The poker and iGaming industry as a whole is one of the most competitive industries on the planet, something that can be easily attributed to just how lucrative it is. As enticing as it is to be a part of, lots of online poker rooms come and go all the time. Staying afloat in such a competitive industry is always an uphill task that very few poker sites can bare to deal with especially with onslaught of weekly legislation changes. The ones that have made it through all the ups and downs of the industry, therefore, have more than what it takes to succeed in both the long and short term.
While it differs quite a lot from other industries and doesn’t come without its controversies, the poker industry has quite a lot to teach other businesses. There are several things that have been implemented in the industry that other kinds of businesses should definitely consider in order to survive, especially in the world of today.
Are you thinking of starting a business yourself? Well, here are some pointers from the world of poker and iGaming that could give you an upper hand in the very competitive business landscape:
- Find Amazing Partners
Businesses do not operate in a vacuum and with the current global landscape, nearly all businesses require at least a few support services to keep them going. In the poker industry, both online and land-based casinos have inked lucrative partnerships with suppliers, content developers, marketing companies, and payment service providers in a bid to deliver on tournament schedules, promotional content and their overall promises in an agile environment. All of them have been very careful when it comes to the kinds of partners they choose, with the main aim being to get the very best out of such arrangements be it from the payment processors, software developers or even customer support teams.
In some cases, poker businesses have even merged when such arrangements are mutually beneficial. It goes without saying that this is something that other businesses can and should emulate. Swooping in to take advantage of a lucrative partnership could be a life or death situation for a business in this day and age.
2. Rewarding Loyalty
Most, if not all, casino businesses usually try to catch the attention of new customers using very enticing welcome bonuses and several promotions. Everybody loves free stuff but, understandably, not all businesses are in positions where they can afford to give out free services or products. Now, an area that nearly all businesses can easily excel at is rewarding loyalty.
Lots of poker businesses have perfected the art of rewarding returning customers with their VIP Clubs, loyalty perks, and ‘comp points’ programs. For your business, you do not necessarily have to follow the same models that online poker rooms use but the concept is pretty much the same across the board – customers are given an incentive to keep engaging with your business. Perhaps you could start by offering discounts or value-added services and even gifts. It all really depends on the kind of business that you are running. Still, for customers, nothing quite beats the feeling of being appreciated and recognized.
3. Dare to Scale
That’s right. Scaling can be a very daunting task simply because it means that you are ready to get out of your comfort zone and take your business to the next level. Needless to say, this is a very risky move and the outcomes of various decisions are certainly set to have notable impacts on the business.
The online poker industry has been at the forefront of the adoption of several different technologies. Some ideas have failed while others like digital cryptocurrency bonuses, mobile gaming, virtual tournaments, and even Bitcoin poker rooms have turned out wildly successful and a part of . Others like Virtual Reality and Augmented Reality are still in their infancy. Other businesses can do just that, try to experiment with new technologies in a bid to come up with new products or make their existing products and services even better.
The ascent of newer technologies is inevitable and eventually all businesses will have to switch to them sooner or later while land-based businesses will always have natural physical fallbacks. However, there are several benefits that come with being the first to market with certain innovations.
Poker businesses have quite a lot in common with other types of business but the market dynamics certainly account for the way decisions are made. Even so, in addition to the tips listed above, these quick operations and marketing powerhouses have a lot of things that other industries can emulate. This will of course also depend on the field of your business but you will generally have a benchmark since most of the tips have already been tried and tested. There is always a lesson to be learned regardless of whether you fail or succeed.