It’s possible to identify VIPs within almost any industry – they can best be defined as a relatively small group of customers who generate a large portion of a company’s revenue.
So, wouldn’t it be beneficial for your company to identify these VIP’s early on, and put functions in place to retain their loyalty?
What makes a VIP?
Across most industries you’ll find that the top 5% of customers are responsible for an average of 60% of revenue. In iGaming this swells to as much as 80%. Keeping your VIPs happy is therefore critical for success, as this small group exercises an abnormal level of influence over the revenue of your brand. Instead of casting a wide net and trying to retain players across the board, you’d be better served by focusing your attention on retaining your core, loyal customer base.
Within the iGaming industry, VIPs are considered unique players who must be catered to on a much more intimate level. They want a customized experience which demonstrates their value to the brand. They also want to be rewarded for their loyalty and offered promotions that are unavailable to other players.
The benefits of early detection
Spotting a player’s potential as a “VIP to be” while they are still new, can be a valuable differentiation for any brand. By identifying and treating these players as VIP’s from their first engagements with the brand, you can foster a long term and mutually beneficial relationship.
The initial activity of a new player (first deposit amount, first game played, first big win, etc.) can give a strong indication towards their chances of becoming a VIP in the future. You can find connections and correlations between the initial activity of a new player and the initial activity of a new VIP player. For example, there could be a connection between games, favorite time to play, age, specific sport disciplines, and even certain attributes like the country of origin.
How to detect a VIP
To properly detect VIPs, profiling of your customer base will need to be completed. Undertaking such a measure yourself can often be a time consuming and primitive endeavor which involves an ongoing rigorous, manual process of data crunching and evaluation. A good alternative to such a method is to utilize the AXON Gaming VIP & Retention module.
This solution takes a more cutting-edge approach that automatically profiles your players and their playing habits. Once you understand the different player habits, you can take a direct, personalized approach to marketing.
What to do once you’ve detected your VIPs
A solution such as AXON Gaming really comes into play here. Once you’ve identified your VIPs, you want to keep a real-time focus on them, and reach out with the right message at the right time. With AXON Gaming, you can set up rules and alerts that will notify you when a VIP has started playing, or if they’ve had a big win or loss.
You can then implement a strategy to complement each unique player situation and send targeted, specific messaging to the VIP player. These customized messages help your VIPs feel valued, because you’re able to demonstrate that you know their given situation and have responded appropriately.
Another great tool for the retention of VIPs comes in the form of bonuses. However, this method needs to be used correctly so as to avoid the risk of bonus abuse. Through AXON Gaming, you can set rules and parameters on when bonuses should be awarded and to whom they should be given.
Detect and retain your VIPs
To detect and retain your VIPs successfully, you’re going to need help. AXON Gaming can detect your VIPs automatically and send them tailored marketing messages at exactly the right time – making sure that they feel special, as any VIP should.