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About the Episode
Are you having a hard time figuring out your monetization strategy? Well today’s guest covers the common mistakes you should avoid and how using moments in your app can lead to better eCPMs. Also, listen to how he’s been able to building relationships and partnerships with some major app companies.
Monetization Mistakes Develops Make
- Defaulting the app to pay-per-install –The risk with assigning a specific cost to an app is that a developer could either sell themselves short by charging too little, or overvalue their apps by charging more than users are willing to pay.Apart from games, there is no clear monetization model proven to drive apps to success, there is no ‘one size fits all’. Find other ways to monetize rather than just focusing on pay-per-install.
- Ignoring Monetization Strategies –Planning your monetization strategy in advance is crucial – will you go for freemium, in-app advertising, cross-promotion, etc? You need to understand what your model is, consider what you are building, how your strategy will fit into your brand and the experience you are trying to create. Knowing in advance will let you integrated your monetization model smoothly into the user experience.
Using Moments Towards Better eCPMs
Kiip differentiates themselves by being a moments-based reward platform which allows brands to be a part of a consumers’ journey. The rewards can range from currencies to physical goods and coupons. Moments, timing, relevance – when these come together, users become engaged and once they are they happy, the company’s happy and everybody gets paid.
How to Make Partners and Lasting Relationships
It all comes down to relationship building, states Michael, and it can either come quickly or may take time. Kiip starts off by being genuine even when sending out cold emails. Michael also shares persistence and follow up is important but you need to remain respectful. Once they close the deal, they don’t treat it as the end, in contrast, they keep the relationship by being honest and transparent whether things are doing well or not. Figuring out the mutual incentives between both sides gets you to a fun outcome.
What advice would you give to anyone looking to build a mobile app?
The more people you talk to, the more you shape your output. Talk to lot of people, look at your data, push stuff out, be excited about your idea, learn quickly, adapt and just go after it.
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