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When it comes to advertising a product or a service, especially on that appeals to a niche audience, such as sports betting, which is the best marketing strategy to adopt?
Mass Marketing, like its name, would suggest, is a strategy whereby an attempt is made to reach as many people as possible. Segments and target audiences are disregarded, but instead, the goal is to attain maximum exposure, regardless of whether it appeals to the audience or not. Essentially, this strategy is based on the notion that if you get word of your service out to as many individuals as possible, that would potentially result in greater sales, usage, and returns. Mass media platforms, such as radios, televisions, and newspapers, are efficient mediums for this type of marketing, as they have a large reach.
Mass marketing is good for brand visibility, a great way to get your name out there to a lot of people. Due to its relatively inexpensive price and large scale, if you’re new, or if you see a dip in traffic, this strategy is an efficient method of letting a large group of people you exist. It’s good for attracting and bringing in new customers, especially those who don’t usually dabble in sports betting. Mass marketing is also good for brand awareness and recall.
Mass Marketing does have its drawbacks, naturally. Sports gambling appeals to select a section of society, so advertise your sports betting website to a large group of people, of which the majority may not be interested in what you have to offer isn’t logical or profitable. This strategy works perfectly fine for those companies that produce goods and services that a large number of people use regularly. But when it comes to betting, the consumption patterns are very different, as it is a niche market which does not appeal to a broad consumer base.
This type of marketing is when you divide the population into segments and sub-segments based on different characteristic or criteria – age, locality, interests, etc. After this, you must decide which segment would be the most commercially effective or profitable, and only market your service to those groups. This is an effective way to eliminate all the outliers or the individuals who wouldn’t be interested in your business. You’re targeting a group of people who would be, or are already interested in sports betting, so this makes it more likely that they would bet with you.
So let’s say you have an online football sportsbook. Your larger target audience would be football fans. But since not all of them have a proclivity for gambling, you’ll need to target the ones who do. Within this group, you can narrow it down even further by targeting younger individuals, based on the older generation’s distrust for anything digital. Location data is also important. Domestic tournaments are naturally more popular in the country they’re based in. People in England are more likely to bet on local tournaments, like the English Premier League or the EFL Championship than, say, the Bundesliga 2. In this manner, you create and find those segments that would be more profitable to target.
Unlike with mass marketing, which involves putting your product out to everyone and hoping for the best, everyone in your target audience is a potential customer. Also, now that you know who you’re targeting, you position yourself to appeal to your most profitable groups, and based on existing statistics, you can develop a marketing mix that would appeal to them. And now, since you’re dealing with a smaller group, you can change your methods according to shifting consumer patterns. But target marketing makes for smaller audiences, and it ignores a potential market – those people who have never bet on sports before but can be convinced to do so.
Market Strategies For a Sports Betting Website
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If you really want to promote tor sportsbook to a large number of people, and increase brand awareness, and at the same time, potentially draw in customers who are new to the world of betting, mass marketing is the way to go. On the other hand, focusing your efforts on a specific group who are more likely to respond positively to those efforts makes sense when it comes to something as specific as sports betting, as your efforts might not be relevant to a large portion of the audience you mass market it to.
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