The iGaming market has taken the world by storm with its impressive growth over the years. With an industry revenue of $279.3bn as of January 2023, the iGaming industry sits amongst the top 10 global fastest-growing industries by revenue growth. Speculations are that the industry will grow by a whopping 6.7% from 2023 to 2024.
These impressive statistics suggest that stakeholders within the industry understand something about business growth, and we will discuss a few of the strategies we’ve managed to uncover. As you read, you’ll find some ideas that may be relevant and practical for your business situation. Let’s get started.
Effective marketing
Stakeholders in the iGaming business understand the importance of marketing, and they’ve demonstrated this through different marketing strategies in their arsenal used to reach and convince their target audience. One marketing strategy that has been instrumental in the growth of the iGaming market is the use of bonuses, promos, and exclusive offers. For example, BonusFinder, a company that helps players to find trusted gaming platforms, makes a list of rewards available on different online iGaming portals like the BetMGM Promo Code No Deposit BONUSMGM and many others.
If you search through the site, you’ll quickly find a large number of bonuses, promo codes, and discounts they make available to the public. Businesses in other industries can replicate this strategy in their marketing to drive better results, acquire more customers and increase revenue.
Another effective marketing strategy that these iGaming brands utilize is affiliate marketing. Affiliates drive traffic to iGaming brands and receive a commission for a specified action. This marketing strategy is helpful for smaller brands looking for a more focused way to find potential customers while keeping their marketing costs low.
Small brands that use this method understand that they need cost-effective marketing strategies because the iGaming market is very competitive with established stakeholders. Competing with big brands through traditional advertising methods would be a waste of resources when you don’t have the budget to access effective advertising spots as established brands do.
You could also find inspiration through the SEO marketing strategies of iGaming brands. In 2021 alone, the word “bet” accounted for 6% of every 1000 words searched. Equipped with this knowledge, brands in the iGaming market research keywords that their target audience is interested in and create useful information around them. This makes them rank on search engines when potential customers search for these topics.
Adopting innovation fast
We’ve talked so much about effective marketing; now, let’s talk about how gaming platforms adopt new technologies and innovations quickly. One common attribute among iGaming brands is their knack for innovation and technology. To prove this, we’ll talk about how iGaming brands make their platforms mobile-responsive.
They are finding ways to make almost every element of their brands accessible on mobile devices. This is a result of the popularity of mobile devices amongst their customers. Businesses that react quickly to their customers’ needs will win them over. Games that were only available on desktops now have mobile versions, meaning individuals without PCs can now access those games and spend money on them.
Many small businesses fail because they are slow to adopt new trends and innovations that may create significant growth. Another way iGaming platforms demonstrated their ability to embrace innovation fast is by integrating payment methods for digital currencies.
When digital currencies like Bitcoin and Ethereum became mainstream legal tender, many gaming portals began to create systems for processing digital currency transactions. This resulted in increased security for customers and a better user experience.
