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If you’re a small business owner, you can probably learn quite a lot from the entertainment sector. The entertainment industry has shown time and time again how critical adaptability is when expanding. It has also highlighted the importance of keeping up with changing consumer preferences.
Understanding Consumer Preferences
When running a business, you have to be ahead of the latest trends. The gambling sector is a prime example of this. Online casinos are capable of releasing new games all the time, in niche categories to appeal to smaller, more segmented audiences. This allows the market to capitalise on current trends. With new TV shows and movies exploring Norse mythology trending on Netflix, unique slots and games such as Vikings Unleashed, Viking Forge and even Volatile Vikings are being played more than ever. Even in a saturated market, where many games are released every month, it’s still possible to build a loyal customer base. All you have to do is know what your customers are looking for, and be one step ahead. Releases such as this anticipate changing consumer preferences and have helped to bolster the casino sector, as the global gambling market is set to reach $127 billion by 2027. Businesses can learn a lot from this, as it showcases that even in a highly competitive, saturated market, understanding consumer preferences is often the best way to maintain profit, consumer connection, and most of all, loyalty.
Source: Pexels
Adaptability is the Key to Success
Adaptability is critical when running a business, and the entertainment sector has many examples that support this. Take the fall of Blockbuster, for example. Blockbuster charged customers a fee, for every single day that they were late returning a movie. As a result of this, the company made $800 million in late fees alone. This frustrated customers, including Reed Hastings, who would go on to found Netflix. Netflix was able to adapt to better meet the needs of consumers, by offering zero late fees, and eventually, online content. This new-found level of accessibility led to Blockbuster losing 75% of its market value in just two years. This highlights how important it is to listen to customers and provide solutions, even if it may be at the expense of profit. The main reason for this is that any changes you make now could go on to create bigger opportunities in the future. By being adaptable, businesses can stay ahead of the curve while making sure that they continually keep up the pace in a rapidly changing marketplace.
Source: Pexels
We live in a cut-throat world, where businesses fail, and new businesses launch every single year. The key to success, as showcased by the entertainment sector, lies within adaptability and consumer connection. By taking note of your customer needs regularly, and by being agile when the times change, you can avoid stagnating, which is one of the top reasons why businesses fail. Although making changes comes with some degree of risk, making no changes at all will often result in your business steadily declining, to the point where it’s impossible to pull it back.
