iGaming as an industry is expanding like never before. The COVID-19 pandemic is partly responsible for this growth. The years 2019 and 2020 have seen a spike in mobile gaming as a whole because people have been finding it extremely difficult to cope with social isolation and finally got some respite in such platforms.
The business has therefore touched heights hitherto unknown. But with great power comes great responsibilities! With so many people floating in and out of your casino you must take steps to segregate the valuable players from the ones who are more casual. This will help your business grow immensely and you would not end up wasting lucrative promotional bonuses and offers to customers who do not matter.
Analyzing the lifetime value of players is a complex task but can be done with the right tool that employs advanced technology and AI to examine player behaviour and come up with statistics that are more or less accurate. Such a tool can also calculate the churn rate. It tells you how many players are not likely to return to your gaming website. The tool will measure the number of people who have uninstalled your application.
How Is Calculating Player’s Lifetime Value and Churn Helpful for your Gaming Marketing?
There are several advantages of analyzing the lifetime value of players on your site and churn rate. Let us quickly look at them:
Detection of Valuable Customers
Predicting the lifetime value of customers can help you segregate your most valuable players. These players are most likely to stay and play on your website for a long time. One might wonder how it matters which players will stay which won’t but it does affect the website in the long run. If you know your loyal customers well, you can weave programs suited for them to make sure they are satisfied.
Beware of Frauds
Knowing your customers well will help you understand the population of floating players and keep an eye on their activity. Most fraud cases are conducted by either new or floating players. Identity theft and cases of stolen credit cards are the most common cyber crimes that take place at online casinos. An analyzing tool that filters out your reliable customers makes you aware of the others so that you keep a close watch.
Many players take undue advantage of the welcome bonuses like no deposit bonus and offer like such. With a player’s lifetime value analysis, you can target such players and take adequate steps against them.
Making VIP Promotions
While you tailor your VIP promotions, you can select reliable players and weave a plan that will cater to those people. Coming up with vague promotions will fail to impress your valuable customer base and you might lose out on them eventually. You can easily plan your campaign with the best plans.
Gives a Clear Stats of Excited Players
The analytics tool will help you come up with a churn value that will help you understand how many players have uninstalled the game and will not return most probably. This would also aid you in understanding the problems your gaming might have. And your team can work upon the drawbacks if necessary.
The Best Tool for Calculating Player’s Lifetime Value
BizAcuity is an analytics intelligence consulting company. They will analyze the activities on your website and come up with statistics that will help you identify the most valuable customers for your business. They also focus on revenue forecasting and campaign planning. Their AI model will focus and optimize the retention activities to the best customers. It reduces the overall marketing spending of your business.
A decent analytics tool helps a business in great ways. Spending only on marketing, although essential, is not enough for a business that pertains to the iGaming industry. BizAcuity can help you in several ways that will assist your business to grow in such a competitive environment. Besides assessing players’ lifetime value and churn, they also ensure responsible gaming on your site. Customers feel secure at those websites which make sure that they have measures to prevent gaming addiction. Thus, get the best tool on your team and extract what’s best for your business.