As 2022 draws to a close, the iGaming industry is preparing for an exciting new year. In this post, we will take a look at 5 key CRM trends to look out for in 2023.
From the increased adoption of AI and machine learning to improved VIP identification, these industry trends are set to shape the future of the iGaming industry and prove lucrative for businesses that are able to effectively leverage them.
Increased adoption of AI and machine learning One of the biggest trends in the world of iGaming CRM is the increased adoption of AI and machine learning. Many iGaming companies are already automating various tasks and processes with AI, however this is set to expand greatly over the coming year.
As the volumes of player data are constantly growing, there has never been a greater need to process and gain actionable insights from this data, and at the scale and volume needed, this can only be achieved through AI.
AI and machine learning algorithms can process large amounts of data quickly and accurately, and identify trends and patterns that would be extremely difficult or impossible for humans to detect.
CRM systems that utilise these technologies will prove invaluable for retention teams and this will become much more common across the industry over the coming year. From lowering marketing costs, to increasing player lifetime value, incorporating AI-Driven CRM systems will be a no brainer for many iGaming companies.
As the adoption of AI and machine learning in the iGaming industry continues to increase, companies that are able to effectively leverage these technologies will be well-positioned to succeed in a highly competitive market. Those who don’t, risk being left behind.
Real-time marketing One of the most exciting trends over the next year will be the use of real-time data in CRM. With the rise of streaming architectures, CRM systems are now able to collect and analyse data in real-time, allowing them to make informed and timely marketing decisions.
This will be particularly useful for the most active players. For example, marketing to players with a big loss within minutes of the negative experience will allow companies to cater for the players needs quickly and potentially retain the player.
This level of responsiveness and personalisation will be key to retaining players in the highly competitive iGaming industry. Additionally, the use of real-time data will enable iGaming companies to target and engage with players in a more personalised and effective way, ultimately leading to better player satisfaction and increased revenues.
Greater emphasis on customer feedback and reviews Although there is a lot of data that can be analysed from player demographics and activity history, feedback and reviews can prove invaluable because they provide insight into a players experience and satisfaction with a product.
We can expect many CRM teams to put greater emphasis on customer feedback and reviews over the coming year. By gathering and responding to player feedback and reviews, businesses can not only improve their product, but also build stronger relationships with their players and improve brand loyalty.
Higher level of integration between CRM and other business systems Another key trend in the world of CRM is the higher level of integration between CRM systems and other business systems. In the past CRM systems were often siloed, making it difficult to accurately share and present information across departments.
As businesses look to create a more seamless and cohesive player experience, we can expect further integration between CRM systems and other business systems.
Having a more holistic view on players, allows businesses to work more efficiently. This will reduce costs and give the best possible experience for each individual player, no matter what marketing lifecycle they are in.
Improved VIP identification and prioritisation There is a general rule of thumb across many different industry sectors that around 20% of customers account for 80% of revenue. However, in iGaming this ratio can be even more skewed.
In the iGaming industry it is not uncommon for a small number of customers to account for a large portion of revenue. This is because many iGaming customers are high-value, high-spending players. This phenomenon emphasises the need for CRM teams to provide the best experience for their higher value players.
Although many companies already have VIP teams working to improve the experience of their players, there is still a lot of potential for companies to improve these processes.
With predictive analytics becoming more embedded in iGaming CRM practices, we can expect improvements in identifying VIPs before they are classified as such.
This will help teams take proactive steps to retain and nurture these players, improving their experience and value over time.
Overall, the CRM practices within iGaming companies are set to evolve greatly over the next year which will lead to much more competition within the industry. Many of these trends, such as AI and real-time marketing, are not new but the adoption rate is currently low. As a result, iGaming companies that are able to effectively implement these trends will have a significant advantage over their competitors.
This increased competition will ultimately benefit consumers, as it will drive innovation and lead to better products and services. In the end, it is clear the future of iGaming is bright, and the industry is set to continue its rapid growth.
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