Strategies and market development
The global gaming market is valued, according to data from The Business Research Company, at $564.4 billion, with a growth projection of 5.9% per year. This exponential growth is mainly due to the internet as it has allowed access to online games from anywhere and at any time of the day.
Within the typical strategies such as advertising, grouping and creating new game modes, offers and welcome bonuses, or reducing the barriers to access platforms, one of the most interesting is the latter.
In the short term, it may seem like a very interesting strategy to reduce the barriers to platforms that have products similar to those offered by their competitors, since it can allow them to reach a much wider audience. However, when all these online casinos can no longer increase their offer or range of products to offer, they must make strategies to promote their existing products, making their games more attractive or combining them with complementary products or offering some type of promotion.
The development of the gaming market
Market development refers to the promotion of existing products or products to new potential customers, by launching these products in a new geographical area or expanding the market niche. Before starting a strategy like this, it is necessary to establish clear business parameters:
- Have a capacity to adapt to new trends.
- Have the ability to adapt in those markets where the game is in the process of growth.
- Be clear about the cultural and legislative limitations of each country or area.
If it is true that the budgets of online casinos cannot be comparable, they can be used as a basis to find new uses for current products and thus be able to expand to other similar markets. Online commerce has managed to cross physical borders and already represents an opportunity to open new paths hand in hand with innovation processes.
Alternative marketing channels
The three main marketing channels are: email marketing, social networks and commercial websites, with email marketing being the most used by bookmakers to use their campaigns. It is very important not to forget the offline presence either, as it can help to contribute very significantly to optimal growth.
Online casinos often benefit from other alternative channels such as relationships with companies from other different sectors where they can advertise and reach other non-natural markets for the gaming industry.
Another growth strategy for bookmakers has been market segmentation. This means dividing the market into several groups according to the preferences, interests, locations, among other characteristics of the players. Segmenting by groups allows you to carry out campaigns aimed at very specific niches, so the conversion rates will be much higher. The most typical segments are: geographic, demographic, filmographic, behavioral and psychographic.
Within the iGaming industry, segmentation is a very important strategy to take into account, it allows us to identify all the opportunities and strengths in a much more precise way. To make a good segmentation and be clear about what and when to make the offers, it is necessary to collect as much information about the users as possible: from the moment they enter the website, to the frequency with which they access social networks. It is true that many times it is very complicated to have all this data, so an alternative option is to have a customer relationship management (CRM) tool.
TTH Gaming, casino consultants
From our TTH Gaming casino consultancy we are dedicated to advising and providing guidance, both nationally and internationally, on the development of projects, operations management, investment profitability and all kinds of solutions in the world of casinos. You can easily contact us if you want to consult any question related to our services at https://tthgaming.com/contacto/.