The Psychology of Bonuses: How to Grab Player’s Attention and Keep It – by Uplatform
Do consumers really appreciate added value? That may seem like a straightforward answer ‘’oh sure they do’’ particularly in iGaming, where players can often be overwhelmed with bonuses on a daily basis. However, the answer may not be as clear cut as you think. Yes, we can’t deny that giving customers something extra is an important and potentially profitable strategy.
You can’t just assume that they enjoy them and appreciate their value simply because you offer promotions to players.
Aside from the possibility of players unexpectedly receiving promotions for no reason, there might be some promos that players don’t want or see their value. Therefore, as useful as these products can be, they aren’t a one-stop shop or solution for ensuring you give appealing value and satisfy all players. But, if they’re used in the right way, bonuses can be a highly effective way to attract, engage and retain customers.
Let’s imagine. You’re in the process of building or upgrading your online casino or sportsbook. You want to give new and existing customers something extra, but you’re not sure what. The good news is that you’re on the right track. Bonuses and promotions are, as we’ve said, valuable tools in betting and gambling just look at research carried out by Merkle (formerly HelloWorld) to support this claim. The loyalty solutions company found that 60% of credit card holders like instant rewards. And in some regions of the world, the amount of credit card holders who participate in reward schemes can be up to 75%.
Before you act, let’s learn the science
We can delve a little deeper into the ways consumers make decisions by deferring to psychology and physiology. A study by Krajbich and Rangel assessed how humans make binary decisions based on the level of attention they assign to each option. They developed something known as the attentional drift-diffusion model (aDDM) to show how we assess the value of two options and, in turn, focus more on the one that’s regarded as positive.
In simple terms, our brains naturally focus more attention on the one we deem more valuable. This would also apply to the world of casino and betting bonuses. Therefore, if you can market bonuses in such a way that everyone can see their positive value, you’ll greatly increase your chances to grab their attention. Moreover, if the offer is suitably enticing, you’ll hold someone’s attention for much longer. Indeed, this is why research into credit card consumer behaviour shows that people tend to stick with certain providers.
One of the ways companies retain someone’s attention is customized rewards. As Merkle shows, 34% of credit card holders like personalized rewards and 60% want the ability to choose their own offers. Therefore, what you can do is create bonuses that grab the average consumer’s attention and provide a range of sub-options that allow for a degree of personalization. This way, you’re not just offering for the sake of standard business practices but providing something of value on an individual level.
We Can Help You Turn Theory into Reality
Understanding human psychology, physiology, and how consumers make choices is great. However, it’s useless without any practical skills. Fortunately for you, at Uplatform we’re perfectly placed to offer the tools, tips, and technical advice you need to create attention-grabbing promotions that make an impact and provide value. To give you an idea of what to expect when you partner with Uplatform and work alongside our bonus consultants, here are some of the effective solutions we offer:
The Uplatform diverse bonus offering gives you access to more than 30 types of promotions, including free spins, cashback, gamification rewards, and loyalty schemes. These promos work with all the major providers and have been tried and tested for years. More importantly, we offer 200+ customization parameters. This means you have greater flexibility and can follow what the research says and provide customers what they want through the ability to choose offers that suit their needs.
Another finding to come out of the study by Krajbich and Rangel is that you can tap into the attention part of someone’s brain more effectively by targeting products. In other words, the longer someone focuses on something, the better. The team at Uplatform also has this coververed. Our advanced targeting tools allow you to control who sees certain offers and for how long.
Trust and Transparency is Key
Perhaps the most important part of any bonus program, Uplatform’s included, is trust and authenticity. Being authentic as a brand means being honest and transparent in everything you do so that your earn peoples trust. A survey carried out by KPMG found that transparency and honesty were major reasons why millennials choose one company over another. Therefore, if you’re going to offer bonuses, make sure you inform customers about exactly what they’re going to get and how to get it. Don’t obscure the truth or make it a challenge with conditions.
Additionally, you need to be innovative. The Uplaform team of expert consultants are always on hand to help you innovate and provide professional advice. Moreover, with a variety of marketing information and tracking tools, you can easily identify what works and what doesn’t. By combining all of this with transparent, trustworthy offers, you stand a better chance of grabbing someone’s attention and, more importantly, keeping hold of it.
Lastly, Uplatform’s analytical tools can be very powerful when used the right way. Giving you a vast ranges of insight into players with quality data to make business based decisions that will have a worthwhile impact. With these tools, it will be easy for your business to access the data you need to create and implement strategies tailored to your customers needs
Are you ready to improve customer retention rates for your sportsbetting or casino enterprise? Schedule a consultation with our team at uplatform.com, and we’ll help you with strategic solutions that deliver valuable experiences and will keep your customers coming back for more.