How To Monetize The Mobile App Data From Your App
- By Jane Collen
- Mobile Apps
Businesses invest tremendous amounts of money in app development. As a matter of fact, in 2017 alone, people spent over $85 million, and the number is exponentially rising. These numbers are sufficient to say that developing an app and monetizing it is one of the best ways for an app developer in DC to generate revenue. However, creating a paid app isn't the answer, as there are thousands of apps that can provide the same features as your app for absolutely free.
If you cannot get around monetizing from your app, then there's a much better data monetization option.
Since there are massive amounts of data available of mobile app users, allowing businesses to leverage their data for monetary gain. In this blog post, we have put together everything about mobile app data monetization and how you can leverage it, but first, let's find out…
What Is Data Monetization?
Data monetization is the process of leveraging the mobile app data of users for monetary gain. In other words, data monetization is the process of selling users' data to third parties and other businesses to generate revenue. The app's data is mostly sold to marketers or advertisers who leverage this data to push personalized ad content on their newsfeed and emails. Even research companies utilize this data to make stats and surveys.
You may think that these mobile apps are selling personal data to third-party companies for monetary gain. But that's not it. They don't sell your personal data such as name, email address, income, interests, etc. The data they mostly sell are the following:
• Your Country and city
• Your device
• The type of network you use
• Your mobile's screen size
• Your mobile's storage.
How Can You Take Advantage Of Mobile App Data Monetization?
• It's a lucrative model to generate revenue.
• Data monetization, data collection is taken internally without killing the user experience like in in-app purchases.
• You will be paid for data on every daily active user (DAU) on your mobile app. So, the more DAU you have, the more revenue you'll earn.
• You can earn from both models app monetization and data monetization.
The above information may have given an overview of what data monetization is and how you can leverage it for monetary gain now; let's discuss the data monetization methods
Data Monetization Methods
Data As A Service
It's the most common type of data monetization where the data is sold to marketers or advertisers. The data is sold in raw form and allows the buyers to mine it to create insights. This type of data cannot directly benefit marketers. They create insights from the data and further utilize it to deliver their product or service to the right target audience.
Insights As A Service
This data monetization method is quite similar to data as a service except for raw data; it's sold by combining internal and external data. The data is sold in two different ways; either sold directly or sold in other forms like analytics-enabled apps and provided updated data. There are limitations to data that was purchased to gain insights.
This is probably one of the best methods of monetizing your data as it offers the most value to buyers. This method adds the feature of Business Intelligence (BI) software. That includes dashboard reporting, analytics tools, data visualization to existing apps.
With this method, businesses can build and boost analytic apps that pave the way for seamless integration with other apps. That, in turn, offers more generated revenue and offering a dynamic competitive edge.
There you have it; all the essential details of data monetization, how you can leverage it, and the type of methods you can utilize to earn revenue.
With data monetization, you don't have to add pesky advertisements on your app that kill the user experience.
You can simply sell your users' collected data to sell them at a lucrative price to marketers who can leverage this data to send personalize ad content to their target audience.
It's basically a win-win situation for both you, your buyers, and your users.