The world is built on interconnectivity and to move forward, your organization needs to embrace it. Yet as a small or medium-sized business, getting this right can be tough. One industry that has used communication as a vehicle to forge ahead and increase profits yearly is the online casino industry. Below, we discuss how you can learn lessons on prize networks to boost sales.
What Is a Prize Network?
There are two types of prize networks. The first uses prizes, shared out among players over a geographical range on a network. The public signs up to play or is entered as a result of a related action, such as buying a product or playing a game. For example, many nations have lotteries based on zip codes where every area plays and puts money into the grand total and only one lucky area wins. It may even be a prize shared out over a set of physical stores. These are mostly open to anyone who wants to take a chance for the sake of entertainment.
When it comes to the online slot and casino industry, even certain games and brands have been built around the prize network concept. Jackpot king prizes are a successful example. They work by having players deposit small amounts, in a bid to land five jackpot symbols. This allows them to enter a bonus round, where they can begin competing for the huge jackpot, networked between all the different slot machines.
The second type of prize network is not limited to profitable ventures and is not necessarily a competition aimed at the general public. They primarily give prestigious awards, often combined with money or incentives, to people and companies who achieve in certain areas. People may be entered through nominations or selected by a judging panel.
These winners tend to have contributed something to society through social and scientific campaigns or research. They may offer awards to people in certain fields of knowledge, for example. The most famous of these are the Nobel Prizes.
Why Build a Prize Network?
As previously mentioned, organizations need to follow suit with the increasing interconnectivity in the world in order to be successful. Over multiple areas and possibly even countries, people want to feel more of a connection with the brands and companies they use. This can take time, effort, and flawless marketing campaigns. A prize network is a great way to jumpstart the process.
The type of prize network you build will allow different outcomes. The above example of the slot game will produce an immediate impact on sales. Yet the latter, creating a prize network based on research or innovation, will see you position your brand as an expert in the field and help to build a network of individuals ready to work and do business with you.
Applying the Two Approaches
When bringing in a physical prize network for consumers, it is easy to link a competition or giveaway across multiple stores and verticals. Yet in simply rolling out a standard competition, you may lose the key element of what makes these work, which is the sense of belonging. People want to feel like they have achieved something as part of a wider group, coming out on top. To enhance this, you may decide to reinforce how many areas, stores, or people have taken part in the competition itself.
When building a prize network based on research or innovation, consider teaming up with others in a similar field. Such connections can be easily found at industry conventions. Using the online casino sector as an example, most of the casinos here will proudly display their awards to enforce to customers how trustworthy they are. If you can manage to get these awards, presented by your company, on multiple industry websites, you become an authority. Check out some conventions for your niche and see if you can sponsor or create an award.
You do not just have to go for one approach either. It is acceptable to incorporate both of them, using a two-pronged attack to boost sales and increase your brand awareness. Plan carefully, and prize networks could help push your business forward.
Also Read: How Live Streaming Is Transforming the iGaming Industry
