Many business leaders think making money is solely about attaining new clients. It makes sense. More customers means more purchases which in turn means more money. But it’s not that simple.
Writing in Forbes, Jerry Jao points to research that suggests 80% of a business’ future revenue will come from 20% of its current clients. Attracting new clients is obviously important, but businesses should focus just as much on retaining current clients to maximise revenue.
One industry that already understands this well is online gambling. Betting websites have perfected the techniques required to attract new customers in the first place, encourage them to return, time and time again. The methods they have developed for doing this can be applied broadly to many different business sectors. Read on to find out how you could use them.
New player bonuses increase engagement
The best way to attract new customers is to give them special treatment. Casino sites do this almost better than anyone else.
For example, online betting site MyLotto24 regularly offers three lines for the price of one to new customers on EuroMillions betting, while Paddy Power gives new customers a £20 risk-free bet. These free bets work as fantastic bonuses because they offer new customers the chance to win real money. That’s what makes new player bonuses on casino websites so enticing.
In most business models, offering work for free may not be possible. But as long as your bonus offer gives new clients the chance to take away something tangible, it should still be attractive. A print supplier could offer free business cards for first time customers. An SaaS company could offer a free tool.
This kind of initial generosity will give clients a good impression of your business, and encourage them to use your services, at least for the bonus period. Research into free trials revealed that the average person will tell 16.5 people about a product they like. In this sense, giving a product away for free may well be a form of free advertising for your own business, attracting even more customers than the bonus deal itself.
VIP incentives for returning players build loyalty
It’s not enough to only give new customers special treatment. To encourage retention, you have to make returning or regular customers feel just as important. They are, after all, responsible for most of your turnover as a business.
Casino websites have tackled this by creating VIP offers for loyal users. Birthday bonuses are a common form of this. The Casino Bonuses Index points out that some casinos will “see what your favourite game type is and award you casino birthday bonuses based on that particular game.” Other VIP incentives include high roller bonuses—promotions that become available to players who spend large amounts of money at a particular online casino.
Promotions like these let players know they are valued, and encourage them to keep coming back to the same casino. The principle can be transferred across many businesses areas. An advertising agency could offer free projects to celebrate a client’s anniversary. Most companies could reduce rates if a client is bringing them a lot of business as a thank you.
VIP incentives like these keep customers happy, and makes sure they continue to use your service instead of a different one. In other words, they build and reward loyalty.
Proven security creates trust
Online betting sites are in the unique position of having to prove beyond a doubt that they are secure and trustworthy. Gamblers spend a lot of money on these sites, and they share their card details and a lot of personal information with them. If a site is hacked, compromised, or insecure, players will turn to a more trustworthy competitor.
Though it may not be as obvious on the surface, providing this level of certainty is vital to all businesses, as companies place just as much trust in them as gamblers do in online casinos.
To make their secure credentials clear, online casinos often display certificates from security and regulatory bodies on their home pages. If you do business over the internet, there’s no reason you can’t do the same. This page has more information on website security measures to help you make sure yours is safe. Once it is, you can proudly display your safety credentials, attracting safety-conscious new customers, and building trust with those you already work with.