What the iGaming industry should know about customer experience
We sat down with CX specialist Joakim Thorn, CX Transformer at Effectly to learn more.
Joakim, you have a background working with CX transformation in several industries for many years. What is your experience on how consumer behaviour has been changing the past few years?
User behaviour has changed a lot, and this has really effected the buyer’s journey. Today businesses need to focus on a new dimension; The Zero Moment of Truth. The internet and the penetration of smartphones has empowered the customer with insight, knowledge and real customer reviews in real-time, where pear-to-pear and actual recommendations from other customers are critical. So when your potential customer wants to make a purchase it’s now unlikely they will go straight to store to make a purchase. Now they go online to research the best online casino experiences with customer ratings. That is the Zero Moment of Truth.
Trends and buzzwords come and go. Is CX just another buzz? Why should companies care?
Emotional and behavioural economics are critical considerations for businesses today with more than 30 years of neuroscience behind it. For example, Daniel Kahneman won the Nobel Economic Prize in 2002 based on his research into human behaviour and decision making (Peak-end rule), where more than 95% of decision making is done unconsciously, pointing directly to CX and XM (Experience Management) as the only way to create sustainable competitive advantage for today’s companies. Forrester Research has also proven the last seven years in their Customer Experience Index that CX leaders have 80 % more revenue growth than others.
In today’s fast-moving world, customers are expecting (and demanding) better experiences while products and services tend to be the same, so businesses need to shift focus from products to experience. This is key.
In your opinion, what is iGaming companies biggest challenge right now when it comes to CX?
In my opinion, the industry needs to develop a much higher level of empathy for players by listening in real-time and conducting smarter conversations with their customers to gain deeper insight. Brands must be more X-data driven. It’s similarly challenging to act on customer insights from all departments in a company where there is accountability at all levels.
Sustainability is a significant trend in iGaming right now. Is responsible gaming and CX connected?
Companies today have to build trust to get customers to stay longer, pay more and actively recommend products and services to family and friends. It’s important to have an honest and authentic conversation about the health and long-term way of playing. Too much short-term thinking and promotion will never create sustainability. Customer acquisition and smart retention strategies have to go hand-in-hand to create long-term sustainable growth.
Is it possible to be great at only one of them?
No. There is no room for experience gaps in today’s transparent world. We see that from the latest media – it’s evident that experience gaps hit users with a real bang and the problem manifests.
We see massive attrition problems and CEO’s are being fired because of experience gaps in the workplace. Organisations have more data than ever. More regulations exist. However, they continue to get blindsided.
What can iGaming companies learn from other industries?
To understand that the customer has emotions and to understand that all emotions will have a serious impact on the buying process. Acting on this can be key to long-term sustainable growth.
Are there other industries with similar challenges that they should turn to for inspiration?
The leaders in e-Commerce and online retailers are, of course, a good source for inspiration. Amazon, Zappos, and IKEA have had massive success in this area and great inspiration for other industries.
Any recommendation on how to get cracking with the CX transformation?
There are a few steps you can take and I would suggest starting with recognising what kind of company do you want to be. Set a clear customer focused mission with a higher purpose and act more on purpose and values.
From there, take the outside-in perspective and building empathy within the customer. What should the customer feel when they are in touch with us? Why not start the conversation today with customers through a holistic Voice of the Customer program. Remember that no-one owns the customer, but everyone owns the customer experience.