How to earn revenue via instant messaging app startup? Revenue generation model explained
The area of communication services is driving successful entrepreneurship on a grand scale. The market of Instant messaging applications, aimed to let users experience personalized communication exploded largely. Therefore, developing an Instant messaging app is proving to be a top choice among today’s entrepreneur. By the end of 2020, the market of Instant messaging apps is estimated to reach a whopping 2.1 billion users. How’s that for a stat?!
With easier access to technology and related resources, the stage is set now for entrepreneurs to develop an effective communication tool. Earlier, we had brought you valuable technical insights on developing an Instant messaging app.
But, developing a technically sound application alone isn’t going to help. The success of an Instant messaging app is determined, in large measure, by some other factors as well. ROI is certainly one among those and so an equal emphasis must be given for making revenue as well.
And, that’s exactly what this article focuses on.
How to channel revenue options for your messaging app?
Well, different apps followed different monetization strategies. Some worked and some didn’t. But, some strategies clicked so well that app businesses eventually began to adapt under their revenue channel.
Here are the prominent monetization practices which leading messaging app service providers follow commonly.
The time-tested strategy of all
Pay to experience: Subscription/ Download charge
Although a long-established idea, it’s never unworthy implementing. One proven recipe is creating an impression with a free version. It’s very simple isn’t? You give users a reason to clutch your service, and they pay to experience it. But, it’s largely dependent on what impact the free version creates. If you’re successful in developing a positive impact upfront and make believe that the app can render an even superior experience via paid upgrade, then you can reap greater monetization benefits.
Upsell your users
Integrate to expand: In-App purchasing
This practice can actually be a vital cog in your monetization efforts. More or less, it works like In-App advertising. But for difference, you will upsell the users from within the application itself, rather than through traditional marketing channels.
For Example, a free-to-play gaming option can be integrated into the application. How does that help you? Simple! A user, depending upon his inclination, may purchase virtual items and services corresponding to the game. If that happens, a percentage of commission reaches you from the collaborator as per the mutual agreement. So, by turning your app as a promotional medium, by integrating certain upsell elements, you can expand your revenue options easily. And, some of the leading players in the messaging app industry are actually embracing the concept of In-App purchasing.
Track user behavior: In-App Advertising
In-APP advertising revolves very much around digital marketing. Yes, you read it right-Digital Marketing! First, our server saves the personal data of a user via the login actions performed. Second, when the data is examined closely in an analytics environment, you might identify the interests and inclinations of users. Ultimately, by collecting the details it becomes that much easier for you display Ads in relevance. Show your users what they wish to see.
Create a purpose-built chat tool
Target a niche: Chat apps for enterprise
A potential area which often goes overlooked is developing a chat application for enterprises. Enterprises are looking for a well-individualized communication app solution that creates a secure way for transferring messages. If your app is tailored enough to serve the purpose of a brand chat app, then you can achieve fruitful sales experience.
On the back of extensive research on market trends and developments, Agriya developed an Instant messaging solution, BlaberChat – Whatsapp clone script. We equipped the app script with impressive functionality base that helps in developing a chat app solution for multiple verticals instantaneously.