Data is often described as the currency of the future. This valuable resource is fueling business innovation and growth in the online gaming market when collected, refined, and used correctly.
However, merely gathering data isn’t enough for gaming companies looking to gain an edge in this ever-competitive industry.
The power lies in turning raw data into actionable business insights for strategic decision-making. Here is how data analytics is transforming how online gaming operators understand their player behavior, improve retention rates, and player experiences, driving business growth through strategic decision-making.
Identifying player behavior patterns
Every player action in an online game leaves a trail of raw data that game developers can collect to understand how individuals interact with their games. For instance, a recent study shows that mobile games lose over 70% of their new players in the first 24 hours and the number increases to 80% after a week. While that’s a staggering statistic, in-depth data analysis can help game developers pinpoint the exact moment when the players abandon their games and why.
If the gamers are abandoning a game at a specific level, the developers can make adjustments to make the experience more engaging and increase the retention rate. For example, the developer can tweak the game design, monetization model, or pace to keep the players engaged for longer.
Improving player retention for sportsbooks
Attracting bettors to a sports betting platform is only half the equation. The ultimate goal for operators like Stake.com is to keep them coming back to place bets on the platform and that’s the biggest challenge. That’s why Stake.com offers 200% to new players and you can access the promo code to redeem it on SportyTrader. This shows how crucial player retention strategies are to the success of a sportsbook.
Data analytics helps operators to segment their customer base based on their spending habits, engagement patterns, and betting activity levels. For instance, players who regularly place bets on football can be given exclusive bonuses to encourage them to keep depositing and placing bets on the platform.
Targeted marketing
Data analysis is critical for game operators to develop targeted marketed campaigns. By analyzing player preferences, gaming companies can personalize their ads and customize them to suit the needs of individual players. That’s why modern adverts appear extremely customized to attract the ideal audience due to an in-depth analysis.
Understanding the Dara-Drive Decision-Making Framework
Effective implementation of data-driven decision-making in gaming requires gaming companies to follow a framework designed to optimize the data. That includes:
- Data Collection and Integration: Collect data from relevant sources, including player interactions, expenditure, and other operational metrics. These data sources should be centralized and integrated.
- Data cleaning and preparation: Organize the data while ensuring it is accurate and consistent.
- Data analysis and interpretation: Leverage analytic tools to uncover actionable insights from the data, including segmenting players and key trends that can help you predict the future.
- Strategic planning & execution: Create strategies based on the insights uncovered. That may include refining your marketing campaigns, tweaking the game design, and more.
- Monitoring and optimization: Keep monitoring key performance indicators to know whether the strategies you have implemented are effective.