George Fotopoulos, Vermantia COO, writes for SBC News about rising to new customer expectations in the modern betting landscape.
A few days back, I came across an interesting article in a quite famous economic magazine about customer experience (CX) and its importance in today’s business world for every industry.
The topic is not new since there has been a fuss around it the past decade, but the emerging trends point to a new way of thinking for business, whether it be for the retail or online environment, niche or mainstream. CX is now more significant than ever as customers seek experiences that will be designed to meet their needs through a smooth process.
With this year’s pandemic, significant changes in customer expectations and behaviours have been generated, in turn changing the customer-business relationship. Businesses and organisations that fail to adapt will experience an increased customer turnover.
According to recent research, two out of three customers are willing to switch to the competitor who provides the best experience. On the flip side, in this ‘new normal’, there is an opportunity for companies who consistently provide the best CX across their whole offering and work out how to reinvent their ability to service customers in line with changing customer needs and expectations. Those are the ones who will dominate the marketplace.
This made me think about the betting industry, which is always on the move and continuously introduces innovative trends that have been in many ways ahead of even the most positive industry experts’ forecasts. How can the betting industry bridge the gap between the “always changing” customer expectations and its commitment to deliver valuable experiences?
The coordination problem is a genuine one since it is necessary to establish a delicate balance between different players’ expectations. What applies to one country may not apply to another, a tiered bespoke structure makes far more sense than a one-size-fits-all approach. Thereby, when you are dealing with customers around the globe you will have to pull new tricks out of your sleeves to set a winning strategy.
Optimum player experience is far easier said than done. If you want to bring a new level of engagement to your customers you need to have Spherical Thinking, aligned with today’s digital age. The world is evolving and so is the betting experience that modern, tech-savvy players require. Nothing can beat the excitement of premium live racing or live sports content streamed in real-time, seamlessly on a 24/7 basis, whether we are talking about retail, online or mobile.
Quality data feeds also play a vital role in the overall player experience, as well as the provision of extensive – and readily available – betting opportunities to provide an instantly wider choice, all tailored to meet each market’s requirements. It is a bit like putting together a puzzle, where all the pieces must be slotted into place to deliver an exceptional betting experience.
Therefore, the challenge is to identify those pieces, to combine them and implement them to a bespoke offering. Ultimately this will drive customer engagement. The driving force of CX is the better understanding of your players. Design a complete personalised solution to meet their demands, and you are betting on the correct horse to drive stronger customer relationships.
At Vermantia, technology and customer-focused mentality lie at the heart of everything we do. CX should be at the heart of any successful initiative, and the understanding of the importance to deliver it must span every level of an organisation. This is exactly what we do at Vermantia, by designing bespoke retail and online betting solutions, utilising the best in terms of content and technology according to each operator’s needs.
With customers being open to companies that employ the latest technology to enhance their experiences and the critical importance of CX in today’s changing and challenging marketplace, providing a robust offering is a bet worth taking.
A complete product mix comprised of quality and adaptive data feeds, superior live content delivered via ultra-low latency streaming and readily available betting markets will push customer experience towards and pave the way to increased customer engagement.
Tech advancements and shifting customer needs and behaviours are reshaping the betting landscape, and it is the industry’s job to follow. And it will, by harnessing the latest in technology and always having the player’s overall experience in mind.
Find the article at SBC News here.