The gaming industry generates more revenue than both entertainment and music industries combined. It is an ever-growing industry with a widening ecosystem reaching beyond the traditional development and distribution of video games.
Market research is an essential part of any industry, including the gaming industry. You have to analyse the numbers, data, and facts to determine what works and not. It will also provide you with insights into what games the players like to play.
Most importantly, Proper research will tremendously improve the success ratio of your next video game launch. Try to collaborate with the best video game marketing agency for your games
How to market research for your video game?
Reports suggest that Asia dominates the gaming industry by region. China is first on the list with over $46 Billion in generated revenue. The Asian Country is followed by the USA, Japan, and South Korea. The revenue is expected to grow in numbers due to the acceptance of gaming as a pastime in social communities.
A significant part of the gaming industry revenue is contributed by store platforms. It includes Steam, Google Play, Playstation Store, Xbox Store, and other physical video game stores. Another significant portion is occupied by publishers. However, their involvement is declining gradually due to the rising popularity of digital games. You can research the market based on the revenue distribution to identify markets with profitable opportunities.
Games are available for PC, Console, and mobile platforms. VR and handheld are other platforms growing in prominence due to the launch of Nintendo Switch and Playstation VR Headsets. You can segment the video game market based on the platform. The platforms vary based on the type and development required for a video game.
People will either have a digital or physical copy of a game. The cost varies based on the type and demand of a game. In a general sense, there are some common monetization models available for market research.
You make a one-time purchase of a video game.
Pay a monthly fee to a subscription plan and play the game.
- Free To Play
The mobile game market made this model a popular one.
Display placement ads within the game for monetization.
Developers choose from a variety of payment plans to drive revenue.
Another realistic category to segment the market is through the game genre. The game genres can be categorized into ten general segments and a couple of other genres. There are also some sub-genres that are independent of each platform and development method.
Significance of Market Research
When it comes to video game marketing, you must never make assumptions about your market, customers, or competitors. It would result in a total waste of time, money, and effort. The best marketing strategies are crafted through a deep understanding of the market. To help you understand better, here are the importance of video game market research.
Comprehensive market research for your video game will help you identify your target audience and the ideal marketing channels. These factors are essential to identify business opportunities. You can learn about key partnership opportunities with peers in your niche. Joint promotions are beneficial for video game businesses because it leads to product bundles, game add-ons, and upsells.
It is a tradition to test products before launch. Similarly, market research is crucial to identify the risk factors involved in your video game marketing campaign. For instance, if you are looking to launch downloadable content for your video game, researching identifies the chances of a positive reception. This way you can avoid negative reviews that will tarnish your reputation in the industry.
You can address the pain points of the target audience when you do market research. The customers will reveal their needs, wants, and frustrations, allowing you to shape a more relevant marketing material. It will also let you develop compelling ideas to engage with the promotional content.
The most important reason to do video game market research is to gain an advantage over your competition. In the same vein as all the advantages cited above, you are well-informed of your target audience and ideal marketing channels through research. This will keep you a step ahead of the competition and ensures maximum results.
Video Game Marketing Success
Proper market analysis is essential to identify trends and leverage them for better outcomes. Your brand needs to understand the ideal player base and demographics to launch a game project that resonates effectively. Most importantly, market research enables you to avoid costly mistakes and make informed decisions to boost growth.