4 Great Ways to Make Money with Software in 2021
Software utilization is playing an increasing role in providing automated support for our day-to-day life. Given the outpour of consumers desiring the latest tech and software, the arms race to the software industry is all but roaring. Operating as one of the most lucrative and high-priced industries, the sheer sum of market volume is astronomical and ripe for the taking. To learn how you can get a piece of the pie, our analysts have put together this simple guide.
1. Affiliate Marketing
Affiliate marketing software is an opportunity available for both software creators and entrepreneurs. The three core advantages involving affiliate marketing software include:
- No coding knowledge required
- No UX or UI experience needed
- Minimum upfront investments
We mentioned a minimized upfront investment because YouTube is free to use, but if you want to start an eCommerce site, a blog, or a review platform, an upfront cost may be required for hosting and web design. Regardless, if you produce valuable content and cultivate a following, the work will pay off vast dividends later down the road.
2. Freemium
Often referred to as the in-app purchase model, the Freemium software model is the most widely used monetization method involving software. By far, the best example of Freemium in action would be the eGaming industry. Gaming enthusiasts and video game streamers are notorious for owning the best gaming gear (weapons, armor, and power-ups).
These gaming advantages are often only achievable through real cash transactions (credit and debit cards or e-wallets like PayPal). Since Freemium applications are cost-free, they tend to be downloaded more frequently than premium applications. Your two core challenges consist of solving monetization and cultivating a large enough user base.
3. In-App Ads
In-app advertisements are the annoying interstitial ads you see when navigating between site pages. These advisements are lucrative as they pay per click or per “x” amount of clicks. While it causes an inconvenience to your user base, the time, labor, and investments you put towards your software shouldn’t go unrewarded.
4. Paid Products
Advertisements can be aggravating as users try to maximize the most out of their free time by enjoying applications and some peace of mind. Providing a tier software system where you take away advertisements for premium users is a clever way to monetize your software. More often than not, this software business model is best applicable for applications with a good following (no less than 25,000 to 100,000 real users).
The Recap
Software is a highly lucrative and ever-evolving industry. With such diversity, we wouldn’t be surprised if more monetization routes spring into existence 3, 5, or 10 years into the future. To learn more ways you can achieve financial freedom online, browse the free resources on our platform.
Did we miss a monetization method? Let us know so we can make the necessary revisions! Thanks ahead of time!