If you are planning to build an education app, you should not miss these 6 authentic ways to monetize it.
The education industry is currently one of the most booming service sectors of all. With the awareness programs and workshops and, of course, the growth of technology, it is expanding big and wide all across the globe. With the help of the Internet and allied resources, the education sector has grown to be more organized in terms of teaching methods and has developed various scientific ways to educate children and promote different forms of learning to help them absorb information and train them more effectively and resourcefully.
Owing to that, you will find a lot of devise-based learning options coming in and entering as a parallel culture and practice of edification. These devices are mostly in the form of tablet computers and mobile phones and are powered by some kind of an app.
Therefore, if you are from the education sector and don’t want to leave such opportunities, you should be going with the latest trends and traits of the industry and should consider monetizing your offerings through a mobile app. Education app developers can definitely help you out with that.
Here, to commit to best of value and benefits with your idea of education services and earn profits, you need to think on how to best monetize your app by aligning it with conforming ROI and traction channels.
You can choose from the most suitable monetization methods for educational mobile apps:
Going with the freemium model you allow your users to avail a part of your educational app for free. This may include basic features, orientation level modules, pilot elements or an MVP version of app available to be used for free with rest of the advanced education material, learning resources or more elaborated version of the educational app to be used at a price against subscription or convenience fees. This can be best broken into two parts – free version and premium version of the app. You can strategize it by offering an excerpt, trial, or preview of your services and make users buy your complete solution as they are convinced of what’s inside.
When you go with the in-app purchase earning model of an educational app you basically allow your users to use the majority of services for free. However, you push and ask them to use different value additions or enhanced facilities by purchasing them. Here, a good example can be a language learning app that offers you rewards/coins as you progress and/or clear stages/batches of learning. These coins can be used for unlocking different modules. However, users who are not able to win enough rewards can purchase those coins by paying real money through in-app purchases so as to proceed further with their course.
Related Post: How to Monetize Your Free e-Commerce App?
Now, this is plain and straight. With the Paid model you ask your users to pay a sum of money as they attempt to download and install the app. You can decide a price for your app by looking at the current trends and by studying your competition. This would allow you to plan your offerings well, going with the right combination of offerings and features well complementing the pricing matrix. Here, you should better go with the iOS platform as most of Apple users show a favorable response to paid apps. And with all that combined, it should be a good start to go with Paid apps.
This is one of the most popular methods that most of the businesses go with to monetize their apps. More so when you operate in a high-traffic space of educational services. And with most of the educational houses and allied services looking to build their brand big, you have got a lot of opportunities by allowing them some share of visibility on your app. This can be done with the help of affiliate marketing. Advertisements let you earn big on money as you grow in user reach and value with time.
Now, this is a hard-nut among different methods of app monetization but works phenomenally well if you are able to pull off a brand out of your app. This is because you don’t find many apps making such big names to create their white-label routes as it is highly time-consuming, costly and rare to get to that mark. So, you get to enjoy the exclusivity or in best case monopoly in your affairs of offerings. If you are successful enough, you can make money by selling your brand name and concept of the educational app to others though White Label Partnership.
The concept of data monetization is catching speed quite steadily with big names like Facebook and WhatsApp using it to procure, collate and skim important results and insights via customer data. So, if you have students enrolled you can ask for their orientation, demographic and academic details, which can be used to draw important inferences and thereafter churned into valuable information and conclusions. This can be used by you to serve and earn better with data-leveraged offerings. Or maybe vended to some research agency for data aggregation and analysis.
All these methods can be used by your educational app to earn money and increase your ROI. All you need to do is choose the method and apply it to best fit your idea of educational app development by taking expert guidance.
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