Many gaming companies struggle to balance creativity with compliance. Yet, Edvardas Sadovskis, Chief Product Officer at ICONIC21, reveals how data-driven strategies can transform this challenge into opportunity. His approach combines market analysis, player behaviour insights, and compliance expertise to deliver innovative products while navigating complex regulations.
The Role of Market Research in Product Development
Product strategy must align with company objectives before diving into market research. “We need to identify first from the company perspective how we want to be aggressive in terms of product launches,” explains Sadovskis. This framework guides all subsequent decisions.
Market analysis forms the core of ICONIC21’s approach. Their team examines competitor products, emerging technologies, and player reactions to new releases. This comprehensive overview helps identify opportunities within the market.
A/B testing plays a crucial role in validating concepts. Sadovskis notes that even when internal teams feel confident about a feature, real player testing often reveals unexpected outcomes. “Even if we inside the company are quite sure this feature will perform really well… we noticed that our idea and the results are not the same.”
Finding the balance between business needs and player experience remains paramount. Rather than maximising short-term revenue, ICONIC21 focuses on creating enjoyable experiences that encourage long-term engagement.
Identifying Valuable Gaming Trends
Not all trends deserve pursuit. Sadovskis differentiates between long-term value and short-term hype when evaluating new technologies.
VR technology illustrates this distinction perfectly. Despite its impressive capabilities, Sadovskis determined it wasn’t ready for iGaming implementation. “The quality is not over there,” he explains, citing limited player adoption and technical constraints.
Conversely, the popularity of crash games revealed genuine player interest. ICONIC21 capitalised on this trend while adding unique elements. They combined RNG-based gameplay with live streaming hosts who interact directly with players.
Market readiness and scalability guide their decision-making process. Some concepts, like elaborate game shows, require substantial investment. “We had the game show in the backlog for two years,” Sadovskis reveals, demonstrating their strategic patience in awaiting the right moment for implementation.
Navigating Compliance While Fostering Innovation
Compliance poses significant challenges for creative product development. ICONIC21 addresses this through a modular platform approach that adapts to various regulatory requirements.
This flexibility extends to both games and features. “Some features are available in one jurisdiction, some features are not available in others,” Sadovskis explains. Their platform allows for customisation across different markets without rebuilding products.
Cross-functional collaboration strengthens their compliance strategy. Legal and compliance teams participate in product meetings from conception, ensuring regulatory considerations shape development from the start.
A proactive approach to anticipating regulatory changes gives them a competitive edge. For example, ICONIC21 has already strategised for Brazil’s upcoming requirement for Portuguese-speaking presenters, exploring options for both remote and local studios.
Measuring Product Success
Multiple metrics guide ICONIC21’s evaluation of new products:
- Acquisition and bounce rate provide immediate feedback on first impressions
- Retention indicates long-term player engagement
- Session time reveals the entertainment value
- Player communication through live dealer chats offers qualitative insights
Sadovskis emphasises the importance of looking beyond raw numbers. “Every morning starts with a cup of coffee and the reports,” he shares. “You should know how to read the data… you need to understand what stands behind this data.”
Creating Balanced Gaming Experiences
Successful iGaming products require carefully balancing innovation with regulatory compliance. Through data-driven decision-making, strategic trend analysis, and flexible platform architecture, companies can create engaging experiences that satisfy both players and regulators.
The most successful products emerge when companies combine thorough market research with strategic patience, knowing which trends to pursue immediately and which require further development before implementation.
.svg)
