In the current fast-paced digital economy, businesses and entrepreneurs seemingly need to innovate on a constant basis to stay competitive. However, with traditional approaches to business management and marketing, it can be difficult to stay ahead of the curve. So, what solutions are available to British businesses?
Looking beyond the usual playbooks is needed here, and one source of inspiration can come from an unexpected place: gaming. The global gaming industry has grown exponentially in recent decades, becoming a multi-billion-pound behemoth that influences consumers and industries alike.
While gamification is a trend adopted by industries from fashion to banking, there are also tangible lessons that can be transposed from the gaming world to the boardroom. Let’s explore six key strategies from various gaming sectors that can be employed by entrepreneurs and SMEs in order to thrive in today’s market.
Insights from eSports – Adaptability
The eSports sector is a prime example of how adaptability can lead to success. Competitive gaming evolves at a breakneck pace, with new strategies, updates, and even entire games regularly causing shifts in the landscape. Professional gamers must constantly adapt, refining their strategies and polishing their techniques to stay on top.
For the small business owner, the lesson here is clear: adaptability is essential. The market can shift quickly due to multiple factors, with pressing disruptions often being centred on technological changes, consumer preferences, or economic conditions. Businesses need to remain agile and be willing to experiment with new ideas and strategies.
As a business owner and entrepreneur, are you regularly reviewing your business strategies to adapt to changes in your industry? If not, you may find yourself left behind.
Insights from Online Poker – Risk Management
Poker is the only casino game that’s widely recognised as a mindsport, due to it being a compelling mix of skill, strategy, and psychology. This traditional card game has also been fully incorporated into the gaming industry and is now a stand-alone digital gaming genre in its own right. Today’s gamers are just as likely to be logging into a specialist platform like PokerStars to participate in online poker games as they are to play A++ titles on PlayStation Plus. Poker’s also a particularly useful game to learn lessons in risk management from.
Risk-taking in business can lead to significant rewards – but only if approached strategically. Entrepreneurs can learn from the keen sense of risk management that poker players have. This involves assessing potential opportunities – often with limited information – weighing the risks, and then deciding whether to proceed or hold back. It’s not about avoiding risks altogether but about understanding and managing them effectively.
By adopting a balanced approach and taking calculated risks, you can seize opportunities while protecting your business from potential downsides. Like a seasoned poker player, you should know when to go all in and when to play it safe.
Insights from Strategy Games – Resource Management
Strategy games, from classics like Civilization to more recent titles like Starcraft 2, teach players to manage resources efficiently. Whether it’s time, money, or manpower, these games require players to think critically about how they allocate their limited resources to achieve their key objectives.
For entrepreneurs and SMEs, efficient resource management is crucial. In today’s economic climate, many business owners are facing limited resources, making it vital to know how to allocate them in the most appropriate and beneficial ways. This might involve deciding where to invest your budget, how to allocate your time, or how to prioritise your team’s efforts. By thinking strategically, just like RTS gamers, you can ensure that you’ll be maximising your business’s potential by putting every resource to its best use.
Are you making the most of what you have? Consider conducting a resource audit within your company or ventures. You might discover that the resources you have could be better allocated to ensure more substantial performance results.
Insights from Multiplayer Gaming – Community Building
Multiplayer games, particularly massively multiplayer online role-playing games (MMORPGs), are, at their core, about building communities. These vast online games, such as World of Warcraft, offer environments where players connect, collaborate, and share experiences. These communities are often self-sustaining, with players returning regularly not just for the game but for the social connections they’ve built.
For SMEs, building a community around your brand is one of the most powerful things you can do. A strong community can turn customers into brand advocates, driving word-of-mouth marketing and fostering loyalty.
Consider how you can create spaces where your customers can connect, share their experiences, and engage with your brand. This could be through social media, forums, or even in-person events. Like in multiplayer games, a connected and engaged community can be one of your business’s most valuable assets.
