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Expert lists conditions for apps monetisation

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An information technology expert, Mayowa Owolabi, has identified studying target market, choosing sustainable business model for monetisation and building across all platforms as necessary conditions for monetising mobile applications.

He stated this while speaking on ‘Strategies for Effective Mobile Design, Development and Monetisation’ at the first Nigerian App Summit in Lagos.

He said that besides meeting those conditions, mobile apps developers should ask users for ratings and endeavour to have a creative User Interface while focusing on customer engagement.

He further listed, “Payment options, advertisement, virtual goods and subscriptions as four main business models that can be employed to make money from mobile apps.”

According to him, “Decision on making money out of your application largely depends on what you are looking to achieve with the app. If you are predominantly using it as a marketing tool to help establish your brand, it may be the best option to focus on getting as many downloads as possible by offering a free app.”

“On the flip side, apps can present a significant revenue opportunity; some applications have become a multi-million dollar business,” he added.

He noted that to add value, it is important that app creators look at apps beyond mere internet related services.

“It sounds simple, but just like every other product; it needs to be based on a good idea. It is always going to be necessary to think of an app as a separate product rather than a copy of your website. Come up with a simple idea that would reflect your business and its core values. In such a competitive market, you need to think of something new and different to grab the attention of the audience,” he said.

Mayowa further explained that, “It is important to understand that your mobile app won’t solve or answer every need of the customer. You need to provide the required information within the application and offer important tips and suggestions related to your product or services,” adding that app creators should,  “Continue providing information to your users regularly, which may include updates and news regarding your products and services. The best way to achieve this is by creating a system that would automatically update all the information even before the user realises its need.”

Also speaking, the Chief Executive Officer, Beyondbranches Ltd, Simon Aderinlola, said that app creators should concentrate on crating apps that solve problems.

He recommended that app builders should among other things approach app stores correctly by understanding platform requirements, uploading basics, and paying attention on the platform in the target market. He said they should also utilise app discovery platforms to increase downloads and boost rankings.

He said, “App stores are crowded, so don’t do the same and expect a different result. Businesses are still asking for solutions. There are opportunities in self-service apps to check and pay bills, check and monitor outage status, mobile loyalty programs, managing points, redeeming vouchers and making payments. You can also identify the ‘missing’ services in the menu offerings of the already launched apps or services in your country.”

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