My team and I are working on an app in the self help niche and need to create the financial projections for our pitchdeck and business plan.
1) How do you recommend we go about deciding the best way to monetize the app?
2) Is there a way to determine how successful competitors are? I know of AppAnnie but they never reply to my emails...
But what's your end game?
Are you just trying to sell app subscriptions, and don't have a back end/upsell? Does the app lead the buyer anywhere, to buy anything more expensive?
What direction do you want the money to flow from? The end user? Maybe they shouldn't pay for it. Maybe an advertiser or advertisers should be funding it. Maybe you want to develop the user base through the app as a loss leader, and the money's on the back end through physical courses, or programs delivered through your website...if your cash flow situation can afford the wait.
Another issue is this: Where's the traffic coming from?
How are you going to get people who are likely to be interested in your app to find out about it?
It would have helped to have figured this out *before* making the product.
1) define best first (are you commiting to building a cashflow positive business that can sustain on its own in perpetuity or focusing on an exist?) consider multiple revenue streams and consider your revenue building plan more like an organism and less like a machine (i.e. as circumstances and opportunities change, so can and sometimes should your revenue plan.) pricing and productizing are both key - setting the right target listing for cost and how you bundle it for your buyers (who could be different than your actual consumers) makes a huge difference in terms of how successful you can be getting them to open their wallets.
2) what metrics of success are you looking for? product and utilization may be a bit easier to find, but extrapolating their actual revenue (or profit for that matter) may be more challenging. there are a few tricks and shorthand methods I've used in the past to help establish an opportunity approximation so knew how a particular niche market was currently; but again, it is more blocking and tackling than anything else.
3) you have keep in mind too why you are getting these numbers together (which based on your question, I would infer is about itneracing with potential investors.) I've built (for clients) probably 40-50 business plans and pitch decks now, and there is a nuance to the numbers you are aiming for here: building business plans and decks for investor interactions is somewhat different than building your own standard operating procedures manual for how you would grow and scale your business. so the method of collecting and presenting these numbers requires some calibration on your part now given the possible audience.
happy to help; feel free to reach out if you want to discuss specific ideas or options based on my experience.