A new survey by Talend gauging the views of regular users of betting services in the UK, indicates that betting companies are missing a trick when it comes to driving and maintaining customer loyalty. Reducing customer churn is a concern for any sector, but has been heightened amongst bookmakers and gaming companies where competition is so fierce, both on the high street and online.
So how can they go about delivering enhanced customer engagement and increasing customer loyalty? At Talend, we believe the ability to personalise service offerings is potentially a key differentiator for any betting services provider. And our survey supports this view with more than two-thirds of respondents (67%) stating they would stay loyal to the brand if offered more personalised service options, such as tailored odds/offers; exclusive offers in real-time or targeted push notifications to their smartphone.
However, the results of the survey also highlights the fact that bookmakers are behind on personalising their messaging – 72% of the sample say that their preferred bookmaker does not offer them a personalised service.
Betting services providers are surely missing out on an opportunity here. If they want to retain existing business and drive competitive edge in the future, they need to deliver the tailored experience customers are increasingly looking for. It’s a point highlighted by the 20% of our sample who, when asked what would make them loyal to a particular bookmaker, gave ‘personalised customer experience’ top ranking, second only to the 39% of respondents who cited ‘competitive odds’.
In an environment where customers are increasingly capricious, these figures also highlight the potential benefits all gaming companies could achieve by making better use of their data through the latest data analytics tools to drive individualised campaigns or targeted promotional offers.
Today, most gaming operators are collecting vast volumes of high-value data but so far very few are making optimum use of it. The potential is huge, however. There’s a great opportunity for bookmakers to dig deep into the data they have and use it to segment customers and then target them with promotions, incentives and personalised betting offers.
It’s important to remember though that in order to do this effectively, having access to data is not sufficient in itself. Operators understand this, of course, but for many, actually doing it is both challenging and expensive, especially given the increasing volumes and complexity of information coming into the business. If gaming operators and bookmakers want to embrace big data to improve customer engagement and drive up loyalty, they need a scalable value added integration platform for processing and transforming data into a format for analysis and smart application. It’s a significant undertaking but the potential benefits will be significant.
After all, if they have the means to pull all this data together and analyse it rapidly, these businesses can begin to create hyper-tailored offers that steer high-value customers in the right direction at just the right moment in their gaming activities – for example in near real-time to their mobile platforms.
This ability to integrate all datasets can also help businesses tackle the high churn rates that are typical across the industry – particularly in online and social formats. Once an operator has a holistic view of their customers through this mix they can determine their most important and target them with offers to ensure they stay.
After all, while accessing the data itself is key to achieving business insight, it is the ability to run analytics on that data that gives gaming companies the opportunity to find out much more about both prospects and customers and to use this knowledge, to personalise their service and to reduce customer churn.
Check out our infographic below with the rest of the survey findings: