Monetisation strategy for a health tech company.
Only the best category-creating app since over a decade, duh. 😋
HealthifyMe is an Indian digital health and wellness company, which provides an app with services such as calorie tracking and advice on nutrition and fitness.
ICP 1: Working professional in a metro city
ICP 2: Fitness enthusiast in metro city
This product is already monetized.
Healthify currently boasts over 40 million users and nearly 2,50,000 paid subscribers, the platform has seen significant growth.
If 100 users sign up on day zero, roughly 30-40% would drop off due to lack of motivation, wouldn't wanna track calories, or be serious about their fitness journey.
60% of people will be retained post-D30.
MAU: 16 M as per Google
DAU: 10 M as per Google - and assumptions
Stats By healthify:
1.5 Trillion Steps Walked
117 Billion Calories Burnt
2.1 Billion Foods Tracked
360 Million Messages Exchanged
40 Million+ Users
Casual | Core | Power | |
---|---|---|---|
No. of features used | 1/Day | 2-3/Day | 4/Day |
No. of times app is used | 1 | 2/3 times a day | 4+ times a day |
Paid user | N/A | HealthifySmart | HealthifyPro |
*this is basis user interactions and guesstimates
Key Questions | Casual | Core | Power |
How much would you pay for keeping your health in check? | Rs 500 | Rs. 1000 | Rs. 2000-3000 |
Would you pay for this on a monthly basis? | No | Yes | Yes |
At what price point would you consider the app to be expensive? | Rs. 500-1000 | Rs. 1000+ | Rs. 5000+ |
What would make you pay more? | Better value for money (more features, add-ons, etc.) | Daily fitness coach calls/meetups with community | Personalized customised results - apart from whats already through apps |
Basis user interactions, the typical ICPs valued time over money which typically means there is a likelihood of the willingness to pay being high.
Litmus Test = ✅ 💸 The product is ready for monetisation 💸
The competition landscape is seen in the following table.
As per this secondary research, Healthify is the only product amongst competitors that covers all ICPs stated above.
Core Problem being solved:
Competitive Landscape
Substitute | Effort to use | Pricing | Core User |
---|---|---|---|
CureFit | High | 1125 - per month (CultTransform) |
|
GOQii | High | 9999 (App + Device) - One time purchase |
|
Shyft | High | 12000 - one time - for 6 months |
|
Healthify (Our product) | Low | 1499 - per month |
|
Basis user interactions and secondary research, the assumed RFM grid is as follows:
The users who are likely to pay fall under Champions, Loyalists, and Potential Loyalists. And these are the users Healthify should monetise effectively. A quick snapshot of these customers is as given below:
What is the perceived value of Healthify?
🕰️ Time: Healthify saves you time on manually tracking/guestimating calories during your fitness journey, you get access to multiple resources otherwise not available.
💰 Money: They follow a freemium model, which means the base app and features are free, and when you upgrade, there is a bundled cost, and if individuals go out to buy these services it would cost much more.
💯 Efficiency: Healthify streamlines your calorie tracking, meal suggestions, providing customized, nutritionally efficient solutions for maintaining a healthy diet and gives work out suggestions via Ria And their Coach.
Hence, the inflection point is at Day 15 - when the user has tried the product, is habitual to it and has successfully solved his/her problems of time, money and/or efficiency!
ICP - Girl Boss - Working Professional In Metro City
How to Show Pricing:
For Healthify’s pricing, we use the following effects:
Accordingly, the recommendation is to have either of the following screens:
How would this affect our ICPs?
Should it be System 1 or System 2?
Why?
Current pricing:
Hence they have a freemium model.
Thank you for your time!
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