At Nordstone, as mobile app development experts, we understand the passion and excitement that comes with creating a new mobile app. However, we also understand the pain points that can come with the development process, which is why we strongly recommend working with an established expert mobile app development company when wanting to build a successful new mobile app.
One of the most important aspects of creating a successful mobile app is pricing your in-app premium subscription. Here are some steps to follow when determining the price of your app:
01. Understand the value of your app: Make sure that the perceived value of your app is at least 10 times the price you are charging. For example, if you charge $10 for your app, it should be perceived as being worth $100 to the customer.
02. Practice raising prices: Start by raising prices by 5% and continue raising prices until you lose 20% of your customers. This will help you find the right balance of price and value.
03. Go after early adopters: When you are first starting out, it’s important to target early adopters who care more about the benefits of your app than the price.
04. Get organised: Make sure to have a clear understanding of your costs, why you have chosen your current price, and the value of your app. This will help you make the best pricing decision.
05. Optimise your acquisition strategy: Realise that your price will determine your acquisition strategy. If you find that your sales cycle or acquisition costs are too high for the price you are charging, you will need to either increase the price or reduce your acquisition strategy costs.
By following these steps, you can ensure that your in-app premium subscription is priced correctly and will be successful in acquiring early adopters. At Nordstone, as mobile app developers in London, we have a wealth of experience and expertise in mobile app development, and we would be more than happy to help you with your next mobile app project. Our team of expert mobile app developers have the skills and experience necessary to guide you through the entire process, from concept to launch, and help you create a successful and profitable mobile app.