Marketing plays an integral part in any business, especially so in the highly competitive sports betting industry. As a bookie, you need to learn as much as you can about the most efficient ways to reach your target market and increase registration and activity in your sportsbook. There are a lot of strategies you can use, such as these offbeat sportsbook marketing tips. But before we delve into more specific marketing strategies to promote your sportsbook, you need to learn about your target market. And this is where market segmentation strategies for your bookie business will help you.
By understanding market segmentation, you can understand your players, the demographics of your customer base, their behaviors, preferences, and so on. This will help you tailor your marketing efforts to a targeted market for better results.
Using Market Segmentation Strategies in Your Bookie Business
What is Market Segmentation?
In the simplest terminology, market segmentation is the process of dividing the market into subsets of customers sharing similar characteristics or behaviors. There are quite a few types of segments. In the sports betting industry, most look at demographic segmentation, geographic segmentation, psychographic, and behavioral segmentation.
Here, you will look at characteristics of your players, like gender, age, income or spending habits, interests, betting behaviors, and such. By knowing your customer characteristics, you can easily improve your marketing programs to get more people to play in your sportsbook.
Benefits of Market Segmentation
This type of marketing strategy means you will be taking in a more targeted approach to specific people. Once you have identified the groups of players you have, you can customize content that is only related to what interests them. For instance, if you have specific players who love football, then offering promotions or ads on the NFL or NCAA football will be more effective than offering them baseball ads.
By doing this, you will get better results in your marketing efforts as well, and will increase your sportsbook’s profits. In addition, this is a great way to improve customer relations, and build loyalty to your brand.
How to Use Segmentation Strategies in Your Bookie Business
Your online sportsbook software will be able to offer your players a lot of betting options across multiple events, leagues, and sport disciplines. Using the best bookie pay per head software will make it easier for you to profile your players. Here is how you can easily use market segmentation to improve your sportsbook’s numbers.
Know Your Players
In the business and finance industry, this is the KYC (Know Your Customer) process. This will help you identify what demographic your players belong to. With online sports betting, however, not all details will be available, especially when you respect your players’ right to privacy and anonymity. But you can use your bookie software to identify their general location, betting preferences, and amount they wager to give you an idea on their background, socioeconomic status, and betting behavior.
Acquire More Players or More Activity
From there, you can get a general idea on who to target and how best to approach them. You may notice, for instance, that a lot of basketball bettors in your sportsbook almost always bet on parlays. Then, you can make a targeted ad campaign to entice basketball fans or bettors to join your sportsbook and enjoy free vig on a parlay bet. After this campaign, look at the numbers. Given your target audience, how many registered, placed a deposit, and used the offer?
The same can be applied to current players. Remember that you should not be complacent when it comes to your products. Always engage your players and make it exciting for then to continue playing in your sportsbook.
Ensure Customer Retention
Once you use your bookie software to look at the player profiles, you can now also see which sport they like to bet on, what bet types, how frequent they place bets, and so on. From there, you can tailor-make a message to your players that is specific to their interests. For example, you can send an email or a message to your players. It can say something about you not seeing them in your sportsbook in a while, and that they can enjoy a free bet when they come back to you.
By being able to identify your players’ preferences and customizing your campaigns and therefore their betting experience, you are now improving your chances to earn more. By knowing what they want, you can also optimize the features of your bookie software and improve your sportsbooks efficiency and profitability.
Find Out How to Do This with Your Sportsbook Business at Price Per Player Today!
