The gaming industry more often stays in competition with itself. With a considerable rise in gaming revenue from arcade games to virtual reality, retaining customers has never been so valuable. Several prominent research pieces have examined the motivation behind playing video games that satisfy the psychological need for achievements. Games make people keep their adrenaline rush up, make them feel competent and challenged.
Gamers want to be valued as well as rewarded for spending their relentless amount of time, efforts, and, of course, money. Now it’s essential for brands to keep such customers. Various rewards are used to appreciate and motivate players, such as loyalty coins, bonus cash or goodies, free plays, free spin, free entries to exclusive tournaments. The best thing about loyalty programs? People share such information regressively. Many people rush to tell their family, friends, or gaming communities. It not only helps to build up revenue but also the reputation of a brand.
According to Statista, the gaming industry revenues are expected to surpass 138 billion by 2021.
What is the importance of the customer loyalty programs for gaming brands?
• Increased customer retention
Customer retention is one of the main strategies in brand promotions. More gamers are essential for the monetization of the games. In fact, increasing the retention rate to 5% profits can lead to an increase by 25–90%. This data evidence the significance of loyalty programs.
• Create gaming communities
Nothing delights a gamer like having more players. If the right strategy is considered, you can quickly turn your gamers into gaming communities. Not just that, the gaming community can also help in attracting new gamers through word of mouth. In this case, loyalty programs can be used to offer gamers digital goods, rewards, and prizes to turn core gamers into gaming communities.
• Decrease payment commissions
The development in financial technologies has led to the use of advanced monetization methods. Loyalty programs provide various payment channels, and many of these are using the latest monetization channels. One can prompt the gamers to choose their preferred channels for payment and effectively decrease their commissions. Furthermore, by selecting the correct loyalty solution, one can control the budget and payment process while making profits.
In conclusion, increasing gamers’ online gaming experience through customer loyalty programs will surely get gamers’ confidence across the globe. It is also a sure-shot to ensure that players visit, engage, and play more often on your platform. The rewards and programs have a proven track record of operators showing their gratitude and appreciation. This aspect of the service is only set to improve even more as time goes on. Kwegg understands the importance of customer retention for the businesses and customers’ expectations from a brand loyalty program.