The online casino industry is one of the healthiest sectors in the gambling industry as well as in the overall entertainment industry. Despite occasional small downturns, the online casino industry has been growing steadily over the course of the last decade.
This level of sustained success is something that most businesses can only dream of, especially when you consider the fact that the online casino industry is a very crowded market. That success doesn’t mean that we would encourage anyone with an established business to jump from a field they know into online casinos. It does, however, mean that there are a lot of lessons that any business owner can learn from the online casino industry.
In this article, we’ll give a brief rundown of the top seven business lessons that you can learn from the online casino industry.
Business lessons to learn from the online casino industry
In the current economy, money is tight for many people and choosing where to spend it is becoming a more calculated decision. Offering your customers an added incentive to choose your business is one of the best lessons that the online casino industry can teach.
Online casinos are well known for the welcome bonuses and loyalty programs that they offer. One of the top rewards that online casinos offer to new users are no deposit bonuses. The other leading bonuses include free spins and deposit matching. What all of these have in common is that they add value for the customer before they’ve even made a financial investment.
In order to recoup the expense from the bonuses they provide, online casinos have wagering requirements that prevent an immediate withdrawal of funds. For retail businesses, having a coupon for a discount or for a free item with purchase is a similarly attractive bonus. For service-based businesses, offering a discount or a loyalty program serves a similar purpose.
Embrace new technologies
Constant innovation can be expensive and requires an investment of time and mental energy. However, as online casinos have shown, being able and willing to embrace new technologies is key. Online casinos have worked hard to remain on top of emerging technologies that improve their business and their offerings for players.
Aside from keeping graphics and gameplay at the top of the range, they also have embraced the technologies that make live casino games possible. In addition, there is already discussion about how they will implement augmented reality and virtual reality elements in the coming years.
Not every business will have the same technological needs or be faced with such rapidly developing technology, but every business can benefit from staying on top of technology trends and seeing where they can be implemented.
Accept that there will be competition and find ways to stand out
The online casino market is a crowded one. Alongside the major online casino brands, there are well-established independent online casinos and a steady stream of new online casinos. There is also a lot of crossover, with sports betting brands opening online casinos and vice versa.
It’s an exceptionally crowded market, yet somehow each online casino has found a way to make their own niche and find their own audience. There is a lot of overlap in the games offered so that isn’t one of the major ways they distinguish themselves, though some do focus on a certain type of games. The main ways that they can set themselves apart include aesthetics, their user interface and player experience.
Instead of being concerned and frustrated by the amount of competition in your field, use the example of online casinos. Look at your competition and see what makes them unique. Then figure out what they’re missing and how you can fill that niche. By doing that, you will be able to build a stronger business that can adapt.
Knowing how and where to advertise is a lesson that can be learned from online casinos. The scale of online casinos varies greatly, so how they advertise matches their size and influence. Online casino brands are experts at targeted advertising and in avoiding any wasted expenditure on advertisements.
The elaborate television advertisements of the biggest online casino brands are perfect for their needs but out of reach for the smaller brands. Instead, they use intelligent advertising methods, including PPC advertising, blog and social media content and email marketing. Spending money on marketing intelligently is a great lesson from the online casino industry.
Use social media
Social media marketing isn’t a new phenomenon, in fact, it’s established as one of the most effective forms of business marketing. Online casinos benefit heavily from the smart use of social media. Some simply advertise on social media platforms. Others work with content creators to create videos that demonstrate gameplay and how the user interface works. The most successful brands work with celebrities to develop their own content for brand channels.
Not every business is going to be able to use influencer marketing to successfully market their services, but most will be able to find some way to do so, especially if they have a product to sell. Influencer product reviews are immensely popular and can change how a product is viewed.
Another way that social media can be used successfully by businesses of all sizes is as a way to communicate with customers. Having a dedicated social media presence that is consistently monitored makes customers feel like they’re being heard and can fix issues before they become a major concern for the company.
Offer multiple payment options
Online casinos need to be able to provide their customers with a variety of payment options. Customers prefer to use payment methods that they’re familiar with and that make them feel as if their data is safe. For online casinos, the leading payment methods are credit/debit cards, payment apps, e-wallets, bank or wire transfer and now cryptocurrencies. Offering this many options ensures that online casinos are able to serve every customer.
Due to how common digital payments are, there are now services for businesses of every size that make it incredibly easy to offer customers a variety of payment methods. While it may be easier to only allow customers to pay with credit/debit cards, the number of sales you’re likely to lose by having such strict limits outweigh the benefits.
Optimise your site for mobile
Mobile devices are how most people regularly access the internet throughout the day. Yet somehow, many businesses have still not bothered to optimise their websites for mobile devices. Online casinos were not as quick as they could have been to embrace optimisation, or the development of dedicated apps, but they have since realised the value of having a website that is fully accessible on both computers and mobile devices.
Not every business needs an app, and in fact, many consumers have gotten frustrated with having to have a unique app for everything. However, every business with an internet presence can benefit from having a website that is optimised for mobile devices. The price to fully optimise a website is worth the improvement to the overall customer experience.
Online casinos are a great business to learn from. They can teach businesses of every size valuable lessons about being successful in our digital age.