What Entrepreneurs and Small Businesses Could Learn From The Online Gaming Boom
Online gaming has been experiencing a lot of success over recent years. With the evolution of gaming, the innovative devices and platforms that are constantly growing and improving, and the rapid rate in which smartphone, tablets and now even smartwatch technology helps improve our gaming experience; it comes as no surprise to see the industry generating significant revenue. In fact, the sector is set to achieve in the region of $182.8 billion in sales by the end of this year.
So now that major gaming companies and developers are enjoying financial success within their market, what can other markets and businesses learn from this exponential growth and success seen in the gaming industry? There are a number of particular lessons that can be learnt from this success and adopted by both small and medium-sized businesses. If they can be implemented in to their business model successfully it could benefit both the business and their cliental significantly.
The freemium pricing structure is one major aspect of the gaming market that has seriously helped engage and attract new players. It’s something that even the console market is now looking to adopt on a wider scale. In principal it works by offering the player the ability to download a game for free to their device or gaming system. The way in which it generates revenue is by then offering its players in-game purchases and enhancements to improve their experience or buy new levels to play for example. It has proved very successful and if SMEs can adopt a similar strategy for their client-base it could help attract new clients and lead to further customer loyalty down the line.
As mobile gaming is by far the biggest sector currently in the gaming market, and with it already looking to surpass that of the console market in terms of overall revenue within the next year thanks to its diversification with some of the best slot sites, most compelling sportsbooks and thrilling roulette table experiences. It’s clear to see that having a mobile presence more so than just a standard web presence could help benefit smaller businesses. If the business can utilise the mobile market in terms of marketing their services or even by providing customers with downloadable apps for more real-time links to the company’s products or services then it could greatly benefit the business in terms of online reach and the perception of reliability.