Step 2. Decide on your monetization model

Step 2. Decide on your monetization model

You can return your investment in many ways, and it’s better to figure out your monetization strategy before your app goes live – and even before it’s planned. Here are monetization strategies to choose from:

  • In-app ads
  • Subscriptions
  • In-app purchases
  • Freemium model

The freemium model is the most popular for dating apps. It provides free access to the app’s core functionality and offers advanced features for a subscription or one-time purchase.

Tinder combines several monetization strategies: it offers a subscription for accessing Tinder Plus, but you can also purchase ple, to increase the number of Super Likes you can give or to unswipe profiles.

Badoo uses gamification elements to encourage users to swipe and interact with others by letting them earn bonuses in the app. However, paid users can boost their profiles and get that content instantly without having to spend time earning it.

Step 3: Plan your app and its marketing

The next step is to thoroughly plan your project from the technical standpoint. Decide on your technologies, the feature set, and the scope of your MVP to be able to quickly deploy your app and check your idea. To effectively develop an app, you’ll need a technical specification, as it allows for detailed project planning and effective communication with your developers.

Before you even start the development process, you should also make a marketing plan and set a budget.Continue reading