Fighting for business with different companies within your sphere is often a difficult challenge – especially as the internet has made it so easy for customers to find what they want when shopping online.
There are, however, some ways in which you can differentiate yourself and stand out from the crowd. We’ve taken a look at some of the best examples within different business sectors where companies play to their strengths and are able to grab market share because of it.
Online casinos and sportsbooks
The online casino industry is without a doubt one of the most competitive in the world. There are so many different sites available that customers have more choices available than they could ever need. For this reason, each site must utilize different techniques in order to stand out from the crowd. This means that according to Evan Henningsen (author at WSN.com), the high-quality sportsbooks and online casinos will have to do something special to make sure that players choose them.
One of the most important ways they do this is by offering a high-class user experience. This is done in a few different ways. The first is by offering a big choice of different games to play. Customers want choice and this means that the more games that can be enjoyed, the better the chances that the site will stand out from competitors. It also ensures that players won’t become bored and will stick with the site for a long time. This doesn’t relate just to online casinos, either – sportsbooks will do the same by offering a wider range of betting markets and sports to bet on.
The second big way in which sites enhance user experience is by making sure the platform design is at a high level. If customers find it difficult to navigate the site, it loads slowly or images aren’t aligned properly, then it’s likely a prospective user will get fed up with what’s offered and move to a different site. This goes for both desktop and mobile sites. This is why online betting sites often have the top-quality site design, even better than some of the most trusted sites on the internet, such as Forbes.
The final major way in which sportsbooks and casinos differentiate themselves from competitors is through payment methods. By offering crypto payments to players, they will stand out from other sites and be able to compete in one of the most densely populated markets that exists.
This is an area that many people won’t have thought of when it comes to improving user experience. However, there is an impressive case study in the current generation of consoles that really shows how improving the customer experience can help to drive revenues. This is Microsoft Game Pass.
For those who don’t know, Game Pass is a monthly subscription service that gives Xbox and PC players the opportunity to play a huge library of different games, without any additional costs. This includes a range of older releases but also covers several new, first-party releases. A great example of this would be MLB The Show and Outriders, two big releases that both came to Game Pass on the day of release.
This service allows the new Xbox to stand out from the PS5 by offering significantly more in terms of instant access to games. However, at first glance, many people may think that it has not worked out as well as expected. The reason behind this is that the PS5 is currently selling better than the Xbox is. While this might make it seem as if Sony has managed to beat out the competition by providing a better roster of games out of the gate, there are other factors at play that offer more to the story. The first important aspect is revenue streams.
While Sony may have sold more consoles, Xbox have sold more of their subscription service when compared to the PS5. This is because Game Pass can be used on the new Xbox, PC and on mobile devices, which means that it has a far bigger variety than PS Plus. On top of this, the available range of games for Game Pass dwarfs what the PS5 has to offer. It means that while Sony has sold more consoles initially, Xbox has higher, regular revenue that is likely to continue for the lifespan of the console, so Xbox has managed to gain more additional revenue from each customer than the PS5 has.
This form of added value is something that you should look to add to your company. If you can elevate the user experience and give customers a good deal, you should also increase your revenue in the long term.