Monetizing my App – please give me suggestions to Make it Profitable!
Hey everyone,
First I think let me tell you slightly about my app which is:
📱A personalized shopping expert, providing tailored product recommendations and advice through natural conversation.
I’m currently working on my business plan for my app, and I’m facing a bit of a challenge when it comes to monetization strategies. Here’s a breakdown of what I’ve considered so far:
1. Freemium Subscription: Offering premium features at a subscription price of $5.00 per month, based on the market average retention rate of 20%.
2. In-App Advertising: Integrating advertisements with an average market CPM of $10 to generate revenue.
3. In-App Purchases: Providing additional features or content for users to purchase within the app, with an average user monthly spending rate of $0.43.
4. Affiliate Shopping Marketing: Partnering with e-commerce platforms, leveraging the Singapore market’s average monthly spending of $126 for shopping, with a 5% affiliate commission rate.
Despite these monetization strategies, I’m still running into a challenge where the average market cost for a user to download the app is valued at $4.99, leaving me at a loss.
I’m seeking advice and suggestions on how to make my app profitable. Are there any additional monetization avenues I should explore? What marketing strategies could help increase user acquisition and retention?
Any insights or recommendations would be greatly appreciated. Thanks in advance for your help!
Looking forward to hearing your thoughts.
In: Technology
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