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3 Gaming-Industry Lessons That Have Increased My Business Profit

3 Gaming-Industry Lessons That Have Increased My Business Profit
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By    |   Thursday, 26 October 2017 05:57 PM

The gaming industry is a multi-billion dollar industry. A recent study has shown that 2.2 billion gamers across the globe are expected to generate $108.9 billion in game revenues in 2017 alone.

This represents an incredible increase of $7.8 billion, or 7.8%, from the previous year. In 2020, it is expected that mobile gaming will represent just more than half of the total games market. The PC and console game markets will generate $29.4 billion and $33.5 billion in 2017, respectively.

As I marveled at this incredible milestone, my curiosity led me to intense study to actually identify the strategies this industry has adopted over the years.

Not only did I find some of the strategies, I applied them in my business and I am having a wonderful time as an entrepreneur.

  • Customer Engagement

One good thing the gaming industry does very well is to massively engage customers. Customers’ experience is usually their number one priority. They do this by encouraging their customers to interact and share their gaming experiences. Some even go the extra length to offer their customers important tips on how to win big. I inculcated this into my organization’s culture and it has foster brand growth and loyalty.

By giving my customers something meaningful beyond a sales pitch, such as real-time customer support, I have been able to know their views and opinions on my products and services. This has necessitated business adjustment and improvement which has attracted customers to my business.

  • Explore Digital Tech

The advent of digital tech has transformed businesses all over the world. The gaming industry is one such industry that have greatly explored digital tech especially in advertisement and making their services available and accessible in any part of the world. A study shows that the number of bets placed on mobile devices is said to hit $100 billion, with a staggering 164 million people using mobile devices to visit mobile casinos, place a bet, or purchase a lottery ticket.

Another report shows that betting firms (companies offering sports betting, bingo, online casino games, and poker) spend £500 million in just four years in the UK alone on TV adverts to lure in new customers. I didn’t waste time to adopt these strategies. My business website and app were great marketing tools for my business. I was able to reach wider audience through massive ads and also made my services accessible. Most people spend lots of time online and love to pay for products and services at the comfort of their home or offices. Money spent on ads is not wasted; that’s a great lesson.

  • Learn to Give Gifts to Customers

Gifts are a very powerful tool for attracting prospective and disinterested customers. The gaming industry understands this very well and has adequately used it to attract customers worldwide. For instance, Slots Play Casinos offers up to $4,000 bonus for online casino players. This is one of the motivating factors that encouraged people to play the game. I bet me, millions of people have been encouraged by this simple gesture.

Human likes gifts. I know this because I have tried it and it has absolutely worked.

Business marketing strategies like online discount sales, giving out branded T-shirt, cups, umbrella, refreshment etc. have attracted lots of customers to my business. Massive sales have helped to cover the cost of the marketing campaign.

In conclusion, someone can simply oppose my views by saying the strategies are capital intensive. The truth is: business requires funds for profitability and survival.

A wise entrepreneur spends on strategies that will attract customers to his/her company since they hold the key to profit maximization.

Richard Agu is a Researcher, Entrepreneur and Freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.

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RichardAgu
The gaming industry is a multi-billion dollar industry. A recent study has shown that 2.2 billion gamers across the globe are expected to generate $108.9 billion in game revenues in 2017 alone.
gaming, industry, lessons, business, profit
635
2017-57-26
Thursday, 26 October 2017 05:57 PM
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