Acquiring players has become a big focus for many betting and gaming companies over the last few years. But what good is attracting a player to come and gamble on your site without ensuring that you have a strong retention strategy in place?
From a financial perspective, retaining existing players is much more cost-effective than acquiring new ones. So it is in the best interest of betting companies – and the respective marketing departments’ budgets – to roll out an effective player retention strategy.
But how do you do this? In the latest article where BetConstruct takes us ‘back to basics’ on all things betting and gaming, we explore the topic of player retention and the considerations that have to be made when looking to attract players.
The BetConstruct blog begins: “You have definitely heard the old saying ‘The customer is always right’. Yet, the actual quote has a strong continuation – ‘…in matters of taste’. This means that they are the ones who choose the platform they intend to stick to.
“In other words, customers are the engine of any business, so in order to start it up and run it efficiently, you need to listen to them carefully and try to answer the following questions: Who are your customers? What are their preferences? What do they expect from you?
“Only after answering these questions can one plan to consider ways of keeping them in their business and constantly catering for them. In the igaming industry, customer retention refers to the measurement of customer loyalty along with the ability of a company to keep them over a specific period of time. It is definitely correlated with their engagement, satisfaction and emotional attachment.”
Player retention is important for a number of reasons, BetConstruct explained. The first being the financial costs incurred when trying to acquire new customers. Engaging a customer in the first place can be very costly, however keeping existing players on your platform is much more cost-effective.
With that in mind, once a player is active on your platform, they tend to be repeat customers – ultimately becoming much more valuable in the long run. And if you’re lucky, those returning customers may refer other bettors to your platform – ultimately giving an operator access to a wider player base.
To boost player retention rates, BetConstruct laid out nine things to take into account. The first, and arguably the most important thing to consider, is personalisation and localisation of content.
BetConstruct wrote: “As mentioned above, customers play a key role in business growth. Acknowledging them and working with them in the alliance is critical to success. So, suppose you want to boost your business revenue and increase your customer retention rates. In that case, you need to, in the first place, pay attention to your target audience in terms of personalisation and localisation. That is, you should understand what segment your players belong to, their preferences, desires and other relevant metrics, and, above all, why they appreciate you.
“After collecting all the information, you will be able to create buyer personas and deliver the right marketing strategy that works for them. The more comprehensive and custom-tailored marketing you have, the more involved customers get.
“The data received will enable you to generate the right personalised triggers that will be activated later at the right time. This, in turn, will help customers engage with your business, increase retention rates and lead to higher LTV, i.e. “lifetime value” that each customer adds to the business in the course.”
Something else to look at is the availability of games, and following on from that, working with best-in-class game providers. This will ensure that players gain access to a stronger product, which will likely keep them coming back.
Customer relationship management (CRM) is also significant when it comes to monitoring, controlling and managing all your business’ interactions with your target audience, namely relationships with your customers.
Implementing a CRM service can create new opportunities for a more personalised sports betting and igaming experience for players but can also give an operator the opportunity to monitor your customers’ behaviour and act accordingly.
Engagement strategies such as promotions, offers, bonuses and themed content can also be an interesting way to keep players engaged with your platform.
BetConstruct added: “Once you use the data you get with CRM systems, create player segments and ultimately find your target audience, it’s nice to give it something encouraging. It can be anything, from one-time special offers to permanent promotions.
“For example, it is worth providing new customers with an inspiring welcome package of offers so that they are sure of their right choice. Permanent clients, though, can be given exclusive prizes and bonuses in the form of instant cash rewards, free spins or jackpots. All these promos, offers and bonuses will surely stimulate players to come back or stay longer.
“All in all, in an industry as competitive as igaming has become over the past few decades, it would be effective to refer to the player retention strategies we introduce in this article. We have shared with you the best marketing tactics that gambling companies use to attract and keep their customers.”
To find out more, you can read the full blog from BetConstruct about player retention.