Big data is the lifeblood of modern app development. App developers should also use data analytics to maximize their monetization opportunities.
A growing number of developers have found that the number of app monetization opportunities has grown considerably in recent years. They are embracing new big data initiatives to find the best opportunities.
Big Data is Critical for App Monetization in 2020
Today, the market is flooded with hundreds of fitness apps on all app stores, and this number keeps growing every day. No matter how many apps there are, all of them find a fan base since people have become more health-conscious in the past decade. Everyone is on a lookout for the best lifestyle app and wearable, even the investors. Big data is increasing the supply of apps, since it offers new ways for developers to grow their revenue.
So, if you are planning to invest in a fitness app too, here are some ways in which they are monetized and which one would earn you the highest returns. You can use big data initiatives to find the best way to get more revenue from your app.
Mobile App Monetization
Before we proceed with the fitness app monetization, you should know that it is how you can generate profits from creating a promising mobile application. A prevalent market study by Statista suggests that there are over 7 million applications available on Google Play Store, which generate over $463 billion in revenue globally. Similarly, there are over 2 million apps on the Apple App Store, generating humungous returns. This is why data driven app monetization is growing in popularity.
Various Fitness App Monetization Models
We have talked in the past about ways that big data and machine learning can reduce the mistakes made in the app development process. However, it can also be used to maximize revenue.
Here are a few models which leading app developers have adopted big data strategies to earn from their applications.
1. Ads Monetization Model
Promoting brands by displaying their advertisements on the app interface is the most common and effective model to earn quick returns. It is also the first feature that developers incorporate when assigned the task to build a workout app. Our partner Riseapps wrote an article about it, so we recommend reading it. Just click the link.
Since you are dealing with health and fitness, you can place ads of brands that offer lifestyle-related products and services. You do not have to visit brands individually to create an agreement every time as ad networks offer more sustainable income. Some popular Ad Networks are – Facebook Audience Network, Admob, Unity Ads, InMobi, etc.
2. In-App Payment
In-app payments work well with the crème of app users who want advanced services. For instance, if your app enables fitness instructors and enthusiasts to offer and receive LIVE training through virtual means, you can charge the users for app download. Once your users have access to the app, they will be eligible to use the premium services offered on your platform.
Another way to execute this option is by offering app subscription plans to users who wish to avail of advanced services. For the rest of the user base, you can provide quality basic services to assure them that subscriptions are all the more promising.
3. Special or Premium Services
Providing premium and specialized services to paid users is another way for a fitness app to earn huge profits. For this, you can provide general services to all users, but the specialized services, such as customized diet plans and fitness regimens, can be reserved for premium users. Another great example of premium fitness service is providing your users access to video clips to learn more about living a healthier lifestyle.
The users who like your basic services would want to avail of your platform’s premium services, and that is where you can earn big bucks.
4. Affiliate marketing
Another efficient way of making money through your workout app is affiliate marketing. Like advertisements, affiliate marketing can also be incorporated into the app easily. All you have to do is, look for businesses that offer products and services related to fitness and lifestyle.
Promoting fitness equipment involves placing ads of such brands on the app in places visible to the users. Make a prior agreement with the brands so that your account is credited with some amount whenever a user clicks on the ad of the website. This is also a sustainable method of monetizing the app, but your app might run the risk of irritating users with too many ads. So, keep them limited to what regular users can tolerate.
Similar to fitness equipment brands, you can sign contracts with the ones providing dietary supplements too.
Another method of making money through affiliate marketing is to incorporate e-mail and SMS marketing to your monetization portfolio. You can create informative blogs and newsletters promoting your associate brands and send them to the users. The only catch in this form of marketing is that you need to seek your users’ permission before sharing e-mails with them.
Viability and Feasibility of Monetization Models
Subscriptions, in-app purchases, premium services, affiliate marketing, and advertisements are some common ways in which apps can be monetized. However, it might not be possible to incorporate all of them on the same platform, requiring you, as an investor, to check whether the models used are feasible enough.
As of today, the Subscription model is believed to be the most feasible and rewarding. If your app comes with a promise to transform an individual’s health, they might not think twice before making the payment.
To conclude, many fitness enthusiasts are bidding adieu to gyms and prefer the highly flexible applications to stay healthier, making them incredible investment decisions if made right.
Big Data is Vital to Driving Revenue as an App Developer
App developers need to find the best monetization opportunities. There are a lot of ways that they can use big data to find the best ways to squeeze more revenue from their userbase. The big data monetization opportunities listed above should help.