Fantasy sports has developed around the world as a billion-dollar industry, sustaining a large ecosystem. Today, with the gathering of major brands, celebrities, gambling, league tournaments (like IPL, ICL, etc.), it is a big business with billions of fans and much more.
In India, the fantasy sports market is rife with opportunity and as the user base continues to grow tremendously, OFS operators are on the quest to dominate the competition and climb to the top. According to the FIFS-KPMG report, there were less than ten companies in 2016. Today there are more than 140 fantasy sports companies operating in India. With the perpetually increasing numbers, the companies with specific market positioning and/or a competitive advantage can only succeed. Both new arrivals and existing brands are battling to grow their market share.
To create a buzz among users, it is imperative that fantasy sports platforms should have something unique to offer its users. Though fantasy sports operators like any other business can achieve great heights if they get maximum output from the current assets and if they keep their expenses under control. They can make big money if their contests get filled and the costs of user acquisition is not so high. Let us dive into the best practices of running a successful fantasy sports business and see how it can do wonders for you:
Fantasy sports companies at nascent stages should initially aim to achieve 5000 to 10000 active users. This can be achieved by keeping less number of contests for selective matches and leagues, preferably popular ones. With fewer numbers of contests for popular matches, the entry fee can be channelsized to keep the higher prizes. Following this, there will be less than 10,000 users participating which increases the probability of the users winning on your platform. Having said this, there is no other reason which would stop your users from regularly playing on your app.
Fantasy sports operators are paying acute attention to new user acquisition but are not placing enough emphasis on the importance of loyalty and retention. Winning a fantasy game is one of the biggest motivations of fantasy sports users. Charm your users with incredible customer support. Process the withdrawals quickly and always stay in touch with them through proper communication channels. Also, introducing the people behind the venture, your office, your brand’s vision to your audience will help in gaining their trust. Word of mouth, the most effective form of marketing can only be mastered by providing them an impeccable gaming experience.
Not effectively marketing your business at your home ground and boosting your local presence can cost your potential customers to the competitors. Fantasy sports startups can start their marketing and user acquisition phase by targeting their local town or the city. Setting up a physical presence is a great way to break through the noise, get your brand in front of potential users of your region. The idea is to have a systematic approach for user acquisition so that your marketing campaigns have a local flavor which creates maximum impact.
According to new research from the creative experience agency named Because, friends and family are on average four to five times more likely to affect people's brand purchases than prominent influencers. Despite the growing popularity of influencer marketing and emergence of superstars in social media, the analysis shows that most individuals desire more connected, deeper human connections. Operators need to look at influencers in a different way. They should emphasize on referral models, run lucrative referral schemes and reward user loyalty to motivate user actions and convert these users into brand advocates.
One of the most common marketing strategies brands have is social media as the sole or major marketing channel. Yes, it's free, and it's measurable, but if you don't have an overall marketing and communication strategy, it's impossible that your financial targets can be accomplished through social networking. There are many other ways to spread awareness and put you in front of your users. Try local newspapers, radio stations, hoardings, college and university festivals to grow your audience.
Give utmost preference to your own network. Rather than spending a lot of money on marketing, leverage your own sources for user acquisition. Promote the platform amongst friends, family, colleagues, acquaintances and ask them to spread a positive word of mouth. Also, the business world is ever-changing. Meeting up with your end customers can help you understand them much better. Having conversations in person with potential users is an invaluable form of market research. It will help you really get to know how they perceive your platform, what is important to them, and their pain points. Not only will it help you with acquisition but it might also help you to make your platform even better.
As you can acknowledge by now, no single factor alone can determine the success of a fantasy sports business. In fact ingenious minds would often bank on more than two well drawn strategies to the benefit of their fantasy sports business.
Sure running a fantasy business is challenging, but then again what business isn’t? Fortunately, we at Vinfotech can help you apply the above recommended tips with due diligence, to quickly amass a strong customer base, and witness ascending profits for your fantasy sports business. To know more, read about our iGaming solution or give us a call.
Vinfotech creates world’s best fantasy sports-based entertainment, marketing and rewards platforms for fantasy sports startups, sports leagues, casinos and media companies. We promise initial set of real engaged users to put turbo in your fantasy platform growth. Our award winning software vFantasy™ allows us to build stellar rewards platform faster and better. Our customers include Zee Digital, Picklive and Arabian Gulf League.
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