Bonus Psychology: How to Keep Players Engaged
To increase customer loyalty, more and more iGaming businesses are including incentives as part of their offerings. And any format, no matter what the strategy is, increasing customer interaction can lead to higher profits.
However, how much do customers appreciate additional perks like promos and bonuses? The response may appear superficial, seeing that it's how business is generally executed, especially in iGaming, where bonuses are simply commonplace. In actuality, there is little more to it than just simply having them as something expected of the industry. We can't deny that giving clients something extra may be a very profitable approach, but assuming that simply because you have bonuses and promotions and it's viewed as a standard, players will appreciate and see value in them.
Even though all players are given bonuses and promotions as standard practice, there is also the factor to consider with regards to players ignoring them as they do not see the value in them or see them as incentives. Bonuses can be a highly successful way to attract, engage, and keep customers if properly managed. In summary, do only view these offerings just from the perspective; they are simply a part of your regular iGaming operations, but as effective solutions to increase the potential of your business.
Let's draw an example. You have decided to enter a new market. Together with the marketing activity and promotion, welcome bonuses are the MUST. Research carried out by Merkle (formerly HelloWorld) supports the fact that bonuses and promotions are valuable tools that can also be applied with great effect in iGaming. Among credit card holders, 60% prefer instant rewards. Up to 75% of credit cardholders participate in rewards schemes in some regions of the world.
It's important to comprehend exactly how your business could benefit from customer incentives like bonuses, so let's look at some science to better understand.
First, let's review the science
Psychology and physiology can help us understand how consumers make decisions. Using Krajbich and Rangel's study, Krajbich and Rangel examined the level of attention humans give to different alternatives. Their attentional drift-diffusion model (aDDM) demonstrates how individuals focus on the most favorable option between two options.
Basically, our brains pay more attention to the offer that we deem more valuable. This is equally true for betting and casino bonuses. By marketing bonuses in a way that demonstrates their value, you will have a much better chance of attracting their attention, as they will be more inclined to take advantage of them. In addition, if the offer is sufficiently enticing, you are more likely to attract someone's attention for a much longer period. This explains why some consumers tend to stick with certain credit card providers.
The use of customized rewards is a way for companies to retain people's attention. Based on research by Merkle, 34% of credit card holders want personalized rewards, and 60% would like to select their own rewards. Ideally, you would create bonuses that draw the attention of the customer and offer options that allow them to customize their experience. You're not simply delivering something as a routine business activity; you're providing something that your customers will value.
Theory into rewarding practice
The importance of understanding human psychology and physiology and consumer behavior cannot be overstated. Unfortunately, without practical skills, this knowledge is not applicable. Our team of experts has gained a wealth of experience through testing and analysis of campaign data. You can rely on Uplatform's professional team to guide you in the right direction with the tools, suggestions, and technical guidance you need to develop eye-catching promotions and bonuses and have a real impact that will truly benefit your customers. To understand the bigger picture as to what to expect from partnering with Uplatform and working with our bonus consultants, here are some of the great solutions we offer:
You can select from more than 30 different types of bonus offers at Uplatform, including free spins, cashback, gamification rewards, and loyalty programs. Our promos work with all major providers and have been rigorously tested over many years. In addition, we offer more than 200 customizable parameters. Giving customers the freedom to choose offers that meet their needs will allow you to more accurately follow what the data indicates and give them what they want.
Targeting to precision
Also in the study by Krajbich and Rangel, they discovered that targeting products allows you to better tap into the attention side of the brain. This suggests that people respond better the longer they focus on something. Uplatform understands this as well. You can control who sees certain offers and how long they appear with our advanced targeting tools.
Integrity and transparency are paramount
Uplatform's bonus program is no exception; trust and authenticity are critical components of everything we do and offer. A brand needs to be honest and transparent in every aspect to earn the trust of its customers. Millennials choose one company over another based on the transparency and honesty a KPMG has found in their research. So it is imperative that, before offering bonuses, inform customers precisely what they will receive and how they will receive it. Avoid misleading or challenging terms and conditions.
Finally, you can readily determine which marketing methods work with Uplatform's various marketing tools and tracking information. Uplatform's analytical features can be extremely powerful - providing you with a wide range of information on your players through high-quality data that helps you to make solid business decisions that will have great results. You'll be able to quickly obtain the data your business needs to build and implement personalized strategies based on your customer's needs.
Contact us to see how we can help you grow your sports betting or casino enterprise with increased playing numbers and loyalty by employing our deep knowledge, industry expertise, and some proven science.