How To Build And Measure Lifetime Customer Value In The Casino Industry

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Unless you have been living under a rock for the past decade or two there is a good chance that you have noticed the rise of online gambling. Heck, gambling as a whole is on the rise thanks to the fact that more and more states are legalizing gambling. All that aside, getting into the lucrative industry and staying relevant isn’t easy. Not only are there already thousands of established casinos, but more and more are popping up on a daily basis. Needless to say, this makes the industry as a whole extremely competitive. Don’t worry though because this doesn’t mean that you are completely left out in the cold.

Understanding Lifetime Customer Value And Why It’s Important

This is exactly where lifetime customer value comes in. If you not only want to stay relevant in the industry but reach the top, you are going to need to build a loyal, lifetime customer value. What exactly does this mean? It means that you build loyalty. You put yourself in a position where customers aren’t going to think twice about returning to your casino to play games and bet. Lifetime customer value is basically a metric that represents the total net profit that you might earn from any given customer. This is an extremely important metric because it can also help you determine just how much you can reasonably afford to spend on customer acquisition.

Measuring Customer Value

You can ask any online casino giant like slot deposit pulsa and they are all simply going to tell you the same thing when it comes to customer value. And, what they would tell you is that things get a little complicated when you are trying to measure the value of several customers over long periods of time. Sure, keeping up with one or two customers isn’t that big of a deal, but trying to measure the value on tons of customers that spend over thousands of dollars a month can be complicated. In order to complete such a task, you will need to start by identifying where the customer creates value. Are they paying a monthly subscription fee? Are the making additional in-store purchases? Where are your customers spending their hard-earned money?

Make a simple chart of when and where your customers are spending as well as how much they are spending. Once you have this number, you can then subtract it from what it is costing you to provide the services. The final number that you are left with should be your customer value. This will specifically tell you how much you are earning from each customer on each individual transaction. Simply put, customer value is nothing more than the customer’s revenue minus the costs of acquiring and servicing the customer.

Keeping Things Personal

Customers like to know that they are appreciated. They also like to feel special. They don’t just want to be another face in the crowd. And, this is exactly where getting personal can help. Send your customers monthly or yearly notes thanking them for their business. Text messages or e-mails are a great way to keep in touch and acknowledge transactions. Send your customers a personalized thank you note every time they make an in-store purchase or renew their subscription.