It has been proved that predicting churn rate not only minimizes the outflow of players but also significantly increases their time spent at the casino website. In this article, we will look at different ways on how to determine player churn rate in online casinos, as well as analyze methods to retain players.
Churn rate refers to the percentage of players that stop their activities and leave your casino over a given period of time. By clearly defining the reasons why players leave, you can predict the possible churn rate in advance. Players usually quit playing at an online casino when they are no longer interested in the products offered by the company. Therefore, the goal of each operator is to increase the level of interest by engaging the audience with outstanding gaming content and services.
How do you determine churn rate?
With the help of the existing techniques and CRM-strategies, you can not only keep active players but also significantly reduce the percentage of churn. Here is the formula to calculate player churn rate:
Churn rate = Number of players that have left / Number of players at the start
Some companies define the outflow of players in the cash equivalent of profit that they could have obtained if the players have not left. Then, the formula for calculating the churn rate would look like this:
Number of inactive players × Average revenue over month × Number of payments for a given time period = revenue churn rate
An Action Plan to Minimize Churn
Find the reason
In order to prevent player churn, define the primary triggers in advance. Surveys and communication with your players can help you clarify what is missing on your site, as well as what can be changed or improved.
Any online casino should have a wide range of games from well-known software developers. Moreover, you should constantly work on complementing and updating it. This retention effort helps to reduce the churn rate.
What makes you special
Figure out what makes your company unique, and what makes you stand out from other gambling platforms. If you offer something that other operators don’t, your players will always think of you first when they want to play.
Here you have to learn to look into the future. In other words, you have to predict all the possible issues your players will come to you with. Give answers to your players’ questions before they ask them. Communicate with your players, announce the latest updates, features, innovations, and products — any interaction will increase your brand awareness.
There are multiple marketing tools to return the churned players back to the site: retargeting, email newsletters, content marketing, new products and solutions, gambling content extension, commenting, promotions, and tournaments. Make an effort and re-establish old player accounts. To do this, the right solution would be sending a reactivation letter to determine the ongoing status of the client. If the player responds to the message, there is still a chance to bring them to your site again.
Making it all come together
All of this will be a massive effort if you do not have the right tools for the job. With GamingSoft Global iGaming White Label solution, or GamingSoft Connect iGaming API solution — the tools you need to make the right business decisions are built into the system from the start, letting you know the intricate details of what makes your players tick, and how you can convince them to keep playing.
Click here to find out more about GamingSoft, and how you can rapidly improve your online casino’s business with just a few simple steps.