How Reactivation Marketing fits into the CRM strategy framework
The P&L drives key decisions in any igaming operation. The focus is on acquisition strategies and marketing ROI. The CRM cycle is therefore King and the data produced by this process is the golden key to improving the bottom line. Your CRM platform and framework should contain a number of elements that are key to understanding your business’ performance vis-a-vis its customers.
Building your CRM strategy only around acquisition is a common mistake that can result in leaving money on the table.
Here are 5 things your CRM framework needs to contain:
1. Your CRM process needs to begin at the referral stage
You need to collect as much information as possible about the sources of leads. Where they’re coming from in as much detail as possible.
2. Fit your leads into Personas
Do your leads fit into personas? Make sure that your CRM feeds marketing information about the types of people you are attracting. Also collect data about the conversion rates of each persona and every source of traffic.
3. Price of acquisition by source
Make sure you have everything in place to know how much each player costs in real-time so that you can make important decisions quickly and change direction when needed. During busy periods such as the World Cup, this can leverage your revenue.
4. Conversion rate by source and game
Know your conversion rates by game and source. These two factors together can give you a very specific data set that helps you predict your income more accurately.
5. Retention rates by bonus, discount, offer etc
Another important aspect of your customers is retention rates. What is the retention rate of each offer, bonus or incentive you offer? Make sure you make this figure an important one in your CRM Framework.
6. Bonus Step: This one could increase your revenue by 20%
As a result of monitoring retention you will also know your churn rates. Although this step begins after your CRM cycle has expired all its attempts to get customers or prospects to buy, it is key to recovering revenue you would otherwise leave untapped.
The next step after your CRM cycle should be reactivation. Clients that are still inactive after going through all your conversion points, can be turned into paying customers with one-to-one phone calls that show you care. Most companies do not do this because it requires specialised customer service agents that have received high-quality sales training. In fact because it would be a large and expensive operation to deliver in-house, most operators outsource this to a specialist like Enteractive.
Re(Activation) has been proven to deliver ROI of 300% and win back up to 15% of your lapsed players. Learn more about our services at https://enteractive.com/reactivation-cloud