10 Chat App Monetization Strategies to Generate Revenue For Your Business
“The Global market value of mobile messaging apps is projected to hit 6.1 billion active users by 2020”
The messaging applications have been making headlines across the market by generating 2% of the entire mobile messaging market revenue at about $3 billion.
In this messenger era, messaging apps are trying to compete with other applications due to its demand in personal and business collaborations.
Over the years, a huge number of articles were written in finding the best strategy for chat app monetization. we were urged with hopes for discovering an extraordinary monetization model to generate revenue with your chat app.
For all the unanswered questions, here comes the solution that would generate substantial revenue.
MirrorFly is a free real time chat solution provider in the market offering sublime chat monetization ways that connect with users and monetize your chat app in different ways.
The chat solution assists enterprises and individuals to build chat apps for businesses to generate revenue through a diverse set of monetization models.
Now, it’s time to take an insightful look at different chat app monetization ways that MirrorFly provides to tower your business growth.
Table of Contents
Instant In-chat Pay
One of the ideal feature where the user can make payments without leaving the chat interface. Integration with top payment gateways, the user can either send or receive money just like sharing of contacts and Multimedia.
In-app Payment
A typical payment method where the users can make payment within the chat application. With the in-app payment feature, accept or pay bills from the chat app to any third-party websites under a multi-layered secure environment.
Chatbot Integration
Through chatbot integration, reap revenue with your chat application by simplifying the process of providing recommendation and enhancing conversions or Click Through Rate (CTR).
In-app Purchase
In-app purchase will enable users to buy any specific feature within the chat application or the entire chat app from Play store based on the users’ demand. The in-app purchase lets users access special content within the chat app. The feature also facilitates app owner in generating a share of the particular feature utilized by the users.
In-chat Advertisement
The In-chat ad lets stream ads on the status bar of the chat application just similar to stories. Considered as one of the most advanced monetization models assist businesses to reach the consumer in a more direct way which increases the conversion rate by 150% than the conventional.
Pay-per Download
Generate revenue based on the number of apps downloaded by the users in the play store or App store. Once the number of App downloads increases in the app store, the value of your chat application magnifies which in result create an extra opportunity for revenue generation.
Sponsorship
An ideal method for businesses to generate revenue through in-app sponsorship opportunities by letting users register on newsletter or emails. This helps to create brand awareness among the end-users.
Subscription
Another smart way to monetize chat app, Letting users subscribe to the chat application or any specific service based on early tenure, monthly or user demand days.
Content Merchandising
It refers to creating themes, wallpapers and other features of the chat application that relates to any brand. Through merchandising, the popularity of the particular brand is exposed among the users which results in revenue-generating opportunities.
Official Accounts
Creating an official chat application for Brands and Celebrities to collaborate and engage a huge amount of fan base. Embedding of some additional features will add credibility and enhance the user experience of the chat application. This in result helps brands in establishing a good relationship with the users.
White Labelling
This assist enterprises and individuals to build their own chat app for businesses to collaborate based on their client requirements. An enterprise can rebrand the standalone chat application with customizable features that meet the demands.
Conclusion:
Once chat app began as a seamless integration of chat functionality for instant collaboration has now bloomed into a wallet of treasure for businesses. There are several chat app providers in the market but not everyone will relate to your business ideas. Every business demands an ideal monetization strategy. Understanding the key business idea and your targeted audience will bring you more opportunities in turning your chat application into money reaping treasure.
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Frequently Asked Questions:
A monetization strategy is a plan or approach used by a company or individual to earn money or profit from a product, service, content, or any other asset they provide. This technique explains how to convert the value or benefits supplied into real money.
There are several ways to monetize a chat app. The technique you choose is determined by your app’s user base, purpose, and distinguishing features. Here are some popular ways to monetize a chat app: 1. In-App Advertising 2. Subscription Models 3. Stickers and Emojis 4. Virtual Gifts and Digital Goods 5. Customization and Personalization 6. API and Integration Fees 7. Sponsored Content
The 5 main rules of data monetization include: 1. Understand data’s value. 2. Organize data effectively. 3. Integrate data into business strategy. 4. Embrace new opportunities. 5. Communicate data’s value for growth.
Chat can be monetized through various strategies, including: 1. Advertising 2. Subscription Services 3. In-App Purchases 4. Donations 5. Data Monetization 6. E-commerce Integration 7. Sponsored Content 8. Freemium Model 9. API Access
Meta-owned threads and ChatGPT are considered to be the fastest growing chat apps with over 100M+ users and 25M+ users respectively.