Innovative business tactics inspired by the casino industry


Innovative business tactics inspired by the casino industry

Casino operators are always thinking of new ways to meet their market’s needs. If they are not developing new products, they are thinking of ways to expand their market share or tap into new markets. As a result, the industry keeps growing, with online casinos such as 888 Casino taking centre stage.

In the last five years, this industry has been growing so much that current projections show that its compound annual growth rate could hit 12.4% by 2030.

Of course, such growth is not accidental. Instead, it results from calculated business moves that other industries can borrow. And in this guide, we spill the beans to help you level up your business.

WHAT STRATEGIES DO CASINOS USE?

In any business, you must know your audience, figure out your target (be it revenue or market share), and come up with ways to reach your goals. Casinos often foster their growth in a highly competitive market by making the following moves:

They Reward Repeat Customers.

Casinos have all sorts of incentives, including rewarding people who sign up on their sites. However, much of their attention goes into retaining their clients. As anyone will tell you, customer retention is much cheaper than customer attraction.

So, how do they hold on to their existing clients? Well, they offer them exclusive access to games and enable them to rack up points that they can redeem as cash or free tickets. In return, customers feel valued and play more so that they can keep accessing these perks.

So, how can other businesses use the same strategy? It’s simple. Create a system that awards points to your clients for each purchase. For example, if you sell clothes, you can award customers a point for every one hundred pounds they spend, which they can later redeem as gift tickets or cash. In return, you will enjoy the following:

  • ·        A higher customer retention rate – more customers will be willing to stick with your business to get a return on their investment.
  • ·        A higher customer loyalty – when customers feel that you value their input, they are more likely to return instead of trying other businesses that may not value them as much.
  • ·        A better understanding of your customers – the more people buy your products, the more you can study their patterns and know their preferences, which allows you to refine the customer decision journey so that it is more effective.

So, whether you are offering special events, points, or exclusive discounts to repeat clients, you can trust that it is sure to attract more business.

They Personalise their Marketing.

People do not like feeling generalised. After all, while we are all human beings, we have different wants and needs, and we desire to have products that address these differences. Casinos understand these nuances all too well and have taken numerous steps to ensure their clients feel special. How?

They have been using artificial intelligence and machine learning to study their players. This technique ties in with loyalty programmes, the more a player uses a site, the more data the casino gets about them. The casino's software can then categorise players based on their spending patterns, game preferences, and other factors that influence their experience. For example, if a player likes slot games, the casino will use this information to market their new slot games and bonuses to them.

Does personalisation help grow a business? Of course! Here are the motivations behind getting personal:

  • ·        It increases the conversion rate. Nurturing a lead takes a lot of work, especially when you are trying to get a sale from them. But when you already know what someone wants and present it to them, your likelihood of making a sale increases.
  • ·        It reduces marketing expenses. Rather than sending a standard marketing message to everyone, personalisation enables a casino to segment customers and send targeted ads. This customisation reduces the marketing budget while increasing the conversion rate.
  • ·        It projects finances and game popularity. Casinos are businesses, so it’s important to gauge how well a game will do before introducing it to their site or even paying for its license. They do this by assessing the game’s key features against what appeals to their existing client base. Using the same analytics, they can project how much money they can make from a game and decide if it is worth the capital investment.

Can you do the same for your business? Yes, it is all about using data analytics to review past client preferences and patterns and using this information to project what they will likely want. And with tons of AI models on the market, this is doable.

They Cater to Mobile Users.

In this digital age, most adults have smartphones. Moreover, internet access has become easier and cheaper, with some people completely relying on free WIFI to go online.

Casinos have capitalised on this by designing intuitive mobile web pages and apps that enable their players to access games on the go. And this accessibility has been a game changer that has enabled them to reach a much wider audience. It’s easy to replicate this effect in your business, it is all about ensuring that your website is mobile-friendly. Creating a mobile app can also be a good idea if your products necessitate such convenient access.

 

Gamble Responsibly: Gambling should be enjoyed as a form of entertainment, not a way to earn money. Always gamble within your financial means and set limits to stay in control. You must be 18 or older to participate in gambling activities. If you or someone you know has a gambling problem, seek help from organisations like FEJAR (Federación Española de Jugadores de Azar Rehabilitados) at www.fejar.org. Stay safe and gamble responsibly.

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