Retention, Retention, Retention… Did we mention Retention?
In a recent IGaming Next panel moderated by Unibo’s CEO Alexis Wicen, industry experts delved into the crucial topic of player retention in the iGaming sector. While acquisition strategies have traditionally dominated the landscape, the panelists shed light on the importance of shifting focus towards retention and offered valuable insights on how brands can effectively retain their players.
The panel consisted of:
- Alexis Wicén, CEO, Unibo, Moderator
- Lauren Debattista, Head of CRM Global Promotions, Betsson Group, Panelist
- Ludvig Philip, Director of Retention, LeoVegas, Panelist
- Martin Bradley, Director, MTM, Panelist
- Sam Talbot, CPO, LiveScore Group, Panelist
Here is a summary of the key discussions and takeaways from the panel.
- The Importance of Retention: The panelists acknowledged the industry’s historical emphasis on acquisition and discussed the need for a shift towards retention strategies. While attracting new players with generous welcome bonuses has been a common practice, the experts highlighted the significance of investing in retaining existing players for sustainable growth.
- Understanding Players’ Needs: One size does not fit all when it comes to player preferences. To retain players effectively, brands must have a deep understanding of their customers. The panel suggested leveraging data analytics and customer insights to tailor offerings and personalize the gaming experience. This can include personalized game recommendations, loyalty rewards based on individual gameplay, and superior customer support.
- Embracing Personalization: With the accessibility of data in the digital age, personalization has become a powerful tool across various industries, including iGaming. The panelists discussed how operators can learn from other industries like Netflix and implement personalized recommendations for players, enhancing their gaming experience and promoting retention.
- Crafting Effective Loyalty Offers: While welcome bonuses attract new players, long-term retention relies on effective loyalty rewards. Panelists shared that loyalty mechanisms such as “Deposit and Get” and cashback offers tend to be more successful in keeping players engaged over time. Brands should focus on offering rewards based on gameplay rather than solely on deposits or losses, ensuring a fair and inclusive approach for all players.
- The Impact of Game Selection on Retention: The extensive variety of slots and games can overwhelm players, affecting their retention rates. Panelists discussed the correlation between player game preferences and retention and how operators can assist players in finding games they enjoy. Customized game recommendations and intuitive user interfaces can greatly enhance the gaming experience, encouraging players to stay on the platform.
- Nurturing Excellent Customer Service: Customer support plays a pivotal role in player retention. The first point of contact when issues arise, customer service can make or break a player’s loyalty. Brands must prioritize offering fast, efficient, and helpful support to ensure a positive experience for players, thereby preventing potential churn.
- Key Product Focus Areas: To keep players engaged, panelists highlighted three critical areas for product improvement: seamless user experience, fast withdrawals, and higher limits. A well-optimized user interface, quick transaction processing, and increased betting limits are factors that contribute to an enhanced player experience and can significantly impact retention rates.
- The Future of Retention Marketing: The panel concluded by discussing the role of AI and machine learning in shaping the future of retention marketing. As technology advances, these tools hold the potential to revolutionize customer targeting, personalization, and overall player experience. Embracing AI-driven strategies will likely become essential for operators seeking to stay ahead in the competitive iGaming landscape.
In the fast-paced world of iGaming, player retention is of paramount importance for sustainable growth and success. The IGaming Next panel, moderated by Unibo CEO Alexis Wicen, shed light on the need to shift focus from acquisition to retention. By understanding players’ needs, leveraging personalization, crafting effective loyalty offers, and enhancing customer support and product offerings, iGaming brands can ensure a rewarding gaming experience, fostering long-term player loyalty and thriving in a competitive market. As the industry evolves, embracing AI and machine learning will likely play a pivotal role in shaping the future of retention marketing.