The best strategies to retain customers in iGaming
Currently the iGaming industry (Internet casino games) is one of the most profitable in the world, it is estimated that it has a value of more than $45 billion. Even with this high value, the market continues to grow and the sector is expected to grow by 14% annually in the coming years.
It is a very competitive sector which means that online casinos must be innovating day after day in order to retain their customers while increasing their portfolio. The treatment of the data that the companies of their clients do is increasingly controlled and regulated by law, but the gaming sector is going a step forward since confidentiality and privacy is total, which makes iGaming one of the more difficult markets to research and influence.
Do not forget that every company looks for clients to be able to maintain its income, and obviously the casino industry is no exception. The rule of thumb is to try to stay as close to customers as possible and listen carefully to them.
Starting from this premise, we have to answer a series of questions: “Who are your customers (age, demographics, etc.)?“, “What do they like?“, “What do they expect from you?“
The Most Important Business Goals for iGaming Operators
Advertising is one of the main keys to winning new customers and keeping existing ones, but it is not everything. A good advertising campaign must be accompanied by an optimized website where customers can find what they are looking for without too much difficulty, as well as well-maintained social networks with quality and interesting content. If all this does not exist, the efforts and investment in advertising may be fruitless.
Advertising, as happens in the betting sector, may be restricted or limited in certain areas of the market, and that is why the concept of customer participation takes on a fundamental role, depending on another variable, the optimization of the conversion rate.
A correctly developed conversion optimization strategy will allow an online casino website to get many more visitors, increase the purchase value and therefore all this increases the performance.
The CAC (Customer Acquisition Cost) is estimated to be $ 410 on average, so a simple 10% improvement in the conversion rate would reduce the cost of acquisition by $ 41 per player, improving the company’s profit margin. by 8%.
When a visitor converts into a conversion you have to do everything possible to be able to maintain it, so the quality of the products plays a very important role in the growth of the casino.
The main business objectives in the gaming industry are to reduce unit costs at the acquisition stage, maintain customer retention, and increase customer life.
The importance of personalization for iGaming
By identifying which segments the players belong to, what their tastes and desires are in games, their intentions and why they value one brand and not another, it is possible to start thinking about personalization by customer profiles and offer an appropriate marketing strategy .
To adopt optimal personalization, it is necessary to interact with the audience in order to apply specific marketing tools that allow the collection of key information and thus be able to develop the “buyer persona”.
Detecting and defining the needs of the players is the first step to be able to improve conversion rates, but there are many other very useful metrics to perform audience segmentation and thus have a much more personalized approach towards the player:
- Marketing source
- Early VIP potential
- Player profile identification
- New or returning players
- Understand the intent of the player
- Potential for early abandonment
- Identification of interests
The best way to have a real vision of a customer’s interaction and to optimize your conversion rate is by analyzing your performance data and comparing it with what you had in the past. Every customer that interacts with the business increases the retention rate, which generates a higher LTV (customer value or Lifetime Value).
There are many marketing techniques that allow companies to retain their customers, but among all of them the one that stands out the most is the bonus. Many casinos have special offers that incentivize potential players to come back or choose their brand through welcome packages.
From TTH Gaming we want to provide you with relevant information on everything related to the world of casinos, online gaming platforms and the betting sector. You can easily contact us if you have any related questions or visit our website.