#7: Benchmarking Operator Performance

At Blask, we’re attempting to benchmark a brand's performance. Our Blask Index formula is still early in development, but we often receive great feedback on its accuracy.

The idea behind one of the key features we’ll speak about in this essay is simple: we show you the benchmark of an operator's performance in a specific market.

We call these “growth values” (working title!) and measure the performance benchmark in FTDs and GGR. 

We will show you what we estimate to be low, average, and high-performance ranges. If you did everything correctly, what would your brand’s performance look like at the upper end of the scale? This will help you understand how good your performance is.

It’s not something we’ve released live yet, but we’ll add them to the operator's scorecard soon.

However, I want to explore the key aspects considered when analysing an operator's market performance in this essay. If you excel in these areas, we believe your brand will perform above the benchmark in real life.

As an example, here’s what it looks like:

This brand’s name is hidden. But I wonder if you can guess which brand/market this is. It’d be crazy if you could. So shoot me an email with guesses.

So, let’s dig in.

The ultimate list of criteria an operator needs to beat the competition in to perform above benchmark

#1 - Product

This is the be-all and end-all of your product. We’ve all seen operators enter a market with the wrong product or one that is poorly localised. And by localisation, I’m not talking about language but games, odds, and sports markets. How well your product is adjusted is essentially how you convert, retain, and make money.

Essentially, do you have product market fit? Just because you have PMF in one region does not mean that your product will be appreciated by another region or even a country within the same region. 

You'll see mixed results if you look at some examples of global brands entering niche markets, especially in markets like Africa or Asia, where their normal products are so different from what consumers expect to see. That’s because of how local brands built the market throughout the early years or because of the market reality—slow internet, cheap mobile devices, or ffs sunlight (not kidding).

Some examples:

Obviously, if you are using some of the world’s best platform providers, then it's a matter of selecting the right one. Some of them nail market customisation really well. A perfect example of that is Sporting Tech in LATAM.

So, identify the most locally customised platform provider, sign the contract, drive marketing, and wait. Easy life :)

#2 - Payments

Payment acceptance is crucial for any business. In grey or black markets, orchestrating payment solutions becomes even more complex. Key factors include:

• Adding and managing payment providers strategically

• Timing provider switches to maintain continuity

• Optimising user journeys to maximise conversion rates

The operational aspects of these businesses are often hidden from the general public. To truly understand and optimize the process, you'd need:

• A team of local experts and testers

• Continuous funnel testing with various scenarios:

  • Trusted and non-trusted traffic

  • Different devices and IP addresses

  • Other relevant variables

Given these complexities, traditional benchmarking may not be feasible. Instead, benchmark attributes include:

• Diversification of payment methods offered with local and international payment options – debit cards, e-wallets, crypto, etc.

• Transaction speeds for both deposits and withdrawals

• Smoothness of user experience and interface

• How well the payment flow is optimised to minimise drop-off, with regular A/B testing to improve conversion rates

• Relationships with payment providers to avoid disruption – and the strategy to add new providers if required

#3 - User Acquisition

This is the name of the game, but it’s amazing how limited the strategies of some operators are. So here are some questions to consider:

Which channels are you targeting, and how diversified are you?

• Utilisation of PPC, SEO, social media, and display advertising

• Partnerships with affiliates to leverage their audience

• Create engaging content like blogs, videos, and podcasts

What is the user intent on those channels?

• Alignment of efforts with user intent on specific channels

• Utilisation of high-intent keywords in PPC and SEO campaigns

How well do the funnels and creatives on your chosen channels cut through the noise and stand out from the competition?

• Development of eye-catching adverts and compelling copy

• Tailoring of messages to different audience segments

• Creation of landing pages that align with creatives and messaging

• Smoothness of user journey from advert to conversion

• Implementation of retargeting campaigns for relevant segments

• Regular A/B testing of creatives and funnels

Got it? Alright, onto the next…

#4 - CRM

So many operators are like a leaky bucket. They work hard to acquire new users, but they act like the job is done at that point. 

Here are some factors to consider:

• Comparison of retention rates with industry benchmarks

• Implementation of retention strategies for improved user loyalty

• Regular audience engagement and communication (with spam avoidance)

• Triggering of communications based on user behaviour

• Utilisation of dynamic content for personalised user experiences

• User engagement across multiple channels (e.g., email, SMS, push notifications)

• Customisation of messages to suit specific channels

• Implementation of loyalty programmes rewarding users and incentivising engagement

• Offering of perks and personalisation services for VIP users

#5 - Brand Strength

How aware of your brand are players within the market? Your brand awareness combined with other fancy marketing metrics is what I call brand strength. Essentially, the more “famous” you are, and the more distinctive your brand attributes are, the better you’ll convert and retain players. How many of these boxes are you ticking?

• Measurement of brand awareness within the target market, including ease of consumer recall and recognition

• Evaluation of perceived brand value and quality from the consumer perspective

• Clear definition of the brand's unique selling proposition (USP) and differentiating factors

• Development of a distinct brand personality, avoiding common or overused approaches

• Consistency and relevance of brand messaging across all channels

So now, it’s up to you…

These are the most crucial aspects we’ve identified to perform above your brand’s benchmark. This list will grow as our benchmark becomes more sophisticated, but as I said before, it’s already very accurate. If you start here and work on these aspects, you’ll increase your chance of success.

Soon on Blask, we’ll measure these attributes in a series of points we identify on operator websites to rank and score them. So you can compare yourself against the market, or specific operators.

Which factors do you focus on the most? As always, I’d love to hear your feedback.