Creating an online business as a startup can be extremely daunting, especially when you look at the statistics that are available on the web. According to some estimates, as few as just 10% of startups are successful.
Several reasons exist for what a business may not be successful:
- Lack of knowledge about market being entered
- Poor marketing or promotion of services/products
- Not enough financial resources
- Too much competition
- Lack of a business plan
There isn’t usually one main reason why a startup fails, as it can be dependent on various factors at the time of its creation.
The online casino industry is one sector, though, that knows about the need to try and be as effective as possible from the get-go. iGaming is among one of the most competitive, with thousands of sites offering the same product and services, all competing with each other for a slice of a saturated market. Nonetheless, there are many that do very well and manage to establish themselves over a significant period of time.
As a result, they can be considered to be the perfect case study for new startups who are looking for tips and tricks that can help them improve the likelihood that they will be able to thrive and not be among the 90% that ultimately fail within a year in the digital space.
What can a startup learn from an online casino?
If there is one area in which online casinos have perhaps excelled on the internet, it’s in terms of creating personalized experiences and looking out for their customers. They have been able to use big data analytics to improve almost every aspect of their sites and try to appeal to their target audience as much as possible, which is something all startups should be looking to do if they are to succeed.
In terms of converting people into customers (which can be the hardest part of any business), online casinos have been able to use promotional tools such as personalized bonuses. These offers can encourage players to take advantage of them as they suit their needs, which can then lead to them spending money once the offer expires. Additionally, the best casinos online look to retain those players by introducing loyalty programs. Also known as VIP schemes, these can reward players with additional perks, which shows that they appreciate them and value the time and money they are spending on their sites.
Startups can also leverage big data analytics to make market-driven decisions in the same way online casinos have. They can use the datasets collected to make informed decisions about their market, as they will have information about present trends, buyer patterns and behaviors, as well as potentially predict what might happen in the future. Casinos do this with the games that they offer and the bonuses they create, thus helping them to be in the best position when competing with their competitors.
Offering convenience and accessibility is also something brands in the iGaming industry have excelled at. Most have made their site to be fully optimized with mobile devices, as they understand consumer demands. Convenience and accessibility are of the utmost importance for many consumers, and many expect this as a basic part of the user experience. Startups must make sure they can be accessed via these devices and offer the same type of experience, especially as shoppers continue to move to their portable devices when browsing the internet.
The convenience and accessibility should also relate to payment methods. The online casino industry has made sure it provides their players with numerous methods in which to make a transaction. Startups that offer as many accepted payment methods may find that they may have a better chance of succeeding, as they can reach a greater pool of customers than if they only offered one or two options instead of a vast array.
Online casinos can be a great case study
It’s clear to see that online casinos can be a great case study for startups looking to navigate the testing waters of the internet age. Given that there is so much competition in today’s market, brands must ensure they can do as much as they can with the variables that can be influenced if they are to succeed in a space in which around 90% fail.
