4P’s of Marketing Play Part in Gambling
One of the biggest elements of any business is the market research it does to better identify who is buying its products. It is clearly one of the most important research activities a business can do. The key to any business is to identify its customers, those who value its services and products, and finding out how to spur them to buy the service and product. Every first year marketing student has heard of the 4 P’s of marketing—product, placement, price and promotion. In order to use these though, companies need to know who their direct customers are. One way to do this is to study who is currently buying the product and that is exactly what gaming companies are doing now. The newest wave in the market is for casinos to keep track of what gamers are doing when they are in the casino. The market research here is that casinos can find out what demographics are playing what games. So for example, if the casino is running a poker special, they can hone in on who their average poke player is, and then market directly to them. In addition, they can keep those customers up on what is happening in poker gaming regarding scheduling and events.
The thing to remember about online gambling is that it still is a business. Though it is in the form of entertainment, it still runs by the same rules as a “normal” business. There are expenses, revenues, deficits and things to manage just like any other sector of business. This is how gambling operators look at their market. They know that to build a business they have to follow the norms of what other businesses do. Finding customers is one of the key elements of building business and more gaming companies are aware of this than ever. The good news is that more and more customers are entering the online gambling market. Plus with the pending legalization of gambling in the US, gaming companies expect an even bigger market to open up to them in coming months. The growth should be huge and time will tell how much gaming companies can benefit and how well they will build their own businesses.