There can be several reasons for an entrepreneur to start a fantasy football business. However, to continue in that path everyone needs something more than an idea. Fantasy sports is considered to be one of the most profitable businesses in the 21st century. The United States of America is the major business center when it comes to fantasy sports, it is followed by India and China as the emerging economies. Football and Cricket is the most popular sport in these emerging countries. So here is a curated check-list for you to make sure your fantasy football business turns into a successful venture:
Define your objectives:
Initially determine what you exactly need in this fantasy sports industry. If you are a helping out a sports league or brand looking for opportunities to promote their company in this industry you should make sure that you have the right elements to engage your fans in this app. The objectives of your app are directly related to user engagement and growth. The process of defining the objective of your fantasy football business will help you to choose the right partners for developing your platform.
Define and research your target demographic:
This is one of the key strategies to succeed in your fantasy sports business. An efficient target demographic will let you add several nuances in the app during the development phase. At times you should specify the product features such as language support and inclusion of sports based on the demographics collected.
Make a list of leagues to be included:
For starting a fantasy football app you need to have a list of popular leagues in the target demographic in football. This will be helpful to filter out the unnecessary leagues out of the app. It can also help in determining the scope of the fantasy football business.
Define your unique proposition:
Fantasy sports is a huge industry, it has several options in every field and a variety of data that you will need to handle on a daily basis. So the only way to get ahead of the competitors and pass this challenge is to define your USP in an efficient way. USP is nothing but the unique selling proposition the one that differentiates your brand from the others. The only thing that would enable your fantasy football business to stand apart from the others in the market is the unique features in the app.
Find trusted data providers:
This is one of the most crucial parts of your business, the success of the app depends on it. You should get a variety of data to deal with the app on a daily basis. So it is important to choose a trusted data provider from the industry. Do not compromise on the cost in terms of the data providers. Some of the most popular and trusted data providers are SportsRadar, FantasyData, Stats Inc, and GoalServe.
Plan the launch date:
Most of the entrepreneurs launch a fantasy sports website first which will be followed by their fantasy sports app. This is to make sure that their launch strategy will be in sync with their long term plan. You should also make sure that you have a unique pre-launch strategy to make sure that your brand will have some awareness about it before it is launched. This will also create some buzz around your fantasy app among your target audience. A team of fantasy football app developers can help you with that.
Choose the development partners carefully:
This is also one of the most important factors as it is the determining factor of how your app will turn out to be in the future. You should look for development partners who offer developers with professional skills and innovative thinking. You should choose them only if you trust them thick and thin. A perfect fantasy football app development company will get you an initial set of engagement before the launch of your app. They deploy pre-launch strategies in the development phase of the app to lay a firm foundation for a profitable business. They should follow user-empathy and must have a professional portfolio related to the fantasy sports app.
So we have seen the checklist for the fantasy football app development, now we will take a look at the various sources of revenue for the fantasy football apps:
Fees for participation:
The powerful names in the industry such as Draftkings and FanDuel organize contests with massive payouts and charge a participation fee for the competition. They also take cuts in the cash-prize contests which is the major revenue for them.
Engaging the participants:
Most of the football leagues allow their participants to continue for the rest of the reason with the same draft. However, companies like DraftKings and FanDuel offers options to their customers to take up weekly contests. This helps them to increase the overall fee collection from the customers and also encourages them to pay for the entire season.
Other revenue resources:
Additionally, there are several other resources that keep in the regular flow of revenue for the fantasy football companies are advertising, tournament sponsorships, video streaming, ticket sales, etc. Companies like CBS, Yahoo, and Disney earn a huge amount of revenue from advertising. Online advertising is an efficient tool that can be used to divert the traffic which will ultimately get to profitable leads and increases the economic value of the fantasy app. Every company follows a different strategy for advertising. For example, Yahoo uses its Yahoo! Plus platform to advertise their content and to get efficient revenue generation. ESPN is well known for its efficient statistics and timely updates they release on the football leagues.
Fantasy football has become the giant money game which will be undoubtedly profitable if they are launched by following the aforementioned strategies in the check-list. They will help to keep up the record to significantly increase the revenue for the fantasy football app.
