Time brings change and businesses that don’t adapt risk failure. Examples are all around you. Walk down any high street and you’ll see successful businesses that have adopted the internet and continue to flourish, contrasted by those that failed to adapt and are now struggling.
Adapting is winning. Why? Because they know what their audience wants and they give it to them. The key to success in business is understanding exactly how to meet the needs of your consumer.
Technology has caused the biggest shift in this regard. The aforementioned example is the prime reference point for anyone trying to display technology significantly changing consumer culture. But it’s not the only example – not by a long shot.
Something we’ve got our eyes on is betting. It’s a long standing industry that has progressed with the rise of online betting – but we think there is still a lot more change on the horizon.
Of course, different generations respond differently to technological advancements. Millennials embrace tech with open arms, much more so than older generations. Some gambling businesses are seizing the opportunity to attract millennials and Generation Z consumers by adapting their businesses to fit these consumer groups.
It’s important for growth and to beat out the competition. These younger consumers are getting older and will start to have a larger impact on the gambling industry. That’s why Bethereum is specifically targeting millennials. They believe that they are going to be the most important target audience.
In case you don’t know, Bethereum is a blockchain based social betting platform. Using social elements and gamification, Bethereum aims to cater to millennials and other younger consumers creating a fairer, better and more engaging betting experience for everyone.
What do millennials want?
First and foremost, we know that millennials aren’t interested in gambling on location. They prefer remote play. The internet brought betting into a new era, but it’s more appealing to younger audiences that grew up with technology. They know how it all works and they prefer it. Older audiences still prefer in-person betting in casinos or at events.
Aside from playing remotely, younger generations show interest in different games compared to old school betters. Technology has introduced whole new realms of possibility, with online gaming improving every year in terms of graphics, sound design, stories and more. Having grown up with this incredible transition, it’s only natural that younger consumers adore challenging games.
With this, we are seeing more and more online betting operators offer different, better looking games that include more skill based elements compared to the old school games like slot machines that are purely luck based.
With a strong shift to online and remote play, one would instantly assume a more lonely, secluded and less social gambling experience. However, this couldn’t be further from reality. Millennials feed off the online social experience and with technology this can be taken further than ever before. In fact, this is one element that Bethereum is really drilling down into, aiming to become the social betting platform.
The younger generations have been raised in a world of online interaction, so social integration is a no-brainer. Live chats are imperative to maintain engagement and competition, for example.
But where things really start to get interesting are with social gamification options like leaderboards, achievements and rewards. It has been shown that these social elements are a big selling point for younger consumers – which is why the Bethereum platform is packed full of social gamification features. These social elements are what grip younger audiences and keep them coming back.
Why Bethereum is targeting Millennials
Building products for younger generations is arguably a strong business decision in terms of longevity. Younger audiences will be consuming for much longer than the older generations. It’s basic biology.
As such, targeting these younger audiences could be laying the foundations for longer term success. It is anticipated that by understanding what millennials really want from a betting platform will present huge revenue opportunities.
Of course, this is promising for BETHER token holders as well. Naturally, token holders are interested in seeing the parent business succeeding, since it is expected that there will be some form of correlation between business success and token success.
Is Bethereum what millennials have been waiting for?
We’ve established that millennials and younger consumers are looking for exciting, online, social betting. It’s what they know and love from the online world combined with betting to make it fun and interesting.
Bethereum is built from the ground up to perfectly cater to these needs. The entire platform is built to be as social and interesting as possible. Here are some examples:
- Competitions – a new way to engage and strengthen betting communities by attributing competitions to key events such as the World Cup.
- Events – special opportunities to earn extra incentives and become part of the Bethereum community.
- Ranks and leaderboards – social competition that spurs on millennials to prove they are better than their friends (or enemies).
- Social integration – communication and sharing abilities that form and strengthen relationships .
- Badges – unique, limited incentives to get involved.
Bethereum is making the most of advanced technology and using it to cater to the up and coming younger generations, since they believe that millennials are going to have a large impact on this industry in the near future.
By Alex Aves
*Disclaimer – Bethereum are our Media Partners and therefore this content is sponsored by them. The fees paid by this project are used to pay for The Daily Chain salaries, dev work, hosting services, travel expenses etc.. that are required to make this company a success and continue to provide the community with great content on a daily basis.