Let me tell you a little-known fact. Look at companies that use a gaming mindset to help you grow and monetize your company. Snapchat or Uber might be the next big thing.
They will likely look more like a gaming studio that uses the best user acquisition, retention, and revenue strategies from the gaming industry.
The video game industry is more important than the movie and music industries. The world’s 2.7 billion gamers will spend $159.3 trillion on games in 2020. By 2023, it will be worth more than $200 Billion.
Gaming is the new economy. It’s using data science strategies, Machine Learning, and Artificial Intelligence (AI), to do this.
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Gaming is multi-dimensional. One day you can be a Tetris, bubble shooter, Solitaire, or Nascar racing driver the next. The next, you could be a Fortnite, NBA, or Nascar player.
There are many types of games. These games are not only for teenagers or hardcore gamers. These are people like my wife and my older neighbors down on the street.
They stream on Twitch or play mobile games. This is why user acquisition is so important – you can get users at a very fine level and then present highly targeted ads and content to them in an authentic way.
How can a company try to get a customer in the real world? They might place a billboard in high-traffic areas or an advertisement to reach a wide audience. What would it take to reach the same audience with gaming?
It is possible to link a customer’s digital identity and physical identity. Data science is the best way to achieve this. Logging in through Facebook or Google to a game or online platform will allow you to identify the person. Stochastic models can provide insight into user demographics we wish to acquire, retain and eventually monetize.
But just because I know my Facebook identity, doesn’t mean I will behave the way you expect. This is why data science and A/B testing are so crucial to understanding user behavior.
This involves programmatic advertising network integration, attribution modeling, and tons of data collection, analysis, and analysis. This helps you understand how to complement your customer acquisition efforts and ensure that they’re more effective over time.
This will allow you to identify the location of that user, which could be in the East Bay or San Francisco Bay Area. This data insight can help you to double your user acquisition spending by highlighting strong retention rates and revenue opportunities.
There is a lot of ad testing that gaming companies do, and this allows testing to become automated.
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Because it is closely tied to the best gaming product design and management practices, the retention piece is very interesting. Airbnb uses heatmap analytics to decide which feature to release next.
This is based on customer usage and which buttons they click the most. Understanding why people click on certain buttons is crucial. This will help you create user flows that lead to optimal outcomes, such as in-app purchases and viewing an ad.
Machine learning is used to determine how, why, and when users interact with a particular game, then optimize it. Machine learning is crucial to attracting potential investors.
Only knowing who you are acquiring is the best way to monetize. You can identify users with high-value data and use machine learning to help you optimize your product experience. You can, for example, determine the ad that the user should receive, when it should be received, and which virtual item or subscription plan they should purchase.
You have many options to monetize an app via ads through Google, Facebook, and Unity. We are increasingly seeing other ways to monetize your app more authentically.
Offering cash prizes in gaming contests can drive engagement and retention, and developers can take a cut from each transaction.
Professional gamers can make a lot of money today. There are many gaming competitions around the world and prizes worth millions to millions of dollars. For example, the prize pool for a Dota 2 Tournament was over USD 34 million.
Even the International Olympic Committee explored ways to include eSports within the Olympic Movement.
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it is a Telstra Ventures investment. It’s based in Los Angeles and families have personal training through social workouts with celebrities.
FitOn saw a 200% increase in sign-ups and workouts during lockdown 2020. In May, members logged 60 million minutes of exercise. it also has a global partnership agreement with Weight Watchers to promote its wellness app among its five million+ subscribers.
Snapcommerce is another Canadian company, which we include in our portfolio. Their data science team has created an AI chatbot that sells hotel rooms via messaging platforms such as WhatsApp, Facebook Messenger, and SMS. Data science is being used to automate A/B testing for user acquisition and engagement.
They produce incredible data and analytics about click-through rates, geolocations, as well as insights into user demographics. They are one of the most rapidly-growing companies in our portfolio.
Both our portfolio includes the competitive mobile game maker Skillz as well as the online gaming platform Mobile Premier League.
Skillz, like most gaming companies, has seen its revenue rise due to COVID-19. People are turning to games during lockdowns to make it more profitable. Skillz’s platform allows users to play any mobile game on iOS and Android with friends, for cash prizes, points, or other rewards.
Publishers of games are creating complex and intelligent systems. This is done to reach new users and acquire them through digital platforms. They also engage and retain them. They can then monetize them all at scale, with very low latency, and in an authentic way.
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You need a strong digital experience, regardless of whether you are a bank, fitness center, retailer, airline, investor, or bank. A mobile app and experience are also essential. Your back-end infrastructure should be designed and implemented in a way that gaming companies are familiar with.
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