The reach of mobile application in this day and age is such that it is fast replacing the need for real-time stores and all the expense that comes along with it. Some of the world’s largest companies are ones that do not have brick-and-mortar stores for selling their products. Not only does this age of mobile application decrease the concepts of rents etc. that come with setting up a store- but it comes with its own set of challenges. Having turned shops and services into the phones of people- mobile applications are slowly coming into their own in terms of generating revenue for companies. We look at numerous ways one could use mobile applications to generate better revenue for one’s company and also discuss the challenges that come along with it.

1. Avenue for Proper Research of Business

Most businesses do not capitalize on this aspect of operating an application. Besides being a mode of making general sales (For say e-commerce companies that run their apps) the companies can research on customer choices, trends.

What makes apps more effective is also that a rather large area of research can be conducted only through the use of an app. What would help a company successfully generate sales is to modify according to the needs, adapt to newer technologies and keep up with the market.

Research is an area in which companies seem to neglect. This, however, is a very short-sighted approach. Any company that has foresight, is on the lookout for newer trends and keeps itself from being rendered obsolete.

A story of the company Dolby springs to mind- Dolby at a point was running in untouched success as they managed to introduce the 5.1 sound system in movie theatres. They capitalized on this success by patenting the 5.1.
However, there was a loophole. While Dolby did manage to patent the 5.1 sound system, they only patented it on the film reels, and not on the digital medium. Entire of Dolby’s patent on the 5.1 was rendered obsolete the minute that the whole film medium turned digital and film reels became a thing of the past. Companies since have understood the value of research in contributing to their sales and revenue garnering.

2. Relationship with Your Customers

Applications help one connect directly to the client. It is a strong medium of expression, which has several benefits.

Be it from sending them instant notifications about newer offers to altering and offering schemes based on customer feedback and preferences will not only ensure a larger clientele but also keep one updated with their preferences to have a stable and growing clientele

Clients that permit social-media leverage will help the business connect with more people. This will go a long way in creating a digital presence for your company and boost revenue. However, it is noted that customers should engage with the mobile application within a week of downloading it- and this is on the company to ensure, by offering an interesting opening page, offers of benefits to register, etc.

3. Easier to Place Orders 

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Instantly being able to purchase makes the process much easier for people. A convenient, non-convoluted process ensures more sales.
To make sure people are aware of these incentives. Once having gotten them to download these, it is essential to make sure customers engage with the application in the first week itself- create a good interaction experience to make sure you retain the customers you attracted in the beginning. Market your product- yes- but more important in this enterprise is to make sure you personalize.
Because early offers may manage to increase sales by putting out benefits for downloading an application- but it will prove to be counterproductive if all the people that signed up, uninstall the application. Not only will the sales decrease, but a bad word of mouth spreads due to this. Reflecting poorly on the mobile app for further users, and also on the soft power of the company. That’s why- one can’t stress enough on creating a personalized experience for users through the use of mobile applications to increase the sales and revenue of a company.

4. Accessible Only on a Pay Basis

Once users engage with your app regularly, keep the application as it is, but if you introduce newer features, make them paid. This makes sure the users don’t complain about having restrictions of access to the application, only that certain advanced and better features could come with a paid advantage.

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One instance would be LinkedIn. The job profile and scouting website offer free services to everyone- signing up, connecting with people and basic features of the app are free. However, certain things like advanced statistics on who is viewing one’s profile, how many views and from what professions are people viewing your profile are accessed through paid subscriptions on LinkedIn.

A host of users, having once downloaded the LinkedIn application and engaged with it enough began to see the benefits of it, then they went on to subscribe to its paid benefits, leading to even more revenues for the company. Thus, continued sales through engagement are stressed.

5. Use the Application itself 

Creating social media web links that your customers could share to gain discounts on products/ services would give them the incentive to promote your company and in turn create a sort of free presence for your company on its own.

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It could help in gathering more customers through this social media exercise.  The application could also have giveaways/ contests to increase its overall presence that attracts more customers. Special schemes could be offered that could only be availed through the mobile application.

6. Mobile Marketing Techniques

Marketing no longer needs to be spending millions on acquiring billboards in plush localities and increasing visibility in places.
The mobile application serves to be a potent tool in the hands of the company. You can have an impact on the psyche of the user, right at his fingertips.

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