For most people trying entrepreneurship for the first time, marketing their products can prove to be a cumbersome task with all the nitty gritties involved.
Heck, even experienced business people usually find it hard to market new products because, well, it is a tall order. A survey done by Attest showed that even your top go-to brands struggle with nailing marketing right.
But things can be simplified when you fuse a morphological analysis (MA) approach into marketing. While the name morphological analysis might sound alien and complicated, it is nothing but breaking a problem into small bits that you can do with ease.
Therefore, you want to break the process from ideation to product acceptance into tiny segments that you can accomplish easily.
The benefit of morphological analysis is that you will not feel too burdened to do your marketing since you will only be facing one obstacle at a time.
Below are the segments that you can break your marketing into:
- Conduct market research
Before stepping into a new market, you need to do heavy research to help you know whether there is a need for the product or service you are proposing.
You can conduct online surveys or do offline data collection by asking people to fill in some questionnaires. Though it will be expensive to collect and analyze the data, it will pay handsomely in the end.
According to GlobeNewswire, the global sports betting market was valued at USD 104.31 billion and is expected to rise to USD 155.49 by 2024. People who are stepping into this market are therefore guaranteed returns on their investments. Sports bettors are also assured of a wide pool of sportsbooks to try their wagers on.
- Identify the target customers and create a profile description of them
Once you have done a survey, you will identify whether a group of customers is looking for the products or services you are offering. But you are not done yet.
It is time you sat down and came up with a profile description of the customers you will be targeting. With this profile, you will know what their needs are and what pain points your business is likely to solve for them.
The average American sports bettor is aged 21 years and above, well educated and affluent. They are mostly men. Studies have shown that the sports attracting sports betting are NFL, NBA, NCAA college football and NCAA college basketball.
They will mostly place their wager on online sportsbooks as opposed to the offline casino joint. American gaming shows that sports fans are highly likely to become sports bettors and the converse is also true.
To capture this sports betting market, you would entice sports betting products to woo this target audience to enjoy the game as they risk their wagers.
- What is your unique selling proposition?
After profiling your target customer, come up with a unique selling proposition that your target customer would really do with.
- Develop a strong business brand
It is time now to create yourself as a strong brand that customers are going to resonate with. We say that customers have to see your brand at least 7 times before they can start gaining trust in you in marketing.
Betting and gambling enthusiasts would want to place their wagers on trusted sports betting sites such as Pinnacle, bet365, William Hill, 888 sport, betway, and Unibet since they have strong brands.
For a new entrant in the sports betting industry, a business would have to take time and spend a lot before it reaches these brands’ level.
- Choose your avenues to do business marketing
What avenues will you be using to market your products? It could be through word of mouth, mainstream media, social media, or paid search and your business website.
You could also go with all of them and see what works best to give you a high ROI.
- Set a budget
Every marketing strategy needs to have a set budget that you need to stick with. Do not go overboard on a marketing strategy that does not give you a reasonable ROI.
At the same time, do not be too mean to your business. There should also be a set of goals that you need to achieve with your budget.
Some of the things that your budget needs to look into include:
· Setting up a working website and social media content
· Branding materials such as tee-shirts, banners that help with your business promotion
· Paid searches and optimizing your website for SEO
· Salaries for people doing your marketing
· Payments to media influencers and mainstream media adverts.
When you are betting, experts advise that you have a budget that you will be comfortable losing on their wagers. They also emphasize the need to have your limits which you should stick to and never go overboard on.
- Nurture your loyal customers
You need to motivate your loyal customers with giveaways and bonuses continually. You could also do free deliveries or anything that is going to nurture them.
The famous Robert Cialdini of the book on persuasion and its influence on customer psychology says that when you give a freebie to your customers, they also feel indebted to you.
A good turn deserves another and they will surely want to be your loyal customers even in the thickest of things.
You could also be giving them information on your latest deals, providing them awesome information on your newsletter as well as using their feedback to better your services.
To retain old customers and woo new ones, sports betting companies give betting bonuses and free bets while reducing their vigs. Betwaysports is, for example giving a 30 euro free bet while spin palace offers up to $200 in bonuses.
- Monitoring and evaluation
Once you have the marketing strategy all set out and have started implementing it, you will need to monitor and review the strategy continually.
Is it really worth it?
Are you spending too much on mainstream media but not getting enough loyal customers from this channel? Could you rely on using celebrity influencers without having to pay for social media marketing?
Sportsbettingdime advises that you need to calculate the ROI, profits, win and loss records of your betting so that you can monitor whether things are working for you or not. It would be senseless to continue betting when all you are making is losses after losses.
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