Fantasy Sports Apps are the hottest property in the otherwise stagnant sports ecosystem. While the sports industry grows at roughly 15% per annum (according to Data POWA), the Fantasy Sports industry saw its user base grow by a staggering 25 times within just 3 years between June 2016 and February 2019.
According to a report by the Indian Federation of Sports Gaming (IFSG), Indians spent a stunning $ 1.73 billion in sports gaming in 2018 alone. And the most encouraging fact is the market is still in its nascent stage.
According to a report by Business World, the industry, which is currently worth ₹43.8 billion, is slated to reach about ₹120 billion by 2023.
It is, thus, unsurprising to know that from a handful of companies in the mid-2010s, over 70 fantasy sports platforms have mushroomed in India today. Considering the market size, everyone will get a share of this pie.
But there is a small problem here.
Dream11, one of the pioneers of Fantasy Sports dominion, dictates a market size of 90%. In fact, Dream11 has become to fantasy sports what Xerox (the electronics company) is to photocopying, demonstrating the deep market penetration of the company.
And with a valuation of about $1.1 billion, tie-ups with multiple sports federations and the backing of gaming leader Tencent, the Harsh Jain-led venture looks in no mood to stop soon.
But then, how do other Fantasy Sports Apps make it big in the market so outrageously dominated by a single organisation?
Well, here are the four points that Fantasy Sports platforms can follow to stand out in an otherwise crowded space:
1. Data Analysis
As Mathematician Clive Humby had rightly predicted back in 2006, data has become the “new oil” for organisations. Today, companies are smartly employing data to elevate user experience, make business lean and, ultimately, drive up the business. In fact, Data Analysis has become more of a necessity than a luxury if one has to compete against the big fishes.
Unsurprisingly, Dream11 too relies heavily on user data to boost its business. And this is just one of the many reasons why you should jump on the data bandwagon.
There are multiple use cases where data analysis can help Fantasy Sports Apps to take big strides in minimum resources.
Also Read | The Rise of Fantasy Sports in India
For example, data on user behaviour can help brands to showcase personalised tournaments to users, boosting the engagement. Another instance is where a user’s data helps in displaying relevant Mega Contests first.
Carefully assessing user behaviour and habits also assist in providing critical insights into UI improvements.
CleverTap is amongst the leading AI/ML platforms that Fantasy Sports Apps are employing to run personalised and contextual fans engagement campaigns. It helps in elevating monetisation and retention.
– Piyush Sharma, founder of KreedOn.
Many would argue that Data Analysis might be a costly affair, which is not entirely wrong. However, its long term benefits outweigh the high upfront costs.
2. Fan Engagement
Today, just creating a fantasy platform with great UX (User Experience) and features is not enough. One needs to engage the audience for user retention as well.
Take the world’s biggest eCommerce platform Amazon, for example. After being in business for nearly 22 years, the US giant launched Amazon Prime Videos, an OTT (Over The Top) platform, in mid-2016. Back then, people found little sense for an eCommerce company to launch a video platform.
But the intention was simple – to keep users engaged and, thus, boost their time-on-platform.
The result- Amazon Prime Videos has gone a long way in boosting their sales (as users have to go through Amazon’s colourful home page which displays personalised products (thanks to Data Analysis) before going on to Prime Videos), although we lack data to prove it for obvious reasons.
Today, Prime Videos has become a standalone, money-making business venture.
In 2019, Dream11 took a similar step by launching Fan Code on its platform. Upon its launch, Yannick Colaco, Fan Code’s Chief Business Officer, said, “A comprehensive multi-sports content platform that provides in-game analysis, fantasy sports research, live match scores etc. is the need of the hour. In all likelihood, the next wave of growth in sports consumption will mainly be driven by fantasy sports and sports content platforms. FanCode is a futuristic project with great potential.”
This clearly highlights the importance of having engaging content on your Fantasy Sports platform.
“But what kind of ‘content’ shall I add?” might be your obvious question. Well, a content bucket for Fantasy Sports platform may ideally include:
- Prediction articles
- Preview articles
- Viral content; For eg., “5 CSK players to look out for.”
- Match report
In fact, Fantasy Prediction Videos are becoming a big rage these days, especially amongst the audience who prefer something dynamic (as against the tatic prediction articles).
We are witnessing upto 3x growth in the space of prediction articles. With more knowledgeable opponents to compete against, Fantasy Sports users want to know every possible detail about the game before investing their money.
– Satyaraj Nanaware, Digital Marketing Expert, KreedOn
Not only are these content types aligned with the Fantasy League’s ethos, but they also help drive up businesses.
3. Smart Advertisement
One of the most effective forms of advertising today is banner ads. A form of online advertising, these appear on selected websites that specifically get targeted traffic and help to build brand awareness.
Print media is fast losing its relevance with more people using the internet. According to Statistia, there are over 560 million internet users in India. It is, therefore, fair to say that banner ads are where your focus should be.
But, how do you go about showcasing the best banner ads? These are the three things you can follow while advertising for your Fantasy App:
- Attractive Banner: The banner should be appealing enough to tempt the user to click on the banner. The design and content play an equal role here. Using bright colours and funky design is recommended. On the content side, try having a clear and targeted message. Be creative. The focus should be that your potential customers should remember your business.
- Niche Advertisement: It is very critical for brands to reach as many target audiences as possible in minimum budget. This can be achieved by advertising on niche-related websites with high domain authority.
- Landing Pages: Landing pages should be easy to understand and convey exactly what your services are. Make sure the main message is loud and clear. An information-heavy landing page reduces user-conversion chances.
Long story short, if you have just started out and want to reach out to your target audiences cost-effectively, banner ads can be the best format, if done the right way.
4. Influencer Marketing
In today’s day and age, it’s all down to how smartly you market yourself. Dream11’s may be a great example here. The fantasy sports company took its marketing campaign to the next during the 2019 IPL season. Their campaign tag-line “Khelo Dimag Se” got etched into our brains during every commercial and it still follows you.
However, Dream11 was able to achieve this with a high marketing budget. But what about those who cannot afford such extravagant campaigns and the likes of MS Dhoni?
Well, a similar impact can be achieved with smaller budgets through smart marketing techniques, one of which is Influencer Marketing.
This mode of marketing employs prominent personalities who use one or many social media platforms to promote brands. “But where is the smartness here?” you will ask.
Well, these influencers have established credibility in a specific industry and when they promote a product, it creates word-of-mouth publicity. The authenticity and brand loyalty that this mode of marketing creates is unrivalled.
Moreover, influencer marketing also provides you with a lot of flexibility. For instance, you can target your campaigns down to specific locations, or desired age categories. Influencer marketing also helps you to track your ROI, thus giving you a better understanding of your campaign and how it can be optimised further.
But arguably the biggest thing that works in influencer marketing’s favour is that they are highly cost-effective.
Apart from Influencer marketing, there are many smarter ways of promotion including social media, paid media or e-mail marketing.
Take your Fantasy App Platform to the Dream level with us
Closing in on Dream11 might seem to be difficult. But, as the famous saying goes, “Rome was not built in a day”, but it is certainly possible with the right steps. With the right amount of data analysis and smart marketing techniques, you could be the new DREAM to all the users out there.
In case you have any queries, do shoot out a mail to us on firstname.lastname@example.org.