I’m a huge fan of games, especially the ones that include a big payout upon winning! Creating a business from this seems like a great way to monetise our inner desires for competition and risk-taking, which presumably sells itself to interested consumers. As a casual observer of the betting/gaming industry, I’ve noticed a wave of TV adverts from new entrants in the market. Clearly, there’s a growing number of consumers interested in participating — and total revenue is projected to increase to nearly $60 billion by 2020!
But with that growth means more competition among gaming businesses for potential and existing customers. It’s not enough to stand out from the pack. As a growing number of rivals emerge — all vying for the attention of those that enjoy upping the stakes with a wager on an otherwise entertaining game — the best way to get an ongoing lock bet on your business goals is by measuring the customer experience, and identifying ways to improve it.
But is the industry taking customers’ player experiences and expectations seriously, like we see in the retail space for example?
I would say no. And that’s despite a plethora of upcoming challenges, as pointed out in a Deloitte report, “The future of the British remote and betting gaming industry.” The report references shrinking margins due to new regulatory costs like the Point Of Consumption (POC) tax, and more consolidation among rivals for greater market share. It also points out that the omnichannel player experience will become increasingly important, as it will increase engagement and loyalty for both online and offline betting.
Understanding the experience of your players can help you anticipate how to keep them engaged and satisfied. But more effort is needed to understand the wants of customers and how to create seamless interactions – whether playing, opening accounts, or picking up winnings with ease! With shrinking margins and additional regulatory costs, it’ll be more important than ever for these companies to make certain that they’re prioritising resources to fix issues that will both increase player loyalty while driving business goals.
Thus, providing a stellar player experience is the best competitive edge gaming companies have to come out on top despite the current and future market conditions – especially for those facing competition from increasingly powerful industry leaders.
Want to learn more about how measuring the customer experience can provide a competitive advantage to organisations in the U.K.? Watch the latest ForeSee webinar now.Categories: Insights