Experts of the CASEXE studio will explain why it is necessary to learn about the experience of other gambling brands. It is also very important to know what business methods should be used.
This is a thorough study of opponents based on many characteristics. Most often, these are pricing policy, product range, customer relations, and marketing strategies.
Another popular metric for comparison is KPI. Key performance indicators show the main characteristics of an iGaming startup (gross turnover, net profit, and return on investment).
To stay afloat, operators need to conduct such analysis regularly. It is best to collect data once every 6 months. Thanks to this, entrepreneurs can navigate the market situation, as well as study the experience, strengths, and weaknesses of other brands.
There are 3 groups of competitors:
Experts identify several situations in which such analysis is obligatory:
Already at the stage of obtaining a licence and buying the software, entrepreneurs must know the leaders of the selected niche and understand the level of competition, as well as their strengths and weaknesses.
If the sector is well-filled, then operators can only claim a small share of it. For greater reach, businessmen will need financial/human resources and some extra time. In this case, it is important to interest and lure those customers who previously placed bids on other platforms.
The launch of an iGaming startup is always preceded by the selection of a suitable market. Most often, this is a country in which a permit is obtained.
Factors for choosing the jurisdiction:
Young startups are gradually transforming into successful online casinos and:
The main goals of competitor analysis at these stages are:
The main purpose of the analysis is the search for ideas, identification of growth points, and business scaling.
To enter an international or regional market and strengthen the footprint, it is necessary to conduct research on global providers. They successfully work in several countries and have a solid client base, as well as recognisable proprietary solutions (content, in-game tools, and sponsorship contracts).
Entrepreneurs need to make a list of firms the experience of which they want to study.
The brands can be selected using:
Let us consider the best analysis methods:
This is the most common technique that is used in various sectors of the economy. These are construction, healthcare, IT, banking, investment activities, and entertainment for money.
The term is a four-word abbreviation:
The popularity of the method is explained by its high flexibility and adaptability. It can be used at any stage of the life cycle of a gambling company, from the launch of a startup to the maintenance of positions and conquering new markets.
This is a unique approach of Michael Porter, an American scientist. It was first introduced at Harvard University, where he worked in the mid-1970s.
The tool is based on several parameters:
Each influencing factor is assigned a rating from 1 to 10. After that, the results are calculated and compared. Next, the marketer draws conclusions based on the information received.
Strategic Position and Action Evaluation is a comprehensive approach for analysing place in the industry, estimating competitors, and choosing the optimal growth plan.
The following 4 factors are taken as a basis:
Each factor is assessed on a six-point scale, after which a SPACE matrix is formed.
Studying the actions of other brands is essential for any entrepreneur.
It is important to keep in mind the following aspects:
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