In this interview with CalvinAyre.com’s Becky Liggero, Rory Anderson of 12BET explains why failure isn’t necessarily a bad thing for businesses.
It takes a leap of faith to start, maintain, and expand a business.
There will come a time when operators will have to make bold and decisive business decision in order for their companies to grow, although not all of these decisions will result in success. Rory Anderson of 12BET said operators should embrace failure every now and then because the things they will learn from their mistakes will be beneficial for the company in the long term.
“Fear of failure can prevent innovation and the need to achieve short term goals, means you may sacrifice long term goals,” Anderson told CalvinAyre.com.
Anderson pointed out that there’s a higher possibility that operators are going to lose customers in the short term when they innovate their current products. With this approach, Anderson said that operators are “essentially risking failure.”
He recalled facing a big challenge when 12BET decided to bring Asian products to UK as part of the company’s plan to relaunch the company and grow its business in Europe.
“Working with 12BET, we were kind of launching 12BET at that time. So it wasn’t focused on the Asian market. At that time, we had more in-play football events than anyone else in the market,” Anderson said. “The problem we had was that became the start of this race to have more events and more markets than anyone else. So, our competition raised the game in that respect.”
One of the takeaways Anderson said he got from the experience was that operators needed a product and a brand quite specific to the UK.
“My agreement is to grow the business in Europe. So we were bringing an Asian product over to Europe,” Anderson said. “I can argue with you about the benefits of Asian handicap betting. The truth is that to enter the UK market, you need a product and a brand that is quite specific to the UK.”