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Thriving in Tough Times: How to Create a Recession-Proof Marketing Strategies for Your iGaming Business
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In the constantly evolving landscape of the iGaming industry, there is one thing certain: challenging times are always on the horizon. Due to the shifting nature of market dynamics, economic downturns, and fluctuating consumer behaviours, brands should have an adaptable and resilient marketing strategy. But is there a way your business can survive, and even thrive during a recession? The answer lies in creating a recession-proof marketing strategy that will not only withstand economic downturns but also help your brand thrive in these challenging conditions.
As a leading digital marketing agency in iGaming, we have examined the effects of previous recessions on the industry and shared our insights on developing a marketing strategy that withstands economic uncertainty, attracts and retains customers, and establishes your iGaming brand as a force to be reckoned with.
Will There Be a Recession in the Near Future?
A recession is defined as the slowdown of economic activities throughout all economic sectors. Recessions may or may not be followed by inflation and can last for a significantly long period of time. Since the Second World War, the world has experienced five generation defining recessions, namely the Covid-19 Recession (2020), the Global Financial Crisis (2007-2008), Dot-Com Bubble (2000), the Gulf War Recession (1990-1991), and the Opec Oil Price Shock (1970).
To explain better what can trigger a recession, we have to explain the importance of business cycles. A business or economic cycle is the natural fluctuation of economic activity—expansion, peak, contraction, and trough—The term “recession cycle” refers to the period of contraction in the business cycle.
Although economic growth and peak times are difficult to predict, so is the onset of a recession, businesses can lessen the blow of a downturn if they are prepared for it by keeping an eye out for the warning signs and being ready to react when the time comes. Considering the previous events, recessions may last for six months or even up to two years, depending on a number of factors, such as:
- government policy shifts
- rising interest rates
- decline in customer confidence
- financial crises-inflation
- geopolitical instability
- global economic shocks and imbalances
Economists predict a recession by the end of 2023 as a result of recent events like the COVID-19 pandemic and the war in Ukraine. Many economies have already been experiencing longer-lasting inflation, which is why governments are now increasing interest rates to draw money out of economies and slow down inflation. The good news is that recessions are a regular part of each economy, and the following recession is expected to be less severe, meaning there won’t be a drastic increase in unemployment rates and financial crises as in some other recessions before.
Is iGaming One of the Few Recession-Proof Industries?
One of the sectors that has experienced the most severe recessions so far is the gambling industry. Generally speaking, this is not a common occurrence in the iGaming industry.
iGaming has been a rising star in the last century, and there are many reasons for this. From the great technological development and more sophisticated software to the drastic changes in people’s lives, there are many factors that are making this industry extremely resilient. Let’s take a closer look at the factors that are making the iGaming industry one of the rare recession-proof sectors.
Convenience
It’s only natural for iGaming companies to try to cater to their customers’ shifting preferences and habits in an era when we can get almost anything by tapping an icon on our phones. Key factors like optimising their platforms to be available on our desktops, tablets, and mobile devices and providing products that use cutting-edge tech and a well-designed, amusing user experience are what make the brands in the iGaming industry resilient and ever-growing.
In other words, with its brand’s insightful approaches and strategies, the iGaming industry is becoming increasingly user-friendly, allowing gamblers from around the world to engage in high-quality gaming whenever and wherever they choose.