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What your business can learn from the incredibly competitive gaming industry

Across the vast majority of industries, there is a healthy amount of competition, which compels businesses to strive to be better and push forward. In technology-based industries, this is especially true as the means to get ahead of the competition is to develop better technology or better services, with the gaming industry being one of the finest examples of an incredibly competitive space.

From consoles to computers, mobiles to browsers, the gaming industry is huge and as competitive as ever. Through the grandiose level of competition, companies have been forced to become innovative and improve their offerings to earn customers.

While the exact practices may not apply to your business, the lessons of the more successful plays may be extrapolated to give you an idea of how you can enhance your business.

Offer better deals to suppliers

Source: Pixabay

For years, Steam has been the dominant force in PC gaming, acting as the goliath launcher, unrivalled in its field. Then, towards the end of 2018, Epic launched its own PC game store, the Epic Game Store, as a direct competitor to Steam. Due to Steam’s massive player base, it was always going to be an uphill task for Epic, but the company saw a way in which they could get ahead.

Developers who sell their games on Epic get a much better cut than if they were to do so through Steam. Steam charge a 30 per cent sales cut to developers, whereas Epic only take 12 per cent.

Through doing this, Epic has been able to build a respectable PC launcher in a short time due to luring in the big-name developers with a better sales cut, which has further helped them to broker exclusivity deals for some of the most anticipated games of the year.

It doesn’t have to be to the extent of Epic, but offering suppliers of products in a competitive field a better deal compared to your competitors can earn you favour and, in turn, draw in more customers who seek these specific products.

Evolve the old

Gaming trends come and go all the time, but one of the most cataclysmic falls was that of bingo. It used to be a staple of British entertainment, but its inability to evolve with the times and digitalise resulted in it becoming a thing of the past.

However, it seems as though it’s never too late to make a comeback if done properly. Rather than just offering a regular bingo lobby akin to the days of old, those who play online bingo at Ted Bingo find an enhanced offering that draws from other successful forms of online gaming.

The bingo site uses welcome offers, loyalty programmes, free rooms, jackpots, and offers a range of slot games to bolster its appeal. These factors keep it competitive with other online gaming sites while its niche offering of bingo helps it to stand out.

Across the gaming industry, remastering old games is proving to be very successful, with the likes of Crash, Spyro, and soon Crash Team Racing being huge hits despite being old games, so if you can rejuvenate and modernise a product, it may be worth considering – the vintage lines certainly works in the fashion industry. Revamping old products isn’t something new, but we appear to be in an age when, if still applicable, old products do still have appeal.

The competitive nature of the gaming industry invokes innovation, the lessons of which can be extrapolated to businesses in other industries to enhance their ability to be more competitive.

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Expert OpinionWest Midlands