5 Lessons That Small Businesses Can Learn from the Gambling Industry
The gambling industry is currently the most popular it’s ever been. In the UK alone, the industry is valued at over £14.3 billion (finder), which tells you everything you need to know about its worth. So, knowing this, it’s understandable why so many businesses are looking to the gambling industry as a case study to learn from. Sure, the gambling industry doesn’t have the answers to everything – and no industry is perfect – but there are lots of useful lessons that you can learn from it as a business owner!
In total, let’s take a look at 5 key lessons:
Online gambling is a big deal nowadays. This is why online gambling platforms – from casinos to sportsbooks – are constantly incentivising their customers to keep them online.
For example, sign-up bonuses and monthly freebies are quite common, particularly when it comes to online casinos. As a member of most online casinos, you’ll highly likely be offered free spins on the slot machines every couple of weeks, which is always a nice thing to have. Why? Because it keeps people occupied and incentivises them to stay loyal!
As a small business, you should be looking to replicate this process with your audiences, too.
Know Your Audience
Next, know your audience.
Whether you sell self-care products or tech items, you need to know the type of customers you’re selling too. Online gambling companies research their audience in in-depth detail to find out what makes them tick and which age groups are most interested.
Typically, most online gambling companies will then target mature audiences (over the legal gambling age) with ads on Google and other platforms.
Gambling companies are known for how shrewd they are when it comes to collecting feedback. From email surveys to social media questionnaires, they know all the boxes that need ticking. From the feedback collected, they will then make improvement to their services. For example, many sportsbooks will allow customers to request specific bets for sports games via Twitter.
Have Great Marketing
Marketing is key for small businesses in the modern age. This is why your small business should look at the marketing tactics that members of the gambling industry use – more often than not, they’re very successful.
Ad placements are particularly well thought-out in the gambling industry. You will often see ad placements at sports games and social events, as they go perfectly hand-in-hand with gambling!
Give Quality over Quantity
Lastly, go for quality of quantity (no matter what type of products you sell).
Take online casinos as a general example. Most online casinos keep their number of games fairly limited. All the classics, such as video poker and online roulette, are usually covered. On top of that, they’ll be a handful of other games, and then that’s it. Fans don’t want to be overwhelmed with choice, and online gambling companies know this very well! There’s a big lesson to be learned in this regard.