The iGaming industry (casinos, gambling and the like) is highly competitive – perhaps one of the most competitive around, with dozens of new online casinos appearing every single day. Love them or hate them, you can get some fantastic business tips from these online casinos. You can easily put some of these tips to work in your own business.
Give Customers Incentives
If you look around for an online casino for a while, you’ll notice that every single one of them has some sort of bonus to pull people in – in most cases, a bonus that it seems they’ll make a loss on (they won’t, thanks to pretty tough terms and conditions). The iGaming platform knows that if they can pull customers in with a great incentive, and if they keep giving those great incentives, they’re much more likely to keep the customers coming back.
Now, we’re not saying that you should ‘give away’ hundreds of dollars like these online casinos appear to, but having some sort of incentive for new customers – and your regular ones – can help. For example, include a gift with their first order, or make a hefty discount code available every so often.
Good Customer Service
Having a customer support team in place is a legal requirement for casino licensing in some countries. So, iGaming platforms are not necessarily doing it out of the goodness of their hearts. However, you can still take a leaf out of their book.
Have a quality customer service team in place that is willing to take phone calls and answer questions. Make sure that the customer service team has been fully trained to help – we’re not saying that they need to be available 24/7 like the customer support teams at an iGaming platform are, but they should be available. Messages sent to them should always be responded to within 24 hours, preferably much less.
People love it when businesses show they care. Offer good customer support, and people will be telling all their friends and family about you.
Choice, Choice and More Choice
You can ignore this one if your business offers a single product, or there isn’t a feasible way to boost your product offerings (perhaps because you run a service-based company).
Head to an iGaming platform and they’ll have hundreds, if not thousands, of options for games to play. This hasn’t always been the case. Some early platforms had pretty tough contracts with game providers, meaning that they couldn’t offer more games than what the game providers said they could. However, that’s all changed. Look at the website www.newcasinos.com and you’ll see just how much choice there is on the platforms that are listed there.
Choice is always a good thing. The more choice, the more chance there is of somebody finding something they like. Remember, some of the biggest online e-commerce stores in the world thrive because of choice.
Now, we’re not saying that your business should offer everything under the sun. It shouldn’t. That would be a financial and administrative nightmare. Just look into the areas where you might want to expand your product range a little. Just a couple of extra products here and there may work wonders, but make sure that you do your research to ensure that you’re adding the right products.
Be Different
There are a lot of new online casinos out there. We’ll be honest and say that it is tough for many of them to stand out, and we have to assume that the failure rate for these online casinos is very high. Those that do thrive are the ones that try to be different.
Many of the top online casinos have worked hard to develop a unique brand and have become recognizable among the crowd for their brand work. You’ll notice that everything the company does oozes its brand, from site development to customer support and social media. They don’t just feel like another non-entity in the iGaming world. They put effort into things.
Other companies have focused on one thing and do it very well – for example, slot machines.
Others have added new payment methods or incentives, or app software.
Just be different. Your business should be offering things that other businesses don’t offer. Give people a reason to shop with you.
Don’t be afraid to innovate
Did you know that the first iGaming platforms to innovate are rarely the big ones? The big casinos aren’t the ones that can afford to take risks, as they don’t want to alienate their players. They’ll leave that to the smaller companies.
Smaller iGaming platforms introduced things like mobile gambling, live dealer games and cryptocurrency payments first.
Your business shouldn’t be afraid to innovate. Keep a constant eye out for tech that you could embrace for your business. Look for gaps in the market to introduce useful products that the bigger businesses may not bother with. Look for novel ways to market your business.
We won’t lie and say that you’ll be a success every single time. You won’t. You might make some pretty big howlers. However, if you want to get ahead in business, then you need to innovate. Don’t just rest on your laurels. Imagine if Jeff Bezos had decided to stick with just selling books – Amazon certainly wouldn’t be a fraction of what it is today.
Get people talking
The best advertising is always word-of-mouth advertising. Not only do people trust the opinion of their friends and family more, but it is also a lot cheaper. The iGaming industry relies on it heavily.
Give reasons for people to talk about your business. Offer a good service. Be active on social media. You can even consider an affiliate system where you reward people talking about your company (when it ultimately leads to a sale).
Wrap Up
The iGaming industry is one of the most crowded industries, with only a few companies able to survive. Luckily, many of those iGaming companies have good business acumen, which means they can provide a ton of useful advice about building a successful business in a crowded industry. Implement a few of the tips we’ve discussed on this page into your own business, and you should reap the dividends.
The post Business Tips You Can Learn from the iGaming Industry appeared first on Entrepreneurship Life.
