Are Loyalty Programs In The Gaming Industry Broken ❓❓❓
If Yes, How to Fix Them . . .
Just like in other industries, businesses in the online gaming and gambling industry also want to have some kind of competitive advantage. What can be more advantageous than retaining existing customers? However, there is a bitter truth. Customer loyalty is important but rare. The modern customer is endowed with a lot of options and the next option is just one or two clicks away. A business and its competitors, both are using the same technology and both are offering the same services with hardly any difference in the quality. And, both are offering some sort of loyalty rewards to gamers. So, in what way a loyalty program is helping a business in staying ahead in the competition? Are these loyalty programs really creating loyalty?
Yes, loyalty programs in the online gaming and gambling industry are broken.
Problem 1: ‘Points’ or ‘Miles’ Based Loyalty Programs
Traditionally, in loyalty programs, gamers and gamblers are rewarded with points. Loyalty rewards are given to make sure that a gamer or gambler returns after playing for once. However, when you put some conditions dictating how and when these points can be redeemed, you are being pushy.
Let’s consider an example:
A gamer gets first 25 points when he registers with a gaming service. He gets next 25 points after playing for say 5 hours. However, he can redeem only and only when he has collected 60 points. So, the gamer needs to collect 10 more points to redeem.
This is the reason why customers in any business do not take loyalty points seriously.
Problem 2: These ‘Points’ Are Just ‘Points’
Points that cannot be easily and quickly redeemable are just points, not some reward that will stop a gamer from abandoning your service and working with some other gaming service. The gamer cannot cash in on these points in some other way. Gamers are busy and therefore by offering a complicating loyalty scheme, you are actually luring them away.
Problem 3: These Points Are Not Always ‘Loyal’
Not all loyalty reward programs are legit. This is also true that not all loyalty reward programs are scams. Gamers are conscious. Gamers are expected to be worried as there are real risks and consequences of data misuse. Loyalty program fraud is now a trend among identity thieves.
Problem 4: Irrelevant
One size-fits-all model is irrelevant and inappropriate. There are some gamers playing seven days a week and some are playing on weekends only. Weekenders are giving you less business. Therefore, one loyalty reward program will not work for both.
Problem 5: Lack of Promotion
Promotion is necessary not only for acquiring new gamers but also for retaining existing gamers. Many loyalty programs fall short in creating hype due to lack of promotion. Your loyalty program will bear no fruit if the community is not talking about it. When it comes to loyalty reward programs, gamers are less informed and less engaged.
Fixing Loyalty Programs with the Big Bang Token
Big Bang Token is Big Bang’s loyalty token. Big Bang Platform uses the Blockchain technology to integrate multiple gaming services and offer tokenized loyalty rewards.
You definitely want to understand how a crypto token can be a solution to these problems.
Solution to Problem 1:
Gamers playing on the Big Bang Platform get tokenized rewards, not points. You have worked with services integrated with the platform and the gaming services have deposited Big Bang Tokens in your Big Bang E-Wallet. Now you will decide what to do with this token. You can redeem it anytime you want.
Solution to Problem 2
The tokenized reward is very easy to redeem. This is a loyalty reward that can be converted to Bitcoin or another cryptocurrency. Or, the token can also be traded for dollars, euro or any other fiat currency. While in traditional loyalty programs, ‘points’ are just ‘points’, in case of the loyalty program offered by the Big bang Platform, the ‘token’ is ‘money’.
Solution to Problem 3
The Big Bang Platform is relying on the Blockchain technology. So, the Big Bang Token is cryptographically secured against all types of cyber threats. Therefore, terms like fraud, scam, data misuse, data corruption and identity theft are irrelevant to the Big Bang Token. The tokenized Big Bang loyalty reward program is 100% legit reward program. And finally, there is a programmed smart contract ensuring that gamer gets loyalty rewards once all terms of the contract are met.
Solution to Problem 4
It is not one size-fits-all model. If a gamer is spending more time with a service then he will get more tokenized reward. Play and earn, it’s that simple. Even when the gamer is working with more than one operator, the gamer will get tokenized reward exchangeable with fiat currencies and cryptocurrencies.
Solution to Problem 5
The registered operator or service provider gets a dashboard for starting and managing campaigns for promoting their services. The traditional model is failing because of less investment in the promotion of loyalty programs. The operator operating the business over the Big Bang Platform needs not spend anything on the promotion of a loyalty program as the Big Bang Platform is offering the tokenized reward.
The Big Bang Platform is an ideal platform as it does not offer points, it offers tokens. These tokens can be traded for any currency.
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