03 May Reducing Customer Churn in the iGaming Industry
In the highly competitive world of online gaming and sports betting, customer churn is a significant concern for companies. Churn can be detrimental to future business success. Many gaming companies are experiencing customer churn in excess of 75%. This is a common issue due to poor customer experience within the games. Mostly caused by customers quickly losing initial deposits in a short duration. In addition, poor experience with the cashier can result in customers failing to even make a deposit.
Reducing customer churn should be a priority for any online gaming company. A high level of customer satisfaction is one of the primary drivers for reducing churn, and it can also increase wallet share.
Here are some strategies that online gaming companies can use to reduce customer churn and increase customer satisfaction:
1. Improve the onboarding experience: The onboarding experience is crucial for new customers. Ensure that it is user-friendly and easy to navigate. Provide clear instructions on how to play the game and offer tutorials. Also, consider offering incentives to new customers to encourage them to continue playing.
2. Educate the customer on the best types of games to play based on budget and desired playing time.
3. Respond to customer feedback: Listen to your customers’ feedback and respond promptly. Address their concerns and complaints and take their suggestions seriously. Customers appreciate being heard and are more likely to stay with a company that values their opinions.
4. Provide excellent customer support: Make it easy for customers to contact customer support when they need help. Offer multiple channels for support, such as
email, chat, or phone. Provide fast and effective solutions to problems to ensure customer satisfaction.
5. Offer personalized experiences: Personalization is key to keeping customers engaged. Consider offering personalized recommendations, rewards, and promotions based on customers’ interests and behaviors. This can increase customer loyalty and reduce churn.
6. Continuously improve the gaming experience: Keep your game up-to-date and continuously improve the user experience. Offer new features and content to keep customers engaged and excited about the game. Regular updates and improvements can help retain customers and increase satisfaction.
7. Another way to address customers who have had a bad experience is by proactively following up with them after the issue has been resolved. This can include sending a personalized email or calling the customer to ensure that they are satisfied with the solution provided. These follow-ups can help rebuild trust with customers and prevent them from leaving negative reviews or recommending competitors.
8. Minimize how long a customer must wait to speak to a live agent. Don´t cause unnecessary friction with AI. If you use AI, ensure it has the desired effect and does not frustrate the customer resulting in a bad customer experience.
The correlation between high customer satisfaction and higher wallet share: One of the significant advantages of high customer satisfaction is that it often leads to increased customer loyalty. When customers are satisfied with a company’s products or services, they are more likely to return for future purchases. This can translate into higher wallet share, as loyal customers tend to spend more money with a company over time. In addition, satisfied customers are more likely to recommend a company to others, which can lead to an increase in new customers and, subsequently, higher wallet share.
Moreover, high customer satisfaction can lead to reduced costs for a company. When customers are satisfied, they are less likely to file complaints or return products, reducing the cost of customer service.
In conclusion, reducing customer churn is crucial for online gaming and sports betting companies’ success. By focusing on improving customer satisfaction, companies can reduce churn and increase wallet share. Implementing strategies such as improving the onboarding experience, responding to customer feedback, providing excellent customer support, offering personalized experiences, and continuously improving the gaming experience can help online gaming companies achieve these goals.
At Center Source we are the global leader in the BPO industry in support of gaming customers. We have extensive experience in improving customer onboarding and increasing customer satisfaction.
If you would like to learn more about improving your customer experience and reducing customer churn, please contact us at Center Source. We would love to share with you our success stories.
At Center Source we have multilingual team members who are skilled at navigating complex conversations and have extensive online gaming experience. If you would like to learn more about improving your customer experience and how Center Source can support your customers, please reach out to us for a free consultation.
Center Source provides Omni Channel BPO solutions for small to large organizations in the area of Customer Service, VIP, Help Desk, Global Desk Top Support, and outbound campaigns. Frank Royal is the CEO of Center Source and has nearly 30 years ‘experience in Customer Support.
Frank Royal, CEO of Center Source
May 3, 2023