Do you know what could be holding you back from conquering new markets and expanding your business? According to Dmitry, a seasoned expert in iGaming market strategy, the answer lies in how well you prepare before entering. By diving deep into market dynamics and localising your approach, you can unlock untapped growth opportunities. Here’s how to make it work.
Start with Comprehensive Market Research
When considering new markets, Dmitry stresses the importance of thorough market research. Often overlooked, this step saves significant costs and ensures sustainable growth.
Market research answers critical questions:
- How saturated and competitive is the market?
- Is the market growing, or will you compete for existing users?
- What regulatory hurdles might you face?
“Before you even consider entering, research everything from market size to competitive dynamics,” Dmitry advises. He illustrates this with Nigeria, where despite its large population, strong operators dominate, and market growth has plateaued.
Localisation Beyond Language
Localising your product and strategy goes beyond translating the user interface. Dmitry explains that localisation involves tailoring every aspect of your business to the new market:
- Prioritising the right sports or casino games
- Adjusting odds and markets to local betting preferences
- Streamlining customer support to meet response expectations
“Localisation means a 360-degree adjustment from product to customer experience,” Dmitry explains. For instance, markets with a strong focus on brand marketing may require you to shift strategies entirely if your success relies on performance marketing.
Treat New Markets as Separate Business Units
Entering a new market isn’t merely an expansion. It requires dedicated focus and resources. Dmitry emphasises the need to treat new market ventures as independent business units:
“Separate targets and KPIs are crucial. What works in your core markets won’t always translate,” Dmitry notes. Large companies often dilute attention when trying to manage both mature and emerging markets under the same team. Instead, assign a team that knows the market and can operate independently.
Build the Right Team
Having the right people is pivotal to success. Dmitry highlights the need for hiring local experts who understand the market nuances.
“My first hire would be a managing director or head of region, someone who can aggregate all the organisation’s efforts locally,” Dmitry suggests. Additionally, he advocates looking outside the iGaming industry for talent, especially in emerging markets, where expertise from fintech, e-commerce, or telecoms can bring fresh perspectives.
Define Your Marketing Strategy
Developing the right marketing mix for a new market depends heavily on its maturity. Dmitry explains:
- Young markets: Invest in brand marketing to build awareness and educate the audience.
- Mature markets: Leverage performance marketing and affiliations for measurable results.
“Research saves you from spending hundreds of thousands on the wrong strategy,” he adds. Dmitry shares examples of rapidly changing markets like Brazil, where regulatory shifts can quickly render research outdated. Staying agile and informed is essential.
Key Takeaways for Market Entry Success
Entering a new market can be a game-changer for your business, but only if approached strategically. Dmitry’s expert advice boils down to these actionable steps:
- Conduct thorough, 360-degree market research.
- Localise your product and strategy comprehensively.
- Treat new markets as independent business units with separate KPIs.
- Build a local team with expertise beyond iGaming.
- Align your marketing strategy with the market’s maturity and dynamics.
By following these principles, you’ll not only enter new markets effectively but also set your business up for long-term success.
.svg)
