When bringing a product to market, one of the most important aspects to consider is how it differs from potential competitors. The differential advantage is key to a successful business and launching a product that generates its own buzz. Take the highly competitive online casino industry. New players especially are presented with an armada of choices from the sites available to the titles on offer. How can the online casino industry teach other businesses to benefit from a competitive market?
Get Branding Right
The online slots part of the online casino industry is extremely competitive. As the gameplay is understood by many, the way in which it is then offered to players will be the deciding factor. Therefore, the best way to gain this differential advantage is through choosing a theme and branding the title. As the Barcrest game Rainbow Riches at Betfair Casino shows, the theme of the lucky Irish leprechaun has been moulded around traditional slot gameplay.
The game takes on the theme of the leprechaun’s treasure at the end of the rainbow and incorporates other concepts, such as a wishing well and a pot of gold itself as a way of introducing extra prizes and levels to the game. Not only does the theme fit with the game itself, but it is instantly recognisable, so requires no further explanation. This theme of the game and the elements of design that resonate with people will help ensure the branding works to attract customers. Indeed, many suggest that branding is the most important part of a business.
Entice with an Offer
Most online casino sites understand that new players are bombarded with so much information when looking for a site to join. So, to make things easier, the sites focus on an offer or a welcome bonus to get the customer ‘through the door.’ They can then investigate the titles on offer from a particular site. As the initial upfront offer could be a determinant for some people, it’s important to ensure that it is enticing and competitive enough.
Most online casino sites offer some kind of welcome bonus. This could be free spins on slot games, cashback for playing, or extra loyalty scheme points. The offer will likely have been tested and will be what the site determines is the best value for the customer and for their customer retention. Those with little knowledge of the industry may just be swayed by the offer that sounds like they get the most for the least. These offers can lead to goodwill between customer and site and could result in loyalty.
To bring a game to market in a competitive environment, not only does the gameplay need to be as audiences might expect, but there needs to be strong branding to draw people in. It is also important to consider any offers that you might run. As the online casino industry shows, offers can be the determining factor between you and your competitor. The industry can inform a lot for business as it represents a highly competitive modern industry.