Introduction
Video games have exploded in popularity in recent years, becoming a multi-billion dollar industry with no signs of slowing down. By 2021, Statista expects the video game industry to reach a record 0 billion in global revenue. The video game industry can be very competitive, so if you own a video game business, you know how important it is to have a strategy to help your business increase sales and profitability.
The good news is that there are a variety of strategies you can use to increase sales and profitability for your video game business. In this blog post, we’ll cover five different strategies to help grow your business and ensure your future success.
Keep reading to understand how to use these strategies to your advantage!
Developing unique video game narratives
Creating unique narratives for your video games can be a great way to increase sales and profitability. Gamers who love a good story are more likely to invest and spend more hours on your game, which means higher revenue for your game development business. But how can you create a unique and engaging story for your video game?
Plan your story
Developing a game narrative starts with making a plan. Take the time to think about the overall theme of your game, the characters in it, and the main plot points you want to include. Doing this will help you create an enjoyable narrative that is closely tied to your game mechanics.
Do your research
Doing research is an essential step in crafting a unique narrative. Read beloved books, comics, and watch classic movies and TV shows to get inspired and learn what works and doesn’t work in a story. Be sure to keep notes of ideas that come to you as you research. Also, to ensure that your game’s characters and plot points are well developed, don’t forget to add realistic elements to your narrative.
Incorporate other elements into your story
Stories have the ability to include many diverse elements. Incorporating an interesting mix of text, music, sound effects, images, and gameplay into your game can provide gamers with an immersive and unique gaming experience. As the player progresses through the game, your narrative structure should be built in such a way that the story comes to life and is enjoyable for the player.
atmosphere and tone
Creating atmosphere is also a great way to enhance your storytelling. For example, consider using ambient background noise, strategic placement of elements, and long pauses to create a suspenseful atmosphere. Additionally, you should also be aware of setting the tone for your game. Taking the time to decide whether you want your narrative to be dark and mysterious or light and cheerful will help give your game a unique feel.
Impact of developing unique narratives on sales and profitability
Developing a unique game narrative can have a huge positive impact on the sales and profitability of your video game business. When players connect more deeply with characters and the game world, they are more likely to invest their time, money, and energy into a game. Additionally, creating atmosphere and setting the tone are important elements to capture the attention of potential customers. For example, a well-crafted game story can attract 20,000 players who each spend on average. This translates to 0,000 in revenue. After subtracting the costs associated with developing your game, you are likely to significantly increase the profitability of your business.
Grow in mobile games
The gaming industry has changed significantly over the years, and mobile games are now the most demanded platform for gaming. With smartphones and tablets now the main gaming platforms, it is crucial for video game companies to embrace the mobile gaming market by creating mobile versions of their games.
Span in mobile games can be a lucrative move for video game companies as the mobile game market is booming. According to Statista, global mobile game revenues will reach .5 billion in 2020 alone. Mobile gaming offers a much wider reach and a whole new wave of gaming consumers.
Implementing this strategy takes some planning and foresight, but it can have a profoundly positive effect on sales and profits. To get the most out of mobile games, video game companies should consider the following tips and tricks:
- Create Tailored Mobile Experiences : Game developers need to tailor the experience for small screens and mobile controllers, as the gaming experience should be optimized for mobile devices.
- Design with a Touchscreen in Mind : Touchscreen design, as mobile gaming is still mostly controller-less.
- Use mobile-specific features : Use features available on mobile devices, such as mobile payments and push notifications, to make the experience more fun and engaging.
- Optimize for both platforms : Ensure the game runs bug-free on both Android and iOS devices.
- Order the game on mobile platforms : Mobile gaming is a highly competitive market, so it’s important to spread the word by releasing the game on mobile platforms.
Reach in mobile games is a great way to increase sales and profitability. According to a survey conducted by Annie app, the average mobile game user spends twice as much on mobile games compared to the average console or PC user. This means video game companies have the potential to double their profits if they successfully tap into the mobile game market.
Let’s look at an example calculation. If a video game company generates an average of million in revenue from console and PC gamers, and it successfully taps into the mobile gaming market, it can potentially double its revenue to million. This would lead to a massive increase in the company’s profits.
In conclusion, expanding the mobile game market is a great way for video game companies to increase their sales and profitability. With mobile games now the largest gaming platform in the world, video game companies need to embrace the mobile market and create tailored experiences to maximize their profits.
Build relationships with celebrities and influencers
Nurturing relationships with celebrities and influencers is a great way to increase sales and profitability for your video game business. By engaging celebrities and influencers to promote your products, you can reach a larger, more engaged audience, driving more sales and increasing your profits.
Tips & Tricks
- Find celebrities and influencers whose followers are interested in your products.
- Research the right influencers for your industry.
- Be realistic with your expectations.
- Provide incentives to influencers or celebrities to promote or review your products.
- Make sure your content is relevant, valuable and inspiring.
By building relationships with the right influencers and celebrities, you can expose your brand to new customers which can translate directly into additional sales. According to one study, a positive review from a celebrity or influencer can drive more than 120% more sales of a product compared to a non-celebrity review.
Impact on sales and profits
Bringing celebrities and influencers on board allows you to reach more potential buyers who may not have heard of your business otherwise. Involving influencers in marketing campaigns can lead to higher engagement with your brand, and if their recommendations are authentic and transparent, their influence can lead to increased actual sales, which directly impacts the profitability of your brand. your video game business.
Calculation example
Let’s say you invest ,000 in an influencer marketing campaign and they help you reach 30% more potential customers. By spending 50% of your marketing budget on influencer campaigns, you could get 0,000 in additional sales and a net profit of 0,000. This means that you will have a return on investment of 280%.
Form a loyal online community
One of the best ways to grow your existing customer base and increase the sales and profitability of your video game business is to form a loyal online community. Establishing an online presence offers an invaluable avenue for interacting with large audiences in ways that were unimaginable even a decade ago. An effective online community will establish a sense of loyalty and trust among customers and their engagement will only increase your product’s visibility.
Building a loyal online community starts with building high-quality relationships with your customers. Use all the channels at your disposal to interact, engage and reward your customers. Posting regularly on all major social media platforms will help build valuable relationships with your customers and keep your brand in their minds. This can be further enhanced by hosting giveaways, Q&A sessions, contests, game reviews, and other engaging activities to keep your customers engaged with your business.
You can also set up online forums and discussion threads to get honest and helpful feedback from your customers. Many potential new customers can also learn about your game through reviews and discussions, which can be a great way to expand your customer base. Plus, showing appreciation to those who actively participate in your online community will build customer loyalty and trust.
Benefits of a Loyal Online Community
Adding a loyal online community will not only increase customer engagement and loyalty, but also lead to further growth. Improved communication and feedback efficiency, faster resolution of customer queries, reduced cost and increased purchase rate are some of the most prominent benefits of strong online presence.
For example, a well-managed online customer service team can significantly reduce your operating costs. According to a survey by Javelin Strategy and Research, the average cost to serve a customer onboarding request through online customer service is only .44, while the counter costs .46. Thus, building a loyal online community that actively engages customers can lead to cost savings and an improved customer experience.
Additionally, customers who are actively engaged with your business are more likely to purchase video games in the future. According to a 2017 marketing survey conducted by Marketo, customers who are highly engaged with a business are four times more likely to purchase from that business. Therefore, an active customer base can be an important indicator of success for your video game business.
- Build relationships with your customers to build trust and loyalty.
- Use all communication channels to engage and reward customers.
- Set up online forums and chat rooms to gather honest feedback from customers.
- Appreciate those who actively participate in your online community.
- Reduce operating costs by online customer service.
- Highly engaged customers are four times more likely to buy from your business.
Identify and make strategic partnerships
One of the best strategies for increasing the sales and profitability of your video game business is to identify and make strategic partnerships. Finding suitable partners to join forces can be a great way to advance your business proposition and increase its reach. When deciding which partnerships to enter into, it is important to identify which companies are most likely to increase the profits of your game. These include partners who can provide valuable resources to your game, such as an advertising partner or a content provider. Strategic partners can also include companies that can help market and distribute existing content.
Once suitable partners have been identified, the next step is to formalize the partnerships and define the terms of the agreement. There are many ways to approach creating these rules, such as lump sum payments, revenue sharing, or hybrid partnerships that have multiple clauses. By entering into a mutual agreement, both parties benefit and can share potential benefits. When entering into a revenue sharing agreement, it is important to consider all potential future scenarios, so that all possible scenarios are covered.
Tips and tricks for making strategic partnerships
- Set clear goals about what you want to achieve from the partnership and what your partner’s role will be.
- Find out who your partner’s competitors are and how you can differentiate your proposed partnership.
- Set a realistic timeline to achieve your desired goals.
- Communicate your expectations to your partner and monitor their activities to ensure they are meeting their obligations.
- Negotiate a fair deal that benefits both parties.
Impact on sales and profits
Strategic partnerships can have a huge impact on the sales and profits of your video game company. By partnering with companies that can provide helpful marketing resources and platforms, you can increase the reach of your game and attract more customers. Additionally, entering into revenue sharing agreements can significantly increase your video game profits. For example, if your video game earns 0,000 in revenue and you negotiate a 50/50 revenue split with a partner, your game would receive ,000 in additional profit.
Conclusion
To conclude, there are many strategies to grow your video game business and increase sales and profitability. Develop unique video game stories, develop mobile games, form relationships with celebrities and influencers, establish a loyal online community, identify and make strategic partnerships, focus on traditional platforms, continuously innovate and implement innovative marketing strategies.
By doing so, you will be able to reach a wider audience, attract more attention, build brand recognition and loyalty, improve user experience, and ultimately increase sales and profitability for your video game business – transforming your small business into a successful international business.