Every successful igaming business needs data-based insights to assess progress, establish what players enjoy and identify areas that are not working as well as hoped, so setting and analysing key performance indicators (KPIs) is essential.
In the latest of a series where BetConstruct takes us ‘back to basics’, we look at essential online casino KPIs and how to improve them.
BetConstruct began: “Whether you have a small-scale business, a multi-millionaire organisation, or just a fresh start-up idea, you need to have performance indicators to monitor your every step. After all, every successful business is built on correct decision-making that relies on accurate data.
“And when it comes to the igaming market, the stakes of making mistakes can turn out to be truly damaging. That’s why identifying and setting online casino KPIs right from the beginning should be a crucial part of your business strategy. Remember, only with precise calculations can you understand whether your igaming business is going in the right direction.”
In a blog post, BetConstruct outlined three types of KPIs that should be taken into account. The first is budget-measuring igaming KPIs. These, BetConstruct explained, can help a gambling business to determine how much profit can be made.
To effectively analyse these indicators, you must first have an understanding of players’ journey on the website, including what events or games they like to play, and what products bring the most profit. Once this has been done, it becomes much easier to draw up a financial performance report based on these indicators.
Touching upon some of the ways that operators can improve budget-measuring igaming KPIs, BetConstruct said: “Entertain your players to make them place more wagers. This can be done in several ways: Constantly add new games, tournaments, and jackpots, give bonuses and promos and offer free spins and more.
“However, you should be careful, or there may be too many gifts on your platform that may damage your profits. Make sure to avoid abuse of your bonuses by carefully forming your defensive programs and terms of service.”
The second type of KPI is an engagement measuring indicator. This allows a company to identify which of their marketing activities is generating the most engagement with bettors, which should then inform a retention strategy.
Betting companies can improve engagement measuring KPIs by analysing data, behaviour, likes and dislikes via a CRM solution. BetConstruct also suggested igaming companies create bespoke VIP and loyalty programs as well as creating a strong customer support offering.
The third type of KPI is a mixed, or hybrid indicator. As you can probably guess, this is a blend of both financial-based and engagement-focused KPIs.
BetConstruct concluded: “Creating your online casino platform is a great starting point for many entrepreneurs. It’s profitable, ever-evolving and has enormous potential. And though it is a remotely fresh market, the igaming industry continues to grow rapidly with each passing year.
“Successful businesses know how valuable good customer data is and do everything to use this data as much as possible. But when we pay close attention to the titans of the industry, we reveal that most of their success is due to precisely calculated customer data and the knowledge of using this information correctly. Fortunately, many key performance indicators warn you beforehand about upcoming issues or wrong tactics you may be using.”
Read BetConstruct’s blog post to find out more about online casino KPIs