As the global economic recovery gathers pace, you might be looking to grow your small business. If so, you are not alone. In the past 12 months alone, a record 835,000 new businesses were formed in the UK. Of these, not all will succeed. Around 20% of small businesses in the UK fail within the first 12 months of trading.
In order to succeed, it is important to have a growth-oriented strategy and to avoid many of the pitfalls that tend to shutter young businesses. For this, there is one high-growth industry that could have a lot to teach – the UK’s multi-billion-pound online casino industry. This is a sector that has seen consistent double-digit growth throughout the past decade, which suggests that rookie entrepreneurs could learn a thing or two. Read on to find out more.
1. Online Casinos Love Giveaways
One major driver of the runaway sales growth of online casinos has been the well-known propensity of the industry to give away generous freebies as part of an effort to constantly attract new customers. Casinos see new customers as a lifelong investment, which is why they are more than happy to roll out the red carpet with free online slot spins, exclusive VIP freebies, and giveaways for free casino credit. You can learn more about the free spins offers available to players from some of the world’s top online casinos if you want to see the impact that a good giveaway can have on your business model.
2. Online Casinos Are Savvy Marketers
One thing that any small business can learn from a successful online casino is the art of good marketing. Many online casinos understand the value of true cross-platform marketing, which is why you will find that they tend to have a presence on social media, a YouTube channel, and often dedicated blogs aimed at customers who are looking for gambling tips and advice. Online casinos also tend to be SEO ninjas, strategically using keywords in order to ensure that their sites stay at the top of Google search results. Furthermore, even small-scale online casinos are not afraid to invest big bucks in sponsorship deals with relevant platforms and brands, as a means of building up that crucial early customer base.
3. Online Casinos Are Accessible
Accessibility and ease of use are essential for any customer-facing business. This is something that the burgeoning online casino industry seems to understand better than most. At any successful online casino, you will quickly realise that their site and all of their entertainment products have been perfectly formatted for cross-platform play, including mobile and tablet compatibility. You will also find that many online casinos offer dozens of different payment platforms, in order to make sure that no customer is excluded from their services just because they do not have the right payment app. These are simple steps that can make a huge difference to the reach that your small business has.
These are lessons that can be applied to small businesses of all shapes and sizes. Online casinos are a white-hot growth industry right now, partly because they rigidly follow this business playbook. Now, your business can follow it too.
Stay updated with all the insights.
Navigate news, 1 email day.
Subscribe to Qrius
