With the Google Play store now offering over 3.5 million apps (and counting), the world of app development has never been more competitive. By some estimates, less than 1% of appsever become “financially successful.” And out of those apps that are making money, over 98% of them are free to download.
As a result, publishers need new and innovative ways to monetize their apps. Gone are the days when a handful of in-app advertisements could pay a developer’s salary. As a result, companies like MocoSpace — an online mobile gaming community — are increasingly turning to rewarded surveys and virtual currency as a means of generating new streams of income. Recently, they’ve partnered with TheoremReach, a company that connects developers and publishers with market research surveys.
According to Ben Perry, MocoSpace’s SVP of Monetization: “We’ve worked with other companies, and TheoremReach routinely produces 10 to 20 times the revenue that we get from other poll vendors.” Perry also points to the additive nature of rewarded surveys as one of the most appealing things about this form of monetization. “The great thing about rewarded surveys is that they’re incremental; we don’t have to eliminate the other vendors and revenue streams that we’re using. Instead, we can add a vendor like TheoremReach to our existing monetization strategy.”
Perry is particularly happy with the volume and variety of polls that TheoremReach offers. “To me, they’re the clear market leader.”
With rewarded surveys, app users are presented with the opportunity to complete a brief questionnaire in exchange for in-app currency. Once the data is received by the researcher, a payment is sent to the developer. The researcher gets the data they need; the user receives free in-app currency; and the developer has access to a new source of revenue.
TheoremReach makes it easy for developers to implement rewarded surveys in their apps. As Tom Hammond, TheoremReach’s co-founder and CEO says, “It’s nearly impossible to monetize an app that isn’t freemium. The problem with the freemium model, though, is that all of your revenue comes from just 5% of your users. Meanwhile, the rest of your users don’t have access to virtual currency, and that has a negative impact on their user experience. With rewarded surveys, you can give the other 95% of your users access to in-app purchase content without asking them to ever pull out their credit card and make a payment.”
Hammond also points out that rewarded surveys lead to increased user engagement. “The best part is that thanks to all of this ‘free’ virtual currency, your non-paying users go from disinterested to highly engaged. That’s why market research surveys can more than triple user retention rates.”