Why Sports Industry Needs Mobile Apps In UK

The digital world has now become more mobile as a result of smarter handsets and superior internet connectivity. Your smartphone is the gateway to the online world and often the first point of contact when it comes to getting jobs done or even asking a question.

 

Mobile browsing, in general, has gone up the popularity ladder. That said, mobile apps today play a vital role in the consumer’s overall digital experience. While brands may be under the impression that mobile applications cater to the needs of a very niche audience, new research shows to be false.

 

Mobile apps are being used by over 93% of smartphone users. So, whether you are young or old, man or woman and even children to a certain extent, if you have access to a smartphone, chances are that you will be using mobile apps, one way or another.

 

Why Does The Sports Industry Need Mobile Apps?

 

sports-industry

 

Even though the popular presumption is that sports industry is that people prefer watching matches and games on big screens from the comfort of their homes, a large chunk of the user-base has shifted to sports mobile apps in the last 5 years.

 

The report by Statista finds, “Mobile app verticals with the highest install and user base growth in 2018”.

 

Sports apps have turned out to be the third fastest -rowing app category. Sports and game apps are only behind social, messaging and taxi/ cab hailing applications.

 

sports-apps-statistics

 

The Flurry report stated that mobile app usage grew by almost 11% whereas overall sports app usage increased by 46% worldwide. The epicenter of growth was primarily seen in the European countries where sports app usage and their average sessions rose by 90%.

 

With the global sports market flourishing, the spectator segments too will evolve. Therefore, the need for mobile apps in the sports industry to be developed is  the need for the hour.

 

So, it would fair to think that this is the right time to enter the sports market by developing your very own custom mobile app.

 

Unquestionably the idea sounds like a wise investment. But before you plunge into developing the app, it would be smart to first think through all the features for your sports mobile apps that will be able to withstand market competition in the industry.

 

Read Also: Why You Should Invest in Video Streaming App Development

 

Essential Features of Sports Apps for User Engagement

 

features-in-sports-app

 

To begin with, take a look at some of the must-have functionalities and features that will enable your app to remain competitive and be successful in this domain.

 

1. User Account

 

The User Account is the most basic functionality that you have should possess but if done right, you can score some valuable brownie points with it from your audience. An intuitive set of navigational features linked to the User Account along with a simple, easy to use interface is a great start.

 

Extract insights from the user’s navigational behavior and then customize their app’s UX as much as possible to meet their individual needs and expectations. Connect any in-app purchases to the User Account for convenient management.

 

2. Payment Gateway

 

A Payment Gateway is a must-have if you intend to monetize your application with in-app purchases. Ensure that your app meets all the compliances as outlined by the government of the UK if you a looking to design and build a solution.

 

However, you can also opt for ready-made platforms or payment gateways that can be quickly integrated with your mobile app.

 

These readily available payment gateway solutions are pre-designed to meet Payment Card Industry compliances and at times offer minor customizations to match your app’s branding.

 

3. Ticket Sale

 

When you build a sports app for fans, Ticket Sale is a huge feature because you want the fans to purchase the match tickets from your platform. With a payment gateway in place, you can offer your audience to buy match tickets without even leaving the app platform.

 

Include a feature for your users to monitor ticket prices, availability and stadium seating arrangements before they make their final purchase. This is a great way to monetize your application.

 

In case you are unable to offer a direct purchase from your platform, you can link your app with third-party sites where your target audience can reach within a few clicks. With every ticket sale, you can earn a fee or a commission.

 

4. Merchandising and Brand Store

 

While you may develop a generic sports app, you can still have a dedicated space selling branded merchandise, for example, t-shirts, jerseys, flags, caps, scarves, bottles, etc. of various sports teams.

 

This can be an additional source of income for your app which can be made possible once you have an integrated payment gateway.

 

Remember to sign agreements with teams before you start listing their products on your app. With every purchase made from your app or if you choose to re-direct it to their external platforms, you can earn a fee or a commission on the same.

 

5. Offline Mode

 

Even though every app needs an active internet connection to work on your mobile device, you can still make specific features available that can work offline.

 

This can be watching a section of match highlights or similar videos of that nature which the user can download to watch minus an active internet link.

 

This can be an advantageous feature on your sports application, giving you app an edge over its immediate competitors.

 

portfolio

 

6. Social Media Integration

 

You cannot do without social media integrations on your sports app because these apps are an irreplaceable part of the modern-day digital user.

 

Primarily you can use them as your point of user registration rather than making your audience fill out separate registration forms with usernames and passwords.

 

Plus, social media integration enables your app users to share their favorite videos, opinions, viewpoints directly on their social media accounts. On the other hand, a direct social news feed from top clubs and sports teams on your sports app can be an interactive feature on your sports app.

 

It can also drive up user engagement of your app with your audience spending more time on it to gather news and share them eventually.

 

7. Sportsmen/Sports Teams Catalogue

 

Have a feature section that highlights popular clubs and sports teams, their history, journey, milestone, and any updated news, statistics and player bios. Users are always hooked to apps that provide them with stories on their favorite teams and sports stars.

 

8. Chats & Forums

 

Incorporating the Chat feature will allow like minded users to take conversion to individual windows. On the other hand, have Forums will encourage users to participate collectively to discuss the latest updates in the world of sports.

 

You can leave engaging questions on the forums which can later be an interactive platform to share opinions, perspectives, and viewpoints.

 

9. News Feed

 

Having a live News Feed functionality on your app will drive more users to spend more time on your platform. Apart from just news, the feed can incorporate tournament timetables, league points, scores, performance on the top sports teams, players and much more.

 

It is strongly recommended that you enable Push Notifications on the app as that can notify your users of the latest news and updates.

 

10. Push Notifications

 

Push or SMS Notifications is a must-have feature for any sports app as it informs the users of recent news in the world of sports. Keeping them updated ensures that they keep coming back to your application again and again.

 

Users may forget the time and date of their favorite teams. Ensure that your Push Notification features have the functionality to notify them of these matches of the teams and any other sports events that they seem to be interested in.

 

11. Calendar

 

Enable your users to sync match dates with their Google calendar via your application. This way, even if they miss your Push Notification, the Calendar feature will give them an alarm before the match begins.

 

Plus, having the match dates on the calendar also allows them to plan so that they can ensure free time to watch the game.

 

12. Live Streaming

 

Live Streaming of matches and games is a make or break feature for a sports app. You can include it in your premium version where users pay a fee or a subscription to watch their favorite sports events on the app platform.

 

Incorporate key game-related statistics, player bios, tournament records to make the delivery more engaging and interesting.

 

13. On-Demand Videos and Highlights of The Match

 

Upload on-demand videos and match highlights to engage your users on the app. With good quality broadcasts, updated video content goes a long way in building your user base.

 

Ensure that the delivery is convenient and fast with limited buffering times. Add a download feature to enable your users to watch these videos offline.

 

14. VRS (Virtual Reality Screening)

 

VRS or Virtual Reality Screening is a trend that is emerging in sports viewership aimed at offering optimal user experience to heighten customer satisfaction. The option to view the game from multiple angles using a VR box suite can  grab your user’s attention.

 

Technology is still being refined at many levels. Once it is established, you can integrate this with your sports app and offer it to your customers as a bonus feature.

 

15. Sports Prediction App

 

Mobile apps for sports predictions or betting area thriving industry in the UK. If you have the appropriate license, you can consider including a prediction or betting feature on your sports app.

 

Type of Sports App

 

Let the need for mobile apps in the sports industry determine the type you add you wish to develop. There are two options that you can explore – dedicated apps and aggregated apps.

 

Dedicated Apps: These apps are usually developed by specific teams or clubs and are generally designed to engage with their fan base. You will need the support of the team or club in question along with the authorization of team sponsors and organizations to proceed with creating a dedicated sports app.

 

Aggregator Apps: The name itself is self-explanatory. Aggregator apps are generic and usually cover all types of popular sports, the latest news in individual sports, teams, players, tournaments, etc. These apps are more exhaustive in nature and cater to the needs of a wider audience.

 

How Much Does It Cost to Develop A Sports App

 

sports-app-cost

 

Assuming that you will be developing the app for both Android and iOS platforms, you need to decide whether you want to build a native or a hybrid application.

 

A native application is more expensive whereas a cross-platform hybrid version will be more cost-effective. That said, the functionalities on a hybrid app may be limited so do consult an expert before you choose to go ahead with this approach.

 

If you do not wish to splurge a ton of money, then an MVP or Minimum Viable Product is what you should consider. The benefit of creating an MVP app is that you can keep adding features and functionalities based on user feedback even after the app has been released in the market.

 

Your development team should ideally comprise of:

  • Project Manager
  • 2 or more Frontend developers
  • 1-2 Backend Developers
  • A UI/UX Designer
  • 1-2 QA specialists

 

As far as the working hours are concerned, here are some estimations:

  • Frontend development: 600 hours
  • Design: 200 to 300 hours
  • Backend development: 400 hours
  • Testing and QA: 90 to 110 hours

 

It would be fair to assume that an app of this nature will require at least 2100 hours to develop.

 

Where you choose to execute your app development process will also be a big factor in your overall cost estimation.

 

  • Ukraine and Eastern Europe: $40 to $150 per hour
  • USA/ Canada: $50 to $250 per hour
  • Western Europe: $30 to $170 per hour
  • India: $10 to $80 per hour

 

It is best to outsource your app development to a credible development agency especially if you are not in the business of developing software.

 

The Future of Sports Apps

 

Digital technologies have disrupted how sports are being viewed today. With people becoming more mobile, the demand for sports apps is bound to rise as individuals want to view their favorite sporting events from any part of the globe.

 

app idea

 

Despite several sports apps already in the market, there is still room for innovation. Take a look at where the gaps are and come up with a sports app that is interesting and unique.

How to Create an App Like edX

If you are looking for university-level online programs, edX is bound to pop up in your internet search results.

 

edX is a cutting-edge online learning and education app developed by  some of the best brains from MIT and Harward University. The application hosts 2500+ online courses ranging across subjects like web development, computer science, and programming, business, design, etc.

 

These certificate programs are offered by some of the top-ranked universities and industry-leading companies in the world and taught by experts from the best institutions, globally.

 

The app is a student’s private classroom that helps him or her to gain knowledge, learn new skills and earn a certification that is recognized worldwide.

 

The app was initially launched in 2012 and more than a year later it has over a million users already. The goal for edX is to become the leading Massive Open Online Courses or MOOC in the world.

 

Trends & Statistics

 

The e-Learning market is expected to reach $ 325 billion by 2025, according to Forbes. With such potential, it is not surprising that so many edu start-ups are entering the market with a lot of unique concepts, capabilities, and offerings.

edX trends and statistics

But having a billion-dollar idea is not enough in this competitive environment. Apart from your brilliant idea you also need a dependable platform to transform the project into something like edX.

 

So how do you create an app like edX which will achieve guaranteed success? You have to list down the must-have features and models. Other than that, what you also need to know is how much will it cost to create an edX app?

 

Read Also: Top 10 Kids Learning Apps UK 2020

 

Steps to Create an App Like edX

 

steps to create an app like edx

 

It is not an easy job to create an app like edX. To begin with, you must be able to identify what your requirements are. Next, you need to list down the essential features that will make your app stand out amongst your competition.

 

Follow these recommended steps:

 

Develop a Mind Map: The primary component of the e-learning app is its user experience. When you start developing the app, you should conceptualize the interface from your user perspective. There should be a fine line where you can blend them with your business successfully.

 

Through a graphical representation of the mind map, you can chalk out the categories, features and their relevant functions. Think of actions and their corresponding reactions to these features and functions. Take into account the business model and all technical requirements needed to build the application.

 

Wireframes for a Better Vision: Wireframes represent the layout of the website using graphical diagrams. You can also call it the blueprint of the website that portrays every individual element. The function of the wireframe is to ensure that the development team and client have a clear vision of the project and what the app’s features and potential are.

 

User-intuitive UI Design: Make sure that your UI and UX are user-friendly and intuitive as that is the first point of interaction between the business and the customer. If that fails to impress, the user, in probability will not be coming back to the application in the future.

 

Testing for Constructive Feedback: Share your app’s blueprint with a few users and see if the e-learning application has any real impact. Getting their recommendations is useful as making changes in the planning stage is easy.

 

Before making the app live, you need to ascertain that your application is functioning as per expectation. The best way forward is to share the beta version with some real users who are a part of your target audience. Get some honest feedback of them and use to it improve your app’s efficiency.

 

Custom-Made Platform or Customize an Open-Source Platform: There are two approaches for your e-learning application. You can either opt for a custom-designed platform or go for an open-source one.

 

Find the Team: While you are in your planning stage, you also need to hire the relevant team to develop an application for you. You can start interviewing reliable vendors or go for freelancers.

 

Decide on Your Technology Stack: For an e-learning application, you need an advanced technology stack, very similar to edX.

 

Here is what we recommend:

  • Language: JavaScript, Python, PHP, Scala
  • Web Server: Nginx
  • Storage: Amazon S3
  • Database: MySQL, Amazon Relational Database Service
  • Search: Elastic Search, Amazon CloudSearch

 

Essential Features of the App

 

app features of edx app

 

Now that you have decided to enter the education space, you should initially concentrate on the core offerings of your e-learning app. Ideally, the app should offer one or more of these benefits:

  • Have a lot of useful educational content that offers learning experiences
  • Ensure that the student – app interactions are bug-free and seamless
  • Learners should be able to monitor and track their progress in real-time

 

Once you have your core capabilities in place, you must make a list of your essential app features.

 

Take a quick look at the MVP features of an e-learning platform:

 

Registration: Every single user, be it student or teacher must go through a process of authentication. This can be done by using their unique email id or phone number, plus a password. Another way of doing it is by using popular social networking sites like Facebook and Google.

 

Profile Management: The features under Profile Management will depend on the type of profile being created. In this case, a student or a teacher. Having said that, some features and details are common to both such as:

  • User info and profile pic
  • List of active and/or completed courses
  • Information about certificates/points/credits
  • Purchase history
  • Settings page

 

In addition to the above, the teacher’s profile should have:

  • Info page (with information about degree or establishment they represent)
  • List of added courses

 

Search Filters: In an app like edX that contains 2000+ courses, there must be a filter that can help users search for their preferred program. This can be in the form of a search bar that is keyword enabled. Alternatively, it can also be done using categories on the main interface of the app. Users can also use the filter function and check by level, price, language, rates, and so on.

 

Dashboard: For any e-learning app both students and teachers must be able to monitor their progress online. All of this can be done through a unified dashboard.

 

The insights generated such as their completion status, the number of hours they’ve spent on a course, etc. are extremely useful for students to move forward with their chosen program. Teachers, on the other hand, can keep a track of the courses added to their profiles, the number of enrolled students, traffic, ratings, earnings, and more.

 

Course Page: How will you make your course page stand out on the application? Make sure that it carries the course description, information on the program creators, list of topics and materials followed by a review section.

 

You must build in the architecture to include videos, recordings, podcasts, chats, and interactive textbooks. You can go one step further and incorporate elements of gamification which can help in engaging students too.

 

The final step should be an automatic certificate generation upon course completion. If automation is not possible, the administrators can manually do it.

 

portfolio

 

Payment Methods: If you are going to develop your e-learning platform on a paid model, which means that your courses have a fee attached to them, then you have to have a payment gateway integrated with the application too. The process should be seamless, meaning, students should not face too many challenges in making a payment and teachers should be able to conveniently collect their earnings.

 

Popular methods that can be offered are net banking, debit and credit cards, GPay and other third party gateways. Remember that when you are dealing with money, you must ensure that your application abides by all financial guidelines and security measures relevant to monetary transactions.

 

Course-Making & Editing Page: When you develop your e-learning application, the architecture should be able to accommodate more programs and courses in the future. The probability of the course numbers increasing is way higher than them going down.

 

Hence, you will need the necessary tools to create courses, edit program structure, add materials, content, exercises, links and any other relevant resources such as audio files, videos, and PDFs.

 

Notifications & Reminders: No app is complete without a system of reminders and notifications. With this feature, you can ensure that your users are always well informed about new courses, program updates, reviews, and recommendations, any upcoming events. The notification system alerts the user on any pending app updates.

 

Admin Panel: Minus an admin panel, your e-learning app will never work successfully. All the content is managed by the administrators via the admin panel. They can additionally make edits or delete programs, check insights, generate reports, manage notifications and circulate emailers through the admin panel.

 

How Much Does it Cost to Create an App like edX?

 

app cost

 

The most important aspect of any app development is budgeting. If you do not have the funds, then your edX like the app is going to be a dream.

 

So, what is the cost to create an app like edX?

 

For an e-learning application like edX, with the must-have features already discussed, the development cost will be anywhere between $54,750 and $62,500.

 

This is based on the assessment that the development team will be based in Eastern Europe such as Ukraine and will work at an hourly rate of $50. The project should take approximately 1,095 hours to 1250 hours from conception to launch.

 

However, if you choose to build a fully custom-designed platform, then it will cost you some serious money, effort and time. You will also need a team of experienced and efficient software developers to create the application.

 

Either way, accurate pricing can also be arrived at once you have decided on your application requirements. Also, the development team’s country of residence will make a difference to the overall expenditures.

 

Here is a rough assessment:

  • Eastern Europe. $54,750 and $62,500 (based on $50/h)
  • Central and Western Europe. $109,500-$125,000 (based on $100/h)
  • The USA. $164,250-$187,500 (based on $150/h)
  • $109,500-$125,000 (based on $100/h)

 

The more complex your platform becomes, the more development time and money it is going to take to make it live on the app stores.

 

Read Also: How to Reduce the App Development Cost ?

 

Closing Thoughts

 

Reports show that the corporate online learning industry grew by 900% between 2001 to 2017. And in terms of environment, e-learning is certainly a more sustainable alternative to traditional classroom-style education.

 

No doubt, online learning is the future with benefits galore.

 

hire mobile app developers

 

So, if you are considering creating an app like edX, there is no better time than now for educationist start-ups or entrepreneurs to build their e-learning app to earn serious money.

 

All you need now is the right idea that brings a solution to a learning problem, backed by a solid business model, and the support of an experienced team of developers.

Mobile App Business Model: A Comprehensive Guide

Do you think developing an app is the hardest part? Think again.

 

You may have the app ready for your audience to download, but how are you going to make money off it? You can safely assume that figuring out your mobile app business model or its monetization strategy is the most difficult bit of ensuring that your app start-up is a success.

 

It is the most critical element in the entire equation and possibly the most overlooked too. It is essential to remember that the faster you start generating revenue from your application, the easier it will be for you to sustain the growth of your app start-up financially.

 

Most importantly, in the absence of a monetization plan for your application, ultimately you end up in limited access to investor capital. Without a cohesive revenue strategy in place, after a while, you will find your application going downhill, especially with so much competition in the space.

 

A cardinal mistake that most founding teams tend to make is by not focussing on perfecting the business model behind the application. Do not allow yourself to commit the same error.

 

Fundamentals of Mobile App Business Model

 

You can hit the ground running once you have implemented your mobile app business model. It is not as bad a blindly firing at a target. There are several tried and tested methods  that have proven to be successful revenue generation models in the long run.

 

It is not about being too complex or sophisticated either. All you need is something simple which you can easily understand and familiarise yourself with and your team with.

 

It is always prudent to start with the basics of app monetization. Having a large userbase that does not make you any money is not going to help you sustain your app start-up for long. You will need to have a strong app monetisation approach in place which will determine your success.

 

portfolio

 

What you need to concentrate on it to convert your existing app users into paying customers which will allow you to start earning a return on your investment. However, without a large user base, earning a profit is impossible.

 

 Before going live, you can have a few business models that you can try out. Look at the results and optimize the model that works for you. The idea is to raise the performance standards and ensuring that you  can meet the demands of your customers simultaneously.

 

In the ideal scenario, you want to introduce a mobile app business model that is still profitable even if you do not have an extensive userbase. Since ideal is not always doable, let’s take a look at some of the app monetization models that you can explore.

 

Read Also: 12 Biggest App Marketing Mistakes That Will Kill Your Brand

 

1) Freemium

 

freemium - mobile app business model

 

Freemium apps have proven to be one of the most scalable and effective app monetization strategies in the last few years. Enticing your users to access the freemium app with limited features encourages them to purchase the full-fledged version if they like it.

 

The model has worked for several app start-ups as your users get a taste of the core competencies of the application and have a comprehensive understating of its offerings and value.  To access the remaining features, they are more than happy to pay a price for it.

 

Allowing free version downloads is extremely powerful since your target audience will not think a lot about it too much. Once they get used to the basic app offerings and want more, that’s the right time to push them towards the premium paid app version.

 

The barrier to entry at this point for new users is quite low. Therefore, the focus of the business model is to keep acquiring new app users who will find the app beneficial. Not that you require a million app installs to generate  revenue. That’s the beauty of freemium apps. However, there are two monetization routes that you can adopt:

 

  • Subscription Fees: With this mobile app business model in place, you can keep charging a select group of customers continuously until they choose to cancel.
  • One-Off Payments: Your users pay a one-time fee at the time of upgrading their application from the freemium to the premium version.

 

Freemium apps can also help you understand if your target audience is  taking to the application. It is a great tool to test which features are working for you and if they are at all willing to pay for an upgrade.

 

The freemium model can be implemented in several ways. Take a look.

 

  • Feature-led Freemium offers a free version of your application with restricted access to its features.
  • Capacity Limited Freemium enables full access to the application even in the free model but only until it reaches its designated capacity.
  • Limited Time Offer Freemium is using the application on a free trial model for a specified period.

 

2) Virtual Goods with In-App Purchases (The Addictive Model)

 

in app purchases - mobile app business model

 

A popular app monetization strategy in recent times is to develop an addictive app that includes in-app purchases. This model works well because it is simple, versatile and scalable.

 

To entice the customer, the addictive app permits the user for value advancement with the help of some type of in-app virtual goods. This is what makes this model so successful.

 

Games and gamification apps have been known to use this strategy frequently. The user will only purchase if the virtual goods being sold offers high value. Make sure that the value proposition is clearly defined as that is going to be the key driving force behind the user incentivizing the user to spend money within the app.

 

While the gaming segment has done well with this monetization formula, in recent times, other types of apps are also experimenting with this mobile app business model approach.

 

To ensure that this strategy is a success, your app needs a considerable user base that will help in the process of generating a sizable return. Therefore, customer acquisition on  an ongoing basis is an absolute must.

 

Do not overcomplicate with multiple purchase options that reward the user. Have a selective range and see how the users respond. This strategy allows you the opportunity to be creative. Take advantage of it and make sure that the features you have on offer add significant value.

 

Read Also: 10 Ways to Raise Fund for Your App Startup

 

3) Advertising and Sponsorship

 

sponsorship - mobile app business model

 

This method of app monetization through sponsorships is extremely profitable for those start-ups that have over 125,000 monthly active app users. Any app with an audience size less than that will find it hard to generate adequate revenue to sustain the growth of the app business.

 

Most importantly, the users must frequently interact with the app that ensures the generation of revenue that is consistent and substantial.

 

It is well worth your time to remember that too much advertising can alienate your audience too. Some can even be slightly overwhelmed with this bombardment. Whilst advertising is meant to offer a more dramatic user experience, it only works well if the exposure is in moderation.

 

Smartphone users today have known to be somewhat averse to too much advertising as it does kind of have an intrusive feel to it. Ultimately, you do not want over usage to ruin the user experience.

 

Therefore, when adopting this style of app monetiszation, companies need to take on a more strategic approach without damaging the user experience or completely putting them off your app for good.

 

4) Paid Apps

paid apps

The simplest and most convenient way to make money off your application is to offer your app install against a payment. Hence, every single time that a user downloads the app, you generate revenue automatically. Generally, this is against a fixed, one-time payment that gives access to the application  until such time that is it active.

 

For many start-ups, this can be a very mobile app business model as the strategy is extremely transparent. The users get into the game knowing fullwell what he or she expects to get in return for this price.

 

Remember that revenue generation in this monetization model is a direct outcome of the number of users that are convinced that your app offers a value add to their needs which is why they would be willing to pay for the download.

 

Unquestionably, you need a significantly large user base to be convinced about this to make a substantial profit. Plus, you will have to continue with your user acquisition marketing efforts and keep adding new members into the network. The sustainability of your business in the future depends on how successfully you execute these key tasks.

 

The customer lifetime value is not really of consequence in this standalone model since the one-time payment approach leaves little room for the paid member to generate additional income for the business. Also, the competition is quite fierce since there is no shortage of free apps which may make it difficult for the users to be easily convinced to pay for it.

 

A strong brand presence must be built around it . Keep educating your prospective customers through continued marketing efforts using all channels including print, digital, social media, e-mail, etc.

 

Alternative & Additional Monetization Strategies

 

If you want your app to start making  profit, it is best to go with a mix of monetization strategies instead of just focussing on a single business model. Other than the revenue generation channels already outlined, you can also think of including alternative and additional strategies to increase your prospects of profiteering.

 

Take a look.

  • In-App Affiliate Marketing: With a specific user base in place, make use of affiliate marketing that enables you to advertise and sell third party products to them through your application platform. With every sale made through your channel, you will earn a handsome commission.
  • Lead Generation: With access to a significant chunk of user data including names and e-mails to demographic features, etc. you can offer this information to third-party entities for a price. This allows these external bodies to use the data to understand user behavior and help them improve their purchase processes for their products and services. However, before you tread this path, ensure that you have taken permission from your user to share their data with other third-party bodies.

 

Read Also: Mobile App Marketing Funnel: Converting Users into Customers

 

What Monetization Model Should You Choose?

 

Whichever mobile app business model you choose to adopt, the end goal should be to generate revenue in a manner that is efficient and effective. Experiment and test out the waters with a lean strategy and evaluate the insights to build on a more robust approach.

 

mobile app development

 

The idea is to have a mix of strategies with minimal effort and maximum returns. Start small and fine-tune your monetization plan over a short span of time.