Building an app takes work. But once achieved, a world of revenue opportunities awaits.
Consider the in-app subscription model, which can deliver a continuous revenue stream in exchange for the value provided to customers. An in-app subscription business can be transformational with a robust monetization strategy. As the world population continues the ongoing shift to mobile apps, the revenue opportunity of the in-app subscription model becomes more significant than ever.
However, to truly attain an edge over the competition, it’s pivotal to ask yourself the following questions to properly shape the trajectory of your subscription strategy -
- How to monetize an app by implementing paid subscription?
- How to manage an app subscription plan after implementing it?
- What are the do’s and don’ts while implementing an in-app subscription model?
Fear not; we will take this one by one for you. Let’s begin by understanding the in-app subscription model and how it can become a scalable subscription business.
How to Monetize an In-App Subscription Model?
Mobile app subscriptions thrive on an engaged subscriber community. Offering a superior user experience differentiates a service from the competition and improves your customer retention rate significantly, making it more consistent. Consistent app updates and immersive content are pivotal to converting the in-app subscription idea into a comprehensive business model.
According to a survey from the digital intelligence and analytics firm Sensor Tower, 90% of the top-grossing mobile apps in the US run on a subscription model. This statistic lends credence to customers willing to pay for stellar content propelled with consistent upgrades. Because the in-app subscription model offers enormous flexibility, subscription businesses can provide an interactive user experience powered by monetizable ad content.
How to Manage an App Subscription Plan After Implementing It?
While designing a subscription strategy for your apps, it's essential to establish a robust content promotional backbone to explore its true potential. Although subscriptions are the way to go, it’s safer to transport users from a free plan to a subscription plan. This strategy is also known as freemium.
What are the Do’s and Don’ts While Implementing an In-App Subscription Model?
App subscriptions become a well-executed business model if the app users can access consistent content updates, promotional campaigns, and news on the latest feature upgrades. In a nutshell, in-app subscriptions demand a well-thought subscriber engagement strategy and excellent execution.
It’s also crucial to gain knowledge of the most suitable genre to run a subscription model for apps. Content-rich apps like music and video streaming can become successful in-app subscription models. Diet planners, calorie trackers, health and wellness apps, and reading apps fit best. On the contrary, gaming apps aren’t a good choice for an in-app subscription model, as these type of apps don't have regular game updates leading to a single checkout opportunity for users. Understanding the niche target audience that aligns with what your app offers enables you to create a user journey that’s nothing less than stellar.
A superior user experience differentiates you from the competition and improves your customer retention rate significantly powered by consistent content delivery excellence. Choosing an equipped subscription management platform that can simplify app operations is essential to offer personalization powered by insights from customer data. Evergent’s subscriber analytics capabilities empower any app with just such a set of capabilities. With Evergent, you’ll know if your promotional campaigns and content upgrade cycles are hitting the right chord with your audiences. You will now have the power to make data-driven decisions that impact your top line, ultimately resulting in improved profitability.
Evergent’s Customer 360 allows you to understand customers at a granular level by analyzing geographical data. Evergent’s customer management capabilities eliminate critical functional dependencies to get a complete customer view, enabling faster and more knowledgeable issue resolution.
A competitive app subscription strategy is powered by a well-thought user engagement model and a robust subscription management platform, offering customers superior experiences addressing their unique needs. Book a call with our expert to discover growth possibilities when considering a partnership with Evergent.