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Business Strategy for a Gaming Start-up
Recently I came out of my Product (Game) Management role and start exploring the industry around me. First thing I encountered was the confused business strategies adopted by majority players. Here are tips for well-crafted business strategy.
2 Min Read
Recently I came out of my Product (Game) Management role and start exploring the industry around me. First thing I encountered was the confused business strategies adopted by majority players. This highly vigorous and fast pace industry had the potential to confuse players but still I believe that having a well-crafted business strategy will guide better and it isn’t a rocket science as well.
Here is a short list of tips to consider for a more thoughtful business strategy to get faster and easier success in this highly lucrative industry.
Aim one thing at a time: It takes time and a lot of energy to publish a quality game which attracts millions of players and earn money. Rather than aiming overnight success in all areas go one by one.
Aim an easy to penetrate Idea: In start do your extensive home work for idea selection and look for low hanging opportunities. Such Ideas will keep the wheel rolling and build your expertise.
Aim Marketing: In next step Develop your understanding regarding user decision cycles and try to establish self-improving organic channels by rigorous experimentation. User decision cycles are evolving day by day and the actual success lies in decisions directly dealing in this area.
Aim Monetization: At end go for monetization. If you have an entertaining product and got traffic as well still you need one more mind set to earn money. So start learning gamification for monetization, be conscious about the activities happening around your customers and track the strategies adopted by top players.
Be data centric: Innovative and entertaining aspects of gaming industry demands many subjective and gut-feel based decisions. This particular nature of product has the potential to de-track any organization. So never underestimate the role of data analysis and be data centric for decision making. Establish data frameworks to track all dimensions of your product and company.
Connect all dots: Game development business require five major mind-sets or expertise [ 1) game designing 2) Creative & Visuals 3) development 4) Analytics and 5) Marketing]. Make sure all the dots are connected for synergies. Each mindset occupies driving seat at a particular stage in game life cycle and only one conflicting approach is enough to collapse the system.
A start-up should aim big but execute for small milestones because there is no long-run if one is dead in short-run.
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