How To Make Cash With eLearning Apps
How to make money with an education app
With the evolving market trends, educational apps are gaining in importance and will likely continue to be in demand as globalization progresses. Many custom app development companies are taking the opportunity and developing educational apps to take advantage of the eLearning wave. In this article, we’ve covered the most efficient ways to monetize education apps that will help entrepreneurs and businesses grow their business bottom line.
12 ways to monetize your education app
Advertising is one of the most sought after ways to monetize an education app. For most relevant businesses looking to build a brand name, on-screen visibility of your education app ensures a constant flow of money.
This can be done with the help of affiliate marketing. Pop-ups with ads appear automatically on the app’s screen. However, it is important to make sure that advertisements are not constantly flashing in front of the user.
A paid subscription without advertising can be offered to selected users. By upgrading to a premium version of the app, users get free access to data without ads. Attracting customers to premium users through ads is another method of generating profit.
For the most appropriate ad content, place ads based on the products the app audience might be interested in. Over time, ads increase user reach and enable better profit margins.
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A freemium model gives users free access to an educational app for a limited time. After that, users need to purchase a monthly or annual subscription.
The learning app can be divided into 2 parts: the free version and the premium version. Basic functions such as orientation modules and pilot elements are available for free use. Advanced learning material with more detailed tutorials is provided in a premium version.
The use of an educational app can be strategically planned by offering a trial version so that users can take advantage of the services offered by the app. Once convinced, users can buy the entire solution with the premium services of the education app.
3. Paid app versions
A custom app development company can create an eLearning app with sophisticated features that can be offered at an additional cost. This model, unlike freemium, requires users to pay to experience the benefits.
The price of the app can be set based on the functions offered and complements the price matrix of the market. A demo version of the eLearning app can also be created so that users can try out and experience the benefits of the app firsthand. With a hands-on experience, users are more likely to pay for the premium version of the education app.
4. In-app purchases
This model allows users to use most of the education app services for free. However, extended facilities with added value can be offered for an additional charge. A good example of in-app purchases can be a language learning app.
In a language learning app, the user is offered rewards, coins or badges as they progress in order to unlock various learning modules. However, if users can’t win enough rewards, they can buy coins by paying real money via in-app purchases and proceeding with the course.
5. Referral Program
Referral marketing can quickly expand the reach of an educational app to build a huge customer base. It allows users (learners / teachers) to promote the education app with ease without increasing the marketing budget.
Traditional approaches like word of mouth and personal referrals have been used for years to help raise awareness. These approaches can holistically outperform a potential marketing strategy as more than 90% of people trust personalized marketing.
6. Paid updates
Another transparent way to monetize an education app is to charge for app updates. Users receive an initial version of the app that is free. The additional updates to be released in future versions with extended functionality can be offered to users for purchase.
This monetization method is perfect for users who are opting for a minimum viable product (MVP) rather than a full version of the education app. If you don’t want to pay for app updates, you can still use the older version of the education app.
7. Paid Services
Many educational apps focus on making their expertise available to a wider audience for free. But using an expert service is always associated with a price tag. Providing paid services to users, such as the ability to communicate directly with highly qualified educators, is a good source of passive income.
In order to be able to offer paid services, a higher course quality is absolutely necessary. Having sophisticated instructors on board will increase user confidence as the quality of the courses will be high. Ultimately, user trust leads to the purchase of a premium service, such as: B. Coordinating directly with educators to get support and advice from educators to guide learning progress, review competencies, methods of improvement, etc.
8. Subscription Fees
Subscription is another popular way to monetize an education app. Essentially, the user is billed a subscription fee (monthly or yearly) for using the app. The benefits of a subscription include free access to useful content, courses, lectures or videos.
The limit on the number of courses available as part of a subscription can be set based either on users or the number of visits. This can help to make the courses exclusive and to keep the user on the platform for a longer period of time. A user can also choose the subscription plan according to need and convenience.
9. Online shop
Another way to monetize an education app is to allow users to purchase items that are relevant to their area of interest. These elements can also be used to develop skills.
Educators or tutors can post their lesson plans for sale online. Relevant articles such as books, videos, audiobooks and more can be offered for purchase via an online shop in an educational app.
Creating and selling materials improves the quality of education and generates income. An online shop is a very effective method as potential users are already interested in what the platform has to offer.
10. White marking
A well-developed educational app developed by a custom app development company can make money through a white-label partnership. If the education app is successful and can make a name for itself, there can be a profit from selling the brand name.
Branding a name is costly and time consuming, but once the brand is achieved, white label partnerships can result in huge business gains. It also offers the enjoyment of exclusivity and, at best, the monopoly in offering.
11. Data monetization
This concept of data monetization has prevailed. Large companies like Facebook and WhatsApp use this method to gain important results and insights from customer data. In the case of educational apps, enrolled students can be asked for their academic data, orientation, etc. so that critical data can be converted into relevant information.
The same can be used to strategically plan offers to earn better. The data analysis can also be carried out through a partnership with a research agency in order to make optimal use of the data-supported offers.
12. Course fees
Collecting course fees is the most common option. An education app can be used as a platform to sell popular and copyrighted courses. Sometimes free workshops and webinars can be held to attract an audience to a particular course. If the demand for the course is high, it can be valued higher and increased over time.
There is an average price on the market for all courses. It is important to look for a fair price because the demand for a course is what matters to users. Constantly maintaining demand and changing pricing policy regularly is not feasible. It should therefore be taken into account that the course price should follow the product strategy and not the other way around.
For premium access the price can be doubled, but if wide coverage is the prerogative, the price of the course should be kept optimal. Monetizing an education app by charging course fees requires constant review of its value. Therefore, particular care should be taken when deciding on the fees for a course.
The above points clearly show that an education app can be monetized to increase business bottom line. To create an educational app, all you have to do is hire an inexpensive company to develop custom apps.