If you are aspiring to be an entrepreneur, then you should be looking for advice and inspiration from any credible source. It is an extremely tough world so the more help you get, the better off you will be. A great source of information that is sometimes under looked is online casinos, and this article will detail; why entrepreneurs should study online casinos.
Table of Contents
Competition
The first reason that you should be analysing online casinos is because it is a relatively easy industry to take a deeper look at, yet it is also one of the most competitive industries there is. Every online casino in the UK for example is competing with literally hundreds of other online casinos, and this competition is fierce whether the casinos are the most famous or barely known.
It is interesting to look at the ways in which they resemble their rivals and in which ways they are trying to stand out from the competition. For example, several online casinos offer a free spin of a prize machine every day to entice their customers to use their app every day. Sky Vegas do it, so do Coral, so do Ladbrokes but Bet365 does not.
A deep analysis of why some companies choose this marketing technique and why some do not implement it will be relevant for any entrepreneur and can help them understand how to compete with their rivals.
Marketing
It is imperative that entrepreneurs look at successful and unsuccessful marketing campaigns and then take a look at why they worked or did not. Gambling companies run marketing campaigns almost constantly but more importantly, they used targeted marketing. Companies like Bet365 are experts in this, being solely based online, and as such you should take inspiration from their efforts. This means that they are aiming all of their campaigns at particular groups that they judge the most likely to be respondent to their campaigns.
Aiming their campaigns at groups, like males from ages 18 to 30, means that they are far more likely to work. There is no point advertising bras to men but there is a point in advertising gambling to young males who are the most susceptible to this sort of thing.
Innovation
Another reason that entrepreneurs should analyse online casinos is to look at innovations. An innovation is a way to guarantee that at least for a period of time, you are the only one in the whole market that is offering whatever your innovation is.
Often, an online casino’s innovation will be a new game or even a new type of game. If an online casino can manage to totally innovate a game then they will corner that part of the market for a time. An example was the introduction of the progressive jackpot, which made it possible for people to win huge amounts but only betting pennies.
In 2019, Philadelphia released the first ever progressive jackpot in the state and it had two winners almost immediately. This generated a lot of attention and free publicity as well as increased numbers of players, and was a very profitable innovation for the online casino.
Loyalty programs
The final item in this list, loyalty programs are also very interesting to delve into further. It seems unusual for a program that literally gives money back to the players to be that profitable, but they are actually very profitable and a great asset to the casino.
It is the same logic behind giving high roller players in Vegas the best rooms for free, to guarantee they will spend money at their establishment. The idea is that the online casino does not care about losing a bit of money with the average player, but rather they will make their money on some high rollers, as well as those who play just to grind out the loyalty rewards. It is also quite an incentive to get playing.
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