What are some good ways to promote a paid mobile app?

I have an Android app that costs $4.95. It is a business app that is worth the money.

What I am looking for is insight into some paid-marketing approaches where I can advertise this app.

I understand AdWords is an option, but at this point it is too expensive to advertise a $5 business product there because a click on the keywords is $2 :)

Has anyone found a good way to successfully promote inexpensive paid apps?

I've got 10 advice which will help you in app promotion:

1)The app must be ready for submittal.

2)Leave space for feedback - encourage users to write reviews and rate the app.

3) In case of a paid application, it should have a free lite-version.

4) Apart from rating, include social network sharing into the application.

5) Social network pages are also good at promoting the app. Find relevant groups on Facebook, LinkedIn and Google+, use hashtags on Twitter.

6) Create an app trailer. Create a demo video. Place them on YouTube.

7) What also matters is maintaining the interest - that makes the app go on. You should regularly offer something new to users.

8) Build a supporting website for the application.

9) Advertising and promotion. There are a thousand and one good websites that can help you make the app known. Ad networks/PR websites, social bookmarking websites, app review websites, related forums, social media, thematic blogs, and more, and more.

10) At mutual will, you may have your application included in the developer's portfolio. That's a win-win - you both are additionally promoted.

I mostly think the ideas Oleg Lola posted are good, and I would also add to make sure you have a good press kit for your app including a good writeup of your app's key features and screenshots, screenshots, screenshots.

That being said, $4.95 is not an inexpensive app on Google Play and you will have a really hard time getting conversions from that. Some ad networks won't even accept it. I firmly believe freemium is the way to make money.

Sources more reliable than I agree:

Freemium app revenue growth leaves premium in the dust Freemium beats Premium, says App Annie Since I imagine you're skeptical, I would suggest making a free version of your app ("lite" is fine) and seeing how it can do with some non-intrusive ads integrated. You might find it is an easier way to make money than convincing people to pay $5.

As a developer who has contracted, freelanced and been employed by many FTSE 100 companies, I know it is difficult to put a value on a software application. A software project that seemed to me to be very simple generated a multi-million pound turnover while a project I sweated blood over, nobody was interested in.

Here is the rub: the value of the app is going to be defined by the mob. However hard you've worked, it could unfortunately be unappreciated and downloaded by very few people.

If you think your app is really worth shouting about then offer a cut down version for free with a paid upgrade if users like it.