Summary - 2023 is here and the app market is projected to
grow more than ever, especially with the boosting popularity of technologies
like AI and metaverse. So, if you are planning to launch an app in such a
massively competitive market then you need the right strategy and budget to
promote it. In this blog, we are helping you to figure out how much it might
cost to promote the app in 2023.
How Much Does It Cost To Market An App In 2023?
Across the globe, millions of mobile apps are existing that
serve different purposes- whether to order food or to book a doctor's
appointment, nowadays users have hundreds of options for each segment. A
Statista report says, by the third quarter of 2022, Android users had over 3.55
million apps on the Google Play Store to choose from making it the largest
mobile app store ever. In the second position, the Apple App Store had 1.6
million mobile apps for iOS users. So, you can imagine the size of the massive
competition that exists in the industry.
Now, to float in this competition and to ensure that the app
grows and generates a return on investments (ROIs), most app developers plan
their app marketing costs while they plan the overall mobile app development costs initially. But if you are planning to market your already
built app, we will help you in figuring out the tentative cost to market your
app that you might have to bear in 2023. So, stay with us until the end of this
blog so we can help you with some amazing insights.
Factors influencing your app marketing costs
To calculate your tentative app marketing budget, you need
to be sure of the factors that influence it. We are listing down some of the
main factors that will influence your overall cost of marketing the app.
1. What is the ultimate goal?
Before you prepare a market budget, you need to figure out
the goal of marketing your app. If you are only planning to increase the number
of app installations, your marketing strategy will be different. If your goal
is to increase the number of app subscriptions, your marketing strategy will be
different. So, figure out the goal for an effective app marketing budget
planning.
2. Targeted platforms for marketing
Now, your choice of platforms to market the app will depend
on what your users use often. For example, for the target group that uses
social media channels more, you will have various options such as investing in
social media ads, partnering with affiliate marketing agencies to run ads,
using influencer marketing strategies, etc. For a crowd that is not too much of
tech-savvy, you might have to be dependent on traditional ways of marketing
your app like billboards.
3. Cost of hiring a marketing agency
The cost to partner with a marketing agency can vary
depending on several factors such as the experience level, location, number of
employees required for your project, the goal of your app marketing activities,
etc. There are several ways to reduce these app-related costs such as -
- Partner with an app marketing company from cheaper
markets. For example, the Indian market is cheaper compared to the US market
- Optimize your app marketing strategy so it requires fewer
team members to work on it
- Compare different agencies and their final quotes before
shaking hands with one
- If your app has not been built yet, try to get app
marketing services that come with app development packages to reduce costs effectively
Ways to promote the app
We discussed the top-three factors that influence the
overall costs of marketing the app. However, it is crucial to understand what
ways are there to market apps that most app marketing agencies prefer and
charge for.
1. App Store Optimization (ASO)
Another major cost will include ASO. ASO is used to push
your app among the top options ranking on search engines of app stores. Now,
the cost can vary if you are partnering with an agency that will provide you
with ASO services as a part of its app marketing packages or if you choose to
partner with an independent expert. Depending on some other factors like the
experience of the marketing partner you hire and other costs involved in the
ASO process, your budget can go from $1,000 to $20,000 for each app.
2. Influencer marketing
As mentioned above, influencer marketing is a popular
strategy involved in the app marketing process. Here, app marketers hire
influencers popular on social media platforms like YouTube, Facebook,
Instagram, and more to take their help in promoting apps. These influencers use
their audience base to display the ad of your app and charge you or app
marketers for the same. The cost of hiring influencers can vary depending on
how popular they are.
3. Search Engine Optimization (SEO)
SEO is done to promote the app by making and promoting a
dedicated website on search engines. The activity involves using various
on-page and off-page SEO strategies to try to push the webpage among top
results on search engines like Google, Bing, and more. Guest Posting is also a
crucial part of an SEO strategy which involves promoting a link to your app on
other popular websites by using these links in the content published on these
third-party websites.
4. Referral marketing
Another top marketing strategy for promoting your app is
referral marketing. This marketing strategy requires you to reward the user
that brings new users to your app. These rewards can be coupons, discounts,
cashback, etc. In short, it can be one of the cheapest ways to promote your
app, and more often it does not cost app owners even a penny.
Conclusion - Tentative app marketing cost
Well, these were some of the factors and strategies that
influence the cost of marketing the app. Now, to get the exact app marketing
cost, you have to figure out your goals and how much money you want to spend on
each installation of the app. You can project the cost to maintain an app by
analyzing the market and other companies but the exact cost of marketing can go
as massive as you want and can afford. But projecting how many installations
you want and how much money you want to spend on each installation can help you
in shorting out a budget.
For a better understanding, this formula by BuildFire can be
helpful in figuring out the Cost Per Installation. To get this cost, you need
to divide the total ad spend you can afford by the number of installations you
are targeting. Accordingly, you can include marketing tools and start with the
marketing activities for your app.
