In this interview with CalvinAyre.com’s Becky Liggero, Golan Shaked of Deezer explains why market research may help determine the success of the products and services.
Determining the market preference has kept entrepreneurs has always kept gambling operators wide awake. After all, the life and death of their business lies on whether consumers will patronize their products.
In order to determine what consumers really like, many operators tend to put themselves on the shoes of their customers. Unfortunately, walking a mile in their consumers’ shoes do not guarantee a 100 percent success in their business since the process causes the operators’ personal preferences to kick in.
That’s why Golan Shaked of Deezer advices gambling operators to conduct extensive market research in order to find out the needs and wants of their customers.
He said that gambling operators shouldn’t rely only on the data, the tools, and the promotions of their products. Shaked believes that understanding how their customer uses their product will help their businesses to succeed.
“When you understand the context, you can then tailor the product to meet their needs. When you are able to do that, you don’t really need to spend too much time in CRM because the customers will love everything that you delivered,” Shaked told CalvinAyre.com.
To give a clear picture on the importance of market research, Shaked cited how he ran his digital music service business. The most important question that gaming operators should ask themselves when running their business, according to Shaked, was whether they are delivering the right product to consumers.
“Research is fundamental. We need to understand who are the early adopters? who are the ones more likely to convert from the free service that we are offering to a premium offer? But at the end of the day, it’s all about the customers. Our research goes into both data research, quantitative but also qualitative research,” he said. “Our inspiration is to learn a lot from you as user and at the end of the day, to provide you a lean back experience, quick flow, and just get you to the zone.”
Shaked said their company conducts actual study in order to find out the context that the customers are in. Through the consumers’ use of their music, he said they were able to pinpoint the areas that they needed to develop.
So when you have a music service that is offering 40 million tracks, about 25 to 40 music genres, it means it’s very very hard to really find which music suits which customer. What we are trying to do is actually study as much as we can about our customers through the usage of music,” he said. “One thing that we have in Deezer is that we allow the customer and dislike a song, to search a genre, to create a playlist. While you are doing all these actions, the algorithm in the back stage studies your habits and create a profile for you. Then you got our music curators, our expert editors who actually come in and review these algorithm and optimize them in order for us to deliver the best music experience for you.”