Scaling success: a guide to future-proof retention marketing – part two
In the second of a two-part series, Bhopendra Rathore, product marketing and CRM director at No BS Bets Consulting, shares his thoughts on product hygiene and the power of player feedback loops
Welcome to the second part of our two-part series, Scaling success: a guide to future-proof retention marketing. In this instalment, we delve deeper into crucial insights on striking a balance between effectiveness and efficiency, prioritising product hygiene over superficial enhancements, ensuring compatibility of platforms and tools and harnessing the power of player feedback loops.
Striking a balance between effectiveness and efficiency
Context matters significantly when evaluating efficiency and effectiveness. Efficiency gains in scenarios of large user volumes can result in major benefits. Improvements in UX and UI, or making the user journey more streamlined, are examples of efficiency enhancements that can significantly benefit larger user bases.
On the other hand, effectiveness should be considered in terms of absolute profit and profit levers, with a timeline in perspective. For instance, while a campaign delivering a 5% increase in conversion rate with a first-deposit volume of $20,000 may seem effective, a different campaign with a 3% increase in conversion rate but a $50,000 first-deposit volume could actually be more effective in the long run, despite the lower conversion rate.
Additionally, decisions like reducing the bonus-to-deposit ratio by 20% may seem efficient but could result in losing deposits from a VIP segment worth $100,000. Conversely, an increase of just 5% in the bonus-to-deposit ratio might actually lead to an increase in deposits from the same VIP segment. Rather, their short-term and long-term impacts on profit margins and user experience should be considered together, ensuring they align with your specific business objectives and user segments.
Prioritising product hygiene over superficial enhancements
While it can be tempting to follow successful brands and emulate their strategies, it’s important to focus on product hygiene before adopting trends like gamification, hyper-personalisation and micro-segments. These strategies can be fruitful but they require a strong foundation. Site availability, speed, gameplay, deposit success rates and speed of withdrawals should be flawless to support these strategies. Having a system to identify potential issues is vital, ensuring that the fundamental components of the product are operating smoothly before implementing any enhancements.
An illustrative scenario could be rolling out an attractive wheel, awarding a player 50 free spins and then having to inform them that these will be credited in the next 24 hours due to technical issues.
Ensuring compatibility of platforms and tools
Overlooking compatibility and seamless integration can cause complications and affect your overall operations. Seamless collaboration is essential, regardless of how advanced a platform may be – be it a next-generation player account management (PAM) system, a business intelligence (BI) and segmentation provider or a communication channel provider.
As an example, in three out of five cases, the segmentation provider might not be connected to your bonus engine. This can increase manual work to upload or target players separately with bonus offers on your PAM, thereby affecting the automation intended for the process. Therefore, it is crucial to map out the entire process and be aware of potential technical or execution-level challenges.
Player feedback: building external and internal loops
In this digital age, gathering player feedback is easier than ever. Simple questions like “Was the content clear?” or “Did the offer resonate with you?” can provide valuable insights. It is essential that these responses are representative, as they can guide product development and highlight areas for improvement.
Incorporating both external and internal player feedback loops is a robust strategy to maintain a competitive edge and continuously enhance your operations. Repeatedly asking questions such as ‘Do you prefer us or the competition? Why? How can we improve?’ not only to your onboarded players but also to your target market via brand agencies can yield meaningful insights for strategic decisions.
Bhopendra Rathore is a full-stack gaming professional with more than a decade of experience across gaming and betting verticals. He is currently working as product marketing and CRM director at No BS Bets Consulting.