Venturing into new markets is like entering a high-stakes game – every move counts. One of the best things about navigating uncharted territories involves building a unique expertise that sets you apart in a rapidly evolving iGaming landscape. If you’re a smart brand, you possess a distinctive approach that not only preserves your authenticity but also delivers precisely what the market demands.
Identifying markets for expansion
Discovering new markets for expansion feels like navigating a complex maze – it takes a blend of research and a street-smart understanding of market dynamics to find that sweet spot.
One key aspect is the assessment of internet penetration and technological infrastructure. Regions experiencing a surge in internet connectivity and smartphone accessibility become fertile ground for online gaming expansion, especially among demographics characterised by a tech-savvy, youthful population. Economic stability and growth are integral factors; a flourishing economy often translates to increased disposable income and a growing demand for entertainment. Equally crucial are cultural attitudes toward gambling, influencing the acceptance and popularity of iGaming.
Peeling back the layers of the competitive landscape is vital. The scarcity of established operators coupled with rising demand for online gaming signals a market on the brink of emergence. The arrival of heavyweight iGaming contenders or team-ups with local powerhouses also serves as a noteworthy indicator.
Spotting other iGaming providers with similar content is a positive sign for an iGaming provider to step into the market. For example, for us, it underscores that Evoplay’s innovative products have substantial potential and value to contribute to this space.
Tailoring approaches to address diverse markets effectively
At its core, any business is fundamentally about people and the culture they bring to the table. You don’t forge connections with a business entity; rather, it’s about building relationships with individuals. Sales kick off with genuine connections, and that’s precisely where we should shift from the traditional B2B approach to a more human-centric H2H model – human to human.
This shift reflects a crucial psychological dimension in personal relationships. Each representative from various cultures comes with a unique background and values. Understanding and sharing these interests is not just about conducting business discussions; it’s about delving into each other’s passions, hobbies, and cultural nuances. It’s this shared understanding that transcends mere transactions and fosters a deeper connection.
Take Italy, for instance, where placing emphasis on personal connections is not just a choice but a necessità. When venturing into the Italian market with the goal of cultivating enduring partnerships with local operators, the focus should lean more towards establishing a tangible presence rather than relying solely on virtual meetings through Google Meets or Skype. In-person communication provides a unique opportunity for both parties to delve deeper into each other’s cultures, a crucial element for successful business engagements.
Furthermore, immersing oneself in the country’s culture goes beyond mere business strategy. It serves as a key to understanding the Italian audience on a profound level, unravelling insights into their preferences and interests, especially in the realm of entertainment content.
Driven by this approach, the Evoplay sales team could establish partnerships with top iGaming brands in Italy that made it present on 40% of all online gambling platforms.
At its essence, harbouring a pure interest stands as the foundational value; this innate curiosity not only draws you closer to your partners but also forms a bridge to the country where your presence is intended.
The competitive edge of market-focused products
Consider the success story of Penalty Shoot-out: Street, a football-themed instant game that swiftly captured the hearts of Latin Americans. The strategic development of this game wasn’t a shot in the dark; it was grounded in our acute awareness of Latin Americans’ fervent passion for football.
To fortify Evoplay’s standing in the LatAm market, we elevated our previous metrics goal scorer, Penalty Shoot-out, by enriching it with more dynamic gameplay. We added a Brazil setting, threw in a street football vibe, and cranked up the excitement by letting players choose a spot on the net to send that ball flying.
The outcome speaks volumes – Penalty Shoot-out: Street in LatAm now contributes significantly, accounting for 60% of Bet Sum, 55% of GGR, 53% of Rounds, and 70% of Users within the overall traffic across all regions. This success underscores the effectiveness of our strategic approach and the resonance of our tailored offerings with the Latin American gaming audience.
This serves as a perfect illustration of adapting a product to meet the specific preferences of a targeted region, delivering precisely what its audience desires. Leveraging the rich cultural heritage and profound interest of Latin Americans in football, we’ve successfully channelled this audience into the iGaming domain, offering them the thrill of betting without being confined to sports events schedules.
So, what do we need to win over new markets?
Embarking on a new market venture is akin to diving into Evoplay’s game, resembling the challenges faced by Star Guardians, for example. Choosing your hero is like adopting a personalised professional approach to business development, armed with a specific toolset. Each new market, much like a new room in the game, demands overcoming challenges to secure victory. Progressing from room to room mirrors the journey from market to market. Activating a booster is akin to gaining valuable insights about the market, and venturing into the Bonus game represents entering a highly lucrative market. Here, you compete with formidable opponents, showcasing your brand as the ultimate innovator and absolute conqueror.
Crafting a robust “market expansion playbook” for the iGaming industry involves prioritising key strategies:
- Deep market understanding
Gaining insights into the nuances of the market, including an understanding of players, competitors, and effective development strategies – a goldmine of market intelligence crucial for navigating this space. Explore not just the ‘where’ but also the ‘why’ behind decisions.
- Technical flexibility
Ensuring that technical strategies are adaptable to meet prevailing market standards. Take a hands-on approach by observing the functionality of content and releasing tailored games that seamlessly integrate with the specific region’s technical demands.
- Personal presence and H2H connections
Establishing a personal presence as the embodiment of the company within the market. Cultivate Human-to-Human connections to build trust and solidify long-term relationships. Local partnerships offer a unique lens into the market, providing valuable insights that go beyond the surface.
If you think about brand identity, think twice
Jeff Bezos once said, “Your brand is what people say about you when you’re not in the room.”
Brand identity is like the personality of your business – it’s the unique set of traits that make it stand out in the crowd. It’s not just about a fancy logo or catchy tagline; it’s the overall vibe and impression your brand leaves on people.
The inconvenient truth is that you can adjust your product, but you shouldn’t alter your brand.
Maintaining your authenticity while dipping a toe in uncharted waters is what really helps a company make a mark. Of course, you may adapt a product, align it with the market and its requirements, but never go off the road of your brand’s values and mission, ensuring that the reputation you’ve built isn’t left at the door when you step into a fresh arena.
Your vibe attracts your tribe
Whether it’s a business partner or a colleague joining your team, your vibe attracts your tribe. At Evoplay, to identify potential allies in the market and ensure these partnerships contribute to the overall success of the entry strategy, we thoroughly choose those with whom we cooperate. From the simplest factor of selecting the largest and most proficient operators to finding partners with whom we share a strategic vision aligned with potential and priorities.
The same formula holds true for Evoplay’s business development team. A thriving sales team embodies empathy, adaptability, and a non-traditional approach. Individuals who think outside the box and innovate, coupled with the ability to translate strategy into effective tactics, are the driving force behind business growth.
This perfectly describes the sales team at Evoplay, renowned as a trailblazer and trendsetter in the iGaming industry. It’s a symbiotic relationship where creative minds generate innovative solutions for the company, and its pioneer breakthroughs inspire the team to forge ahead on this path. The brand’s product becomes a source of inspiration.
When a salesperson receives abundant positive feedback from both partners and players and witnesses the uniqueness of their selling proposition, it serves as unparalleled motivation. This highlights the undeniable synergy where a brand with inherent value and a high-quality product naturally attracts similar energy in the form of inspired employees.
Nothing motivates people more than witnessing how they contribute to positive changes within a company and observing the ripple effect it has on the entire industry.
Be strategic, play it smart and never lose sight of what your brand stands for. Every move you make, make it count, make it a winner. It’s all about planting your #brandcore flag in every new spot you explore. You’re not just expanding; you’re making your brand a local legend wherever you go.