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Business lessons we can learn from the gaming industry
The commercial world is based on one important principle – a business needs to offer something that customers want to buy. The only way to stay profitable is to make sure that your products sell. The big part of this plan is to recognize what your audience wants.
The same can be applied for selling in a crowded marketplace. Knowing that there are competitors that rate well is pretty important, but how can you and your product stand out?
Companies manage this by varying and scaling the success rate, which is something that even big businesses don’t always get right. With this in mind, it really pays off to work on your skills and understand how such a concept works and how to do it well.
One industry that understands this more than most is gaming. Since its breakthrough in the early 90s, this market is expected to reach over $90 billion by 2024. For many operators trying to make it big on the market, carving a niche between this progressive period of growth is not easy. It’s an issue that will be familiar to retailers as well, whether they are new entries or legacy brands struggling to keep up with the digital-first companies.
So, how have some companies been able to succeed and step forward on the online gaming market?
Create diverse offers
Knowing your audience is crucial, but regardless of who you’re selling to, there is one universal rule among all demographics: ensure variety. No matter how niche your product is, your consumers have a different opinion, style and taste. You need to recognise the individuality and customise your product to it.
One niche that does this very well is the online casino industry. Game providers offer a multitude of games and entertainment options for their players, ranging from live casino to traditional poker and online slots. If you want to know how the traditional slot game evolved in the online gaming community, check out these new online slots and look through the different themes, bonuses and gameplay. This means that anyone who wants to play online will find something that appeals to them, no matter their personal preferences. The same rule can be applied to all industries. If you ensure sufficient varieties and choices, you’ll always have something your customer wants.
Accept criticism and feedback
If you ask this question – “how can you know what your audience wants?” to an entrepreneur, half of them will give you different, often confusing answers. The easiest way to work this out is to listen to the audience and evaluate the feedback. A good example of a company applying this principle and profiting from that is the Call of Duty game developer. Despite the previous offer Call of Duty: WWII which relied heavily on campaign mode, many players indicated the preference for multiple gaming. The developer adjusted their offer to meet these expectations thus they completely removed the campaign mode. This resulted in a multi-player focused game title that was the most successful Call of Duty launch to date.
Major online gaming sites now cover many bases when it comes to payments in order to satisfy a global audience. Being able to accept payments with different methods from every location is the cornerstone of any online business. Debit cards, eWallets and even cryptocurrencies have become standard options for casino and betting operators. The lesson here is that offering various payment methods allow you to make sales. Providers should pay attention to how their customers like to pay and facilitate that option. Consider adding mobile payment support or link up with online payment options like PayPal.
When it comes to marketing and selling a product, it is vital to understand your main goal and what your audience expects from you. Their opinion on your business will make or break its success. Although this is more difficult for start-ups and small companies, there are many ways to achieve your end goal. Put yourself in the spotlight and expose your product to the public. Of course, none of these techniques will replace hard work and dedication. If you are looking to stand out in a crowded marketplace, these guidelines can certainly help.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.