Research shows that you can increase your profits anywhere from 25-95% just by increasing your player loyalty
Acquisition is often the first port of call when a company wants to boost profits, however research shows that player loyalty is key to retaining and growing profitability. Acquisition is expensive by comparison, so it’s worth investing at least some resources in boosting loyalty and retaining players.
Retention is way cheaper than acquisition, and has a much higher ROI (Return on Investment). Research shows that you can increase your profits anywhere from 25-95% just by increasing your retention rates by 5%.
Acquiring new players is still obviously beneficial to any operator and does help operators grow. But in a volatile industry and saturated markets it may not be the best way to boost your profits. Focusing on player loyalty can be a more cost-effective strategy.
Here are 3 strategies you can deploy today to boost your players’ loyalty:
- Pay attention to your players
The first and most obvious step is to pay attention to your players. Start really listening. By listening we mean, go beyond the data and the statistics. Often operators forget about players when they enter their automated player funnels. (From our own research surveys, at least 48% of players will leave an operator brand because they don’t feel appreciated.)
Unless they get promoted to VIPs at some stage, they’re given very little attention. What if you focused more on understanding how they’re experiencing your brand? What if you asked them what they think and how your website made them feel?
Elicit feedback about the experience by adding tools to your site that ask questions about their experience such as Hotjar. Find ways of engaging with them that make you stand out from your competition. Be seen to care. Reach out to them by email or telephone. Let them know their opinion matters to you as does their experiences.
- Action the data you collect
Make sure that the information you collect from paying attention to your customers does not gather dust on an allegorical digital shelf. Create a system that is designed to action the information you collect from feedback forms, phone calls and website data.
By making changes and keeping your players in the loop, you make them feel heard and seen. This is a very important element when working to develop stronger player loyalty.
- Get old clients back in the game
Don’t forget those clients that were once loyal but have been lured away by a competitor or simply had a problem with your platform. Reach out to those churned players that once played on your site. Offer them a customised bonus. Make all of your customers feel like a VIP. In a world of automation and notifications, the human touch has multiplied in value. Receiving a call is somewhat special and will make your customers feel like you care.
And you know what happens when players feel that you care? They start caring about you too and become more loyal. They also become less likely to defect to a competitor because of their shiny bonus or due to a bug on your site, because you made them feel special.
So reach out to your current customer base to make sure they know that you care. To bring them back into the game and rebuild a loyal relationship. Our (Re)Activation Cloud agents nurture loyalty with players every day, reaching out to your churned players and converting them into paying customers again. To find out more, why not drop an email to Andrew Foster, our Head of Business Development – email@example.com