Why is CRM Important for Gaming Industry?
In the rapidly changing world of gaming, a flexible, organization-wide CRM system helps drive effective marketing strategies. CRM in gaming can boost member retention, drive up new member acquisition and expand market share. This resulting market growth can lead to increase in company’s revenue.
Importance of CRM in Gaming Industry
The main goal of CRM is to develop customer relationships, assist customer retention and drive the growth of revenue. CRM systems should be designed to collect customer information across multiple channels and contact points. CRM systems can equip customer-facing staff exhaustive information on customers’ personal preferences.
CRM software can automate repetitive tasks to enhance marketing efforts to customers at different points in the lifecycle. Effective CRM programs can enable gaming companies to better understand customer behavior, simplify marketing and customer engagement, undertake more efficient customer acquisition and retention, reduce churn, provide better customer service, effective cross-selling, increase measurability of marketing campaigns, automate repetitive communications, and refine audience segmentation for focused targeting.
Why CRM can fail?
CRM implementation can fail without pre-defined objectives. A few reasons why CRM software may not work well for a gaming company are:
- Unorganized & scattered data sets that make it difficult for users to access.
- Less adaptable CRM software that makes meeting customer needs slower & costlier.
- When marketing strategies are based on a set of rigid processes that limit innovation.
- Inability to leverage customer information, which is dynamic in origin & content.
- Technology focused instead of a customer centric business strategy.
- Inability to attract new customers and create brand loyalty.
Success of CRM?
Effective implementation and minimizing risk of failure can lead to successful CRM implementation. It is important that gaming companies:
- Leverage the true potential of their data wealth
- Store & consolidate data in a structured manner
- Yield comprehensive insights from their data
Risk mitigation with CRM
Four keys risks in CRM implementation are identified as:
- Time & Costs: The selection, deployment, and management of a CRM platform can be a very time-consuming task requiring a big investment. Having a clear strategic plan and a defined timeframe, knowing customer requirements and putting together an effective and diverse team can go a long way in the success of the CRM.
- Security & Privacy: Confidential customer information may be accidentally or maliciously leaked or distributed. Implementing policies and setting up access permissions that prevent users from accessing sensitive information without appropriate credentials can mitigate such risks.
- Costs & risks of upgrade: The more you customize the platform, the more complications and costs an upgrade can bring. A good foresight of how to make the software easily scalable and upgradable can mitigate this risk.
- Off-cloud transition: If a company goes with a cloud CRM solution and later wants to switch back to on-premise, there is a risk of inability to retain data. Communicating with vendors who may let the company own its data even in the cloud can reduce such risk.
Impact of CRM on the Business Performance
Any CRM solution needs to be well planned and executed. In the long run, it pays to have the support of experienced professionals help setup a CRM system. CRM can be valuable to a company for multiple reasons:
- It is a tested and proven way to earn long term growth.
- It helps win profitable customers and better serve existing customers.
- It allows campaigns to be targeted and managed effectively so as to find quality customers.
- It empowers a company’s sales force plan effective sales strategies.
- It is used to build up existing customer profiles to deliver a better customer experience.
- CRM reporting can help them gain insight that can help improve productivity.
Determining the ‘how’ and ‘why’ of the business can enhance productivity, consolidate company’s resources and simplify IT assets.