It’s a matter of fact, COVID-19 has thrown many industries and businesses into uncertain futures. However, there are some industries like the iGaming industry which is likely to soar with new opportunities within the next few years. For those who are not familiar with it, simply put iGaming or online gaming is betting or playing on the outcome of an event or game (poker, casinos) via the internet. The market is expected to grow $516.03 billion in 2021 with an annual compound growth rate of 10.8%.
Amazing, isn’t it? So, if you are planning to start a business (or running a gaming business), the iGaming sector seems to be highly profitable in the long run. The gaming market is divided into various sectors like Fantasy sports app development, iGaming software development, e-commerce website development, and much more.
However, just building an interactive and responsive website won’t bring fruitful results. You need strategies and tactics to target your potential audience for greater impact.
Strategies to Build iGaming Business
The iGaming market treats players as an investment and measure their worth in something called “LTV or Lifetime Value” It also includes in-game content, subscriptions, microtransactions, and other sources as well.
As a consequence of this, publishers and game developers focus mainly on maximizing the long-term engagement to drive revenue.
Let’s look at the strategies used by top game publishers and developers that you should know for business growth.
1. Integrate Rewarded Ads
In the emerging market, app developers offer rewards in the form of coins or extra life in exchange for viewing ads. The users or players who watch in-app ads are 2-5 times likely to make in-app purchases.
For example, one of the largest video game publishers, Kongregate, applied the same strategy and saw an increment in engagement by 40%-60%.
2. Make Game Challenging
What makes players call some games the “best games”? It’s the challenges that keep the player strive for more. However, the biggest mistake is making the game too challenging. It makes players angry and frustrated.
But here’s the catch, if you provide a “skip this level” button in exchange for “watch a video ad”, your revenue can bump to 2%.
3. A/B Test Reward Video Ads
Through A/B testing you can make your rewarded ads more effective. For this, you need to segment your users, ad length, timing, and testing placement. Puzzledom, the most popular mobile game changed its strategy by anticipating A/B testing. It not only increased ad monetization but also maximized user engagement.
A/B testing helps you understand what a specific audience looks for. That’s how Puzzledom increased its revenue by 50%.
4. Use Headless CMS
One of the fastest ways to increase engagement and revenue is by organizing events. You can have a headless CMS or content management system to avoid taxing on your developers and marketing team.
That’s how big gaming platforms manage to grow fast. The developer handle marketing updates and the marketing team create awesome content.
5. Pair With Influencers
Pairing with influencers gives you a natural promotion. For example, Next games (a Finnish gaming company) paired with Anwar Jibawi, Lele pons, Rudy Mancuso, Hannah Stocking to boost their engagement.
In few months, the game “The Walking Dead” won Webby People’s Voice Award.
6. Engage Users with Special Events
Want to attract new users and improve lagging engagement? Try limited-time offers like unique challenges, extra coins, free play by organizing special events.
For example, you can provide free coins, or brew options once players complete specific tasks. Not only it will increase engagement but also lure new users.
7. Create Social Media Campaign
Undoubtedly, Instagram has the most active users to date. You will be amazed to know; it has reached one billion active users per month. So, it’s a great platform to promote gaming applications by leveraging influencers’ presence. Just reach out to high-reach YouTubers and Instagrammers to promote your campaign.
8. Develop Gaming Experience
Gaming marketers need to develop strategies in such a way that it gives players an awesome experience. Because players who spend a good time with the platform tend to come back.
9. Top-Notch Customer Support
Users will always have issues, queries and would want to get them resolved by the company. For example, your business lies in poker game development, your customer wants to know how they can earn real money via poker, or about the newbie bonuses.
So, if you have a professional customer support service, you win the hearts and minds of players.
10. Focus on Technology
An easy UX and UI is the key to gain the attention of users. It not only enriches their overall experience but also makes gameplay convenient. So, make sure you focus on technology and design.
11. Build a Competitive Edge
Competitive edge helps you achieve more than anything. Hire the right people who understand your audience and game well and can share the vision to contribute to advertising and marketing.
iGaming is quickly becoming popular and if you want to have good revenue, you need to invest in these 11 iconic strategies to build a strong gaming business.
I hope this read is beneficial for those who are looking to create an online gaming platform. To build a successful online gaming platform, must implement the above-mentioned strategies that can help you to get quality results.
I am Arnika Gupta SEO Analyst at Mobiweb Technologies which is an offshore software and application development company serving clients globally for 10+ years. Curiosity to learn new things makes me interested in content writing and encourages me to write something different. Follow us on Facebook, Linkedin, and Twitter.