.

Monetization of an app is one of the biggest challenges faced by the developer and it is one that cannot be ignored. If done well, the developer will definitely gain far more than the investment made. So, how do you monetize your app without it being a failure? If you are a first time app developer and feel you have a great idea, then we give you 4 easy strategies to monetize your mobile app.

#1 – In app purchases

This is one of the most common ways to monetize an app. These basically are certain products that the developer chooses to sell within the app. For example, in a game, the purchases can be for extra gold coins and health upgrades, a language extension pack for a translation app, or whatever might it is that might possibly be apt for the app. One most exciting aspect about in-app products is that you can get users excited about the value you add before you sell the products in your app. It depends upon the developer, where and when he decides to offer the in-app products/purchases. The app can be available for free, which means the consumer gets the most out of the app, and then when they are comfortable, the developer can offer more functionality or more value for a price.

#2 – In app advertisements

If in- app purchase is not working for you or you want to earn more revenue, you can always opt for in-app advertisements. By allowing ads to run on a space sold within the app and the developer can earn a revenue, which is based on the number of times the user clicks on it. They work very well with any kind of apps, especially in the gaming, news, chat and entertainment category apps. There are several providers of mobile ads, all you need to do is sign up and start showing ads that are relevant to your users.

#3 – Paid apps

Still haven’t found what you are looking for? How about paid apps? As the title says, paid apps mean the user have to pay up front for using the app. Amongst all the categories, paid apps work very well in the gaming, news and entertainment section. However, the user will be less tolerant if the paid app has in app ads or in app purchases. You can always consider offering a free or a trial version. And, if the user wishes to, then he or she can go ahead and purchase the full version, which will give him or her a lot more variations and upgrades. For example, the Angry Bird app is a very popular one. On IOS a free version is available where only few of the levels are open to the user. By purchasing the app, the user is then entitled to more levels and regular updates.

#4 – Sponsorships

If still you are not convinced, get sponsored. They work by individuals or businesses under-writing the app in exchange for recognition type benefits. For example, putting up an ad or logo within the app. These work best for Local and Event focused apps and narrow focused audiences. However, these are typically a one-shot source of revenue, but good way to get a first app off the ground.

With these 4 strategies in place and making sure you have an awesome app, the digital world is now within your easy reach.