You have spent a considerable amount of effort in order to have a qualified and popular mobile application, and now you want to monetize your application and reap the fruits of your victory.
While offering in-app purchases in your application may seem to be the right decision, this decision may have very critical consequences for the future of your application. So you need to decide if your application is ready for this monetization model.
So how do you know if your app is ready for offering in-app purchases?
Analyze Your Audience
In the first stage, it is very important to analyze and get to know your audience. The budget, interests and expectations of the users that use your application are among the factors that you should take into consideration while creating your in-app purchase strategy. Do they have the money to pay for your paid features? If yes, how much can they pay?
Please note that the payment habits of users in different countries may be different. Similarly, demographic factors such as age and gender are also important factors for predicting user behaviour.
Analyzing your audience will help you understand if your app is ready for offering in-app purchases. It will also help you to define the prices if you decide to offer in-app purchases.
Evaluate Your Content
What is your application used for? The benefits of your mobile application for the users play an important role in determining its numerical value. Users usually make their decisions by taking into consideration the returns of an app before buying or making purchases within the app.
If you require a higher fee than your content value, it may cause users to stop using your application. Moreover, if they think that you demand too much and show their negative reactions writing app reviews, it will also harm your reputation.
So, you need to evaluate your content then decide if your content is worth to be paid for. If the answer is yes, how much is it worth to be paid for?
Analyze Your Competitors & The Market
Analyzing your competitors and the market will also help you a lot in this process. You can easily determine the market value of your application by browsing the fees other similar applications demand.
After considering these suggestions, it will be easier for you to determine whether your app is ready for in-app purchases, and to determine the value of your app.
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