The Business of Social Games and Casino

The Business of Social Games and Casino

By Lloyd MelnickBusiness
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The Business of Social Games and Casino episodes

  • The Power of Content
    Key takeaways
    • Disney has enjoyed phenomenal growth with Disney+ and  week announced its plans to accelerate this growth, showing what is critical to the success of an entertainment brand.
    • The first pillar of this strategy is to release a plethora of new content in 2021, more than 25 new television series plus multiple movies, showing how critical new content is (especially telling as Disney has the strongest back catalog of content in the world).
    • The second pillar is to rely on its franchises (Star Wars, Marvel, Disney characters) for this new content, showing the value of Forever Franchises in the entertainment space.

      • This episode is also available as a blog post: http://lloydmelnick.com/2020/12/16/the-power-of-content/

      5 min
    • How to hook your competitor’s customers
      Key takeaways
      1. Habits are very strong drivers of behavior, so if you can replace using a competitor’s product with using your product with a customer, it has tremendous value to your business.
      2. One of the strongest techniques is creating faster HOOKS, eliminating as much complexity and steps as possible to using your product.
      3. Other effective ways to get your competitor’s customers are more frequent HOOKS, more rewarding HOOKS and easier to enter HOOKS.

        4. This episode is also available as a blog post: http://lloydmelnick.com/2015/05/14/how-to-hook-your-competitors-customers/

        4 min
      4. How to develop repeat customers
        Key takeaways
        1. You have a 60-70% chance of selling to an existing customer versus a 5-20% chance of selling to a new customer.
        2. Among the ways of improving sales from existing customers, critical ones include smart CRM and not being dumb by selling your customer list.
        3. As the costs of getting new customers continues to increase, increasing the LTV of existing customers is critical to continued success.

          4. This episode is also available as a blog post: http://lloydmelnick.com/2015/05/12/how-to-develop-repeat-customers/

          4 min
        4. Don’t treat employees like you do your fantasy league
          Key takeaways
          1. Many managers make the mistake of considering employees interchangeable, the same as they would look at with a fantasy football or baseball team.
          2. Making position changes for your team members, without including them in the process, makes them more likely to seek a different employer or lose motivation.
          3. You need to talk to and understand each employee and then make moves that are consistent with both the company’s goals and those of the employee.

            4. This episode is also available as a blog post: http://lloydmelnick.com/2015/03/24/dont-treat-employees-like-you-do-your-fantasy-league/

            4 min
          4. Don’t say it, do it
            Key Takeaways
            1. If your company or product is experiencing bad publicity, the best course of action is to identify the cause of this publicity rather than hiring somebody to spin a different story.
            2. Once you have identified what people do not like, have your company focus on the good it provides and build that out or stop doing what people dislike.
            3. Good publicity will follow, as it will be based on real stories.

              4. This episode is also available as a blog post: http://lloydmelnick.com/2015/03/26/do-it-dont-say-it/

              4 min
            4. Why free stuff or lower prices don’t keep customers happy
              Key takeaways
              1. Giving free items or discounts to customers or players does not build long-term retention and satisfaction; it is a lazy way to get a short-term boost.
              2. You need to understand what it is about your product users love, either through NPS analysis, surveys or interviews.
              3. Once you know what they love, you should reinforce these features to increase satisfaction.

                4. This episode is also available as a blog post: http://lloydmelnick.com/2015/03/12/why-free-stuff-or-lower-prices-doesnt-keep-customers-happy/

                5 min
              4. Creating that Aha moment
                Key takeaways
                1. A products aha moment is when a player or user understands the value of your product.
                2. To measure the aha moment, you need to find an action that people who stay are likely to take while people who do not stay will not complete.
                3. Once you have determined the aha metric, you should focus your company on delivering this to customers.

                  4. This episode is also available as a blog post: http://lloydmelnick.com/2015/02/12/creating-that-aha-moment/

                  5 min
                4. It is NOT going to be different this time
                  Key takeaways
                  1. Whenever there is a huge spike in asset price or popularity, discount the analysis of how it is different than past spikes.
                  2. Most of the analysis will be noise to rationalize the increase and at the end of the day the product or asset class will perform comparably to previous incidents.
                  3. Do not try to capitalize by holding on with the plan to get out just before everyone else or discount the historical data; both are likely to result in a significant loss.

                    4. This episode is also available as a blog post: http://lloydmelnick.com/2015/02/10/it-is-not-going-to-be-different-this-time/

                    4 min
                  4. Individuality is the Key to Winning 1,000X
                    Key takeaways
                    1. Duke basketball coach Mike Kryzewski’s (Coach K’s) incredible success is largely due to treating every player differently.
                    2. What motivates one person may not motivate somebody else.
                    3. The best way to lead is to understand each individual and build a plan for each that optimizes their contribution.

                      4. This episode is also available as a blog post: http://lloydmelnick.com/2015/02/03/the-key-to-winning-1000x-individuality/

                      2 min
                    4. It is about creating a monopoly, not winning
                      Key takeaways
                      1. Basic economics shows that competition drives profits to zero. Thus, if you want to create a great, highly profitable completion, you must seek a virtual monopoly.
                      2. Winning is great in sports but in business it is a false goal, winning means competition, while avoiding the competition creates excess profits.
                      3. To create a business that enjoys monopoly profits, leverage proprietary technology, network effects, economies of scale and a strong brand.

                        4. This episode is also available as a blog post: http://lloydmelnick.com/2015/02/05/it-is-about-creating-a-monopoly-not-winning/

                        8 min

                      About The Business of Social Games and Casino

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                      How to succeed in the mobile game space by Lloyd Melnick. Lloyd is a serial builder of businesses (senior leadership on three exits worth over $700 million), successful in big (Disney, Stars Group,…