Markets can be quite volatile. The strategy you use today to penetrate may not work tomorrow. But the real challenge is knowing when to adjust marketing strategy to fit the current trend. If you’re at that point in your business where you’re unsure whether to stick with the current system or switch to another one, keep reading for some of the red flags you should look out for.
5 Tell-Tale Signs You Need To Rework Your Marketing Strategy
1. Your Marketing Strategy Is Old
That’s right. You can’t create a marketing strategy and expect it to work five years down the line still. You’d be lucky if it even lasts 3 years. A lot can change in just one year, so it’s best to reevaluate what’s working and what’s not in your marketing strategy every 12 months.
For instance, if the first time you conceptualized your marketing strategy, you only offered soccer sportsbooks, but you’ve since added other sports, your business has changed.
You most likely have a different team or a larger team, and you need to come up with a strategy that considers the new changes. Besides, search engines like Google roll out algorithm updates several times a year. Your content marketing strategies should be up to date with every update.
Case Study
According to an article published on nickmetrics.com, sports betting companies have had to adapt their marketing strategies to cater to changes over the years. For instance, TV ads are some of the go-to marketing channels for gambling sites. But due to the restrictions put in place recently, betting companies now opt for advertising using White Labels or leveraging sponsorships as an alternative marketing channel. Sports betting companies like bet365 are currently sponsoring 4 EPL teams.
2. Your Current Strategies Aren’t Bringing New Leads.
The overall goal of a marketing strategy is to bring in new leads. If it isn’t, then you won’t get any new customers. There are many reasons you may not be generating leads. Your website could be outdated or loading too slowly, your ads could be targeting the wrong demographic, your social media posts are no longer resonating with the audience, or the customers’ tastes have just changed. You need to rethink all of these aspects and come up with new strategies.
For instance, you can conduct new market research to find out what customers currently need. This research should also show the trends you can incorporate in your social media posts. About website performance, a developer can help analyze page speed, user experience, and all other aspects and come with actionable solutions.
Case Studies
There’s a good reason the top sports betting companies have remained at the top in terms of gaining new customers and retaining them, having a good strategy that keeps up with the trends. PADDY POWER, for example, has a massive presence on social media. They utilize it to share fun stuff and serious updates about the latest events in the sports arena.
The same case with Bet365, though they have a more conventional approach to social media usage. They also utilize influencer marketing, with Ray Winston being the face of the brand.
Very few betting companies have utilized the use of celebrities in their strategy.
According to bettingexpert.com, bet365 and PADDY POWER are some of the most followed betting companies across all social media platforms. And their customer base speaks volumes about their lead generation and conversion rates, with PADDY POWER having 13 million customers, while bet365 has 6 million customers.
3. How Much Is Your Marketing Budget?
If you can’t answer this question, your marketing strategy is wrong and needs to be reviewed. Contrary to what some business owners believe, marketing is not transactional. It’s not a matter of spending a certain amount of money on a marketing channel without planning and expect results.
You need to calculate your average marketing cost based on the number of leads you need to get that year, the price it takes to get a lead, and the conversion rate.
If your sports betting company has been around for a while, you already know your current conversion rate. But if it’s relatively new, consult experts who have been in the industry for a longer time. Ideally, for a better ROI, you should always use marketing channels that have a high conversion rate and a low cost per lead.
But don’t rely on one marketing channel. Diversify across different channels, measure their performance, and make sure they all work together to achieve a particular goal. Some of the best marketing channels for a sports betting company include;
· Social Media
· Affiliate Marketing
· Email Marketing
· Google ads
· PPC Advertising
· Sign up bonuses
· Referral Programs
4. Your Marketing and Sales Teams Aren’t Working Together
To convert the leads to customers, the marketing and the sales departments need to work together. If they aren’t, you need to rework your marketing strategy so that marketing and sales are integrated.
In some cases, when a business starts losing customers, both the sales and marketing teams blame each other. The sales may blame the marketing department for poor leads.
And the marketing department may blame sales for poor follow-through methods and poor conversion methods. Working together includes both of them sharing KPIs and company goals, participating in team building, sharing information, and making sure they are involved in developing marketing and sales policies.
As a result, you get better leads, better conversion rates, and increased revenue. According to this study, revenue can increase by up to 70% with sales and marketing integration.
5. Can You Measure the results you’re getting
Besides executing your marketing strategy, you should also be measuring its performance. If you have no goals, no KPIs to share with your team, and no ways to track its results, then you need a new marketing strategy. Below are some KPIs online sportsbooks can use to evaluate their marketing strategies.
- Gross Gaming Revenue (GGR) – This is the total amount of money a sports betting company makes after deducting the payouts to the winners. This is before they deduct taxes, salaries, or any other expenses.
- Net Gaming Revenue – This is the revenue the company earns after deducting all expenses. It’s simply their net profit.
- Average Revenue Per User
- Cost Per Acquisition
- Customer Lifetime Value
- Churn Rate
- Bets/Deposit Ratio
- NGR/Deposits Ratio
- Withdrawal/Bets Ratio
- Conversion rates
Wrapping Up
And there you have it. There are many signs that you need to change your marketing strategy, but these 5 are some of the main ones. The main takeaways are to reevaluate your marketing strategy every 12 months, measure its performance, calculate the ideal marketing costs, and integrate your sales and marketing strategies.
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