One of the most important factors of the market research is to introduce the right product at the right place. We have always said that “Lottery is not one size fits all approach.” Each lottery is unique in its own way.
Lotteries work differently in different markets. LocusPlay with its vast expertise understands the intricacies of local lottery culture and player psychology of various markets, which helps us to come up with the best solution for your lottery.
Let me highlight various aspects of market research in lotteries.
Competitive analysis - Evaluate your competitors strategically by understanding their products, growth pattern, market share etc. You need to focus on questions like –
- Who are your competitors?
- What type of lotteries do they sell?
- What is each competitor's market share?
- How did they penetrate the market?
- How to promote lotteries?
Players behavior - It is imperative to study player behavior on the basis of their interests toward games. You need to clearly understand what do players exactly expect from a lottery?
At the end of the day, players are your customers and the game is your product. You need to offer the product that your customers need.
Business plan - Market research helps you to come up with an effective business plan for your lottery. The business plan is the first step towards the “State-of-Readiness” before you start the lottery. It gives you a blueprint of your lottery project.
It also enables you to determine capital requirement, cash flow projection and project break-even point as well seek to fund.
Understanding the demography and lottery culture is delicate and fragile in nature. If understood clearly and implied, it could turn out to do wonders for your business and if not then it might pop-up as an issue for the business. In such case, we suggest you take a piece of an advice from the expert who has knowledge and experience of setting up a lottery.
If you are looking to consult an expert, please read our article on - Role of a business plan in lottery