Online dating services are as competitive as ever these days. Users are quick to change apps or use multiple apps to improve their prospect of landing a date. Different apps are bringing various features to entice users. Every new Tinder clone app wants to capitalize on the popularity of online dating.
Despite the competition, the leading dating apps are making enormous revenue. Tinder alone did a business of $1.6 billion in 2021, and that includes the pandemic. You must be wondering what the secret is, and rightly so!
In this article, we will discuss the various revenue models and monetization methods of dating apps. You will require a solid Tinder clone app script to integrate these methods, but first let’s cover the basics.
Types of Revenue Models
Freemium Model
When you first launch a Tinder clone app, it is advisable that you don’t go straight for the paid version. You can use a revenue model that startups and businesses use when they want to introduce a new product. That is where the freemium revenue model comes in.
It gives users access to the basic features of the app for free. It also offers a sneak peek of what is about to come and get them excited.
Goals of the Freemium Model
- Getting the Word Out
The first goal of the freemium model is to get the word out. Users are getting very keen to experiment with new products and apps. If the app is free to use, users might install it just to experience something new. With positive word of mouth and proper marketing, you can make the app more noticeable to the public eye.
- Increase Brand Awareness
With an increase in the number of users, you can start increasing brand awareness. Replying to user queries and addressing the feedback by making appropriate changes will help in that. If your app resonates with the users, you will easily be able to make money with the Tinder clone app.
- Building Loyal User Base
Once you build a positive brand image, there will be users that will become loyal to your app. They will recommend the app to their family and friends and will become its torchbearers. Once you gain a decent user base, you can move on to the next step.
Premium Model
If your app is successful in providing a consistent and unique user experience, users will start expecting more from it. There will come a time when they will want features of the Tinder clone app to be more advanced. You can then offer them new features and unlock special privileges at a cost.
Goals of the Premium Model
- Generating Revenue
Generating revenue is one of the main purposes of the premium model. You can offer a monthly or yearly subscription to the users that will give them access to new features.
- Getting More Users Onboard
If you do it right, the experience of premium users will prompt them to praise the app even more. You can even ask for reviews and testimonials and publish them on your website and social media. User-generated content will do wonders for your app as other users tend to trust them.
That will encourage more users to install your app and try the freemium version. Since online dating is a norm in today’s time, they will quickly adopt the premium version if they are satisfied with the free version.
Monetization Methods of a Tinder Clone App
There are many ways to monetize an app like Tinder. You may be wondering if earning money through the premium model is the only way. We are here to show you how you can generate revenue even with a freemium model.
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Advertising
Users of online dating services are a potential market for a variety of businesses. As a result, a dating app is a wonderful place for businesses to advertise their products and services. Restaurants, flower delivery services, jewelry stores, travel agencies, and a variety of other businesses gain from dating app ad conversions.
Depending on the ad models available, a Tinder clone dating app can make money via ad views, clicks, or purchases. Advertisements can take many forms, including banner advertising, texts, context ads, video commercials, surveys, and so on. Most apps provide ad-free access to premium subscribers, whereas advertising is only visible to free users.
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Affiliate Marketing
It works in a similar way to traditional display advertising. But in this, you don't partner with a single product or service firm. You collaborate with affiliate networks as the owner of a dating app.
To sell advertisements, you need to build an engaging dating platform and establish a steady, consistent user base as an affiliate marketer. You can connect with a variety of affiliate networks to display their advertisements on your pages. Basically, you make money by directing traffic from your app like Tinder to promoted websites or applications via an affiliate network.
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In-App Purchases
When two people are dating, whether online or offline, they are bound to make special gestures. Your app can help them with that by offering them an option to do that online.
Allow your users to purchase smileys and sophisticated text message formatting choices. You can also give them the ability to use gifs instead of plain photos, among other things.
Many dating apps allow users to purchase premium features for one-time usage. Offering such service in your Tinder clone app can also result in building a profitable revenue stream.
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Virtual Gifts
People send gifts to each other to express their feelings. That’s the norm when they are dating offline, but what to do in online dating? You can charge users to send gifts like eCards and virtual flowers. Giving them the option to order delivery of chocolates, flowers, and customized gifts through your app can be a game-changer.
You can easily incorporate this feature with the help of Tinder clone app development. This option is quite simple and inexpensive to establish while providing a consistent revenue stream within a dating app.
In Conclusion
It is critical for a company to strike the correct balance between monetizing a dating app. You must diversify through all available channels and not aggravate users with the necessity to pay for every little feature. A great user experience is your assurance of great brand loyalty, client retention, and consistent income.
You can achieve the best result with a Tinder like dating app development company that can offer great service at a reasonable price. Narola Infotech prides itself on being in this industry for more than 16 years and delivering consistent quality. Contact us any time to discuss your project requirements and vision for your app.
