The gaming industry is a rapidly growing market, with mobile gaming leading the way in terms of revenue and popularity. It’s predicted that the global gaming industry will be worth $321 billion by 2026, according to PwC’s Global Entertainment and Media Outlook 2022-26.
As the industry continues to evolve, game developers and gaming companies must stay ahead of the curve in order to remain competitive. One way to do this is by utilising analytics tools to gain insights into player behaviour and make data-driven business decisions.
Business intelligence is the process of using data and analytical tools to gain insights into a company’s performance and make informed decisions. In the gaming industry, this can take many forms, from tracking player behaviour and engagement to understanding the effectiveness of in-game monetisation strategies.
Three metrics to remember
Here are the three metrics gaming companies can analyse to gain a better understanding of player behaviour and make data-driven decisions to improve the gaming experience:
1) One key metric in the gaming industry is average revenue per user (ARPU). This metric measures the amount of revenue a company generates from each player on a monthly or daily basis. By understanding this metric, gaming companies can identify which players are most valuable and tailor their in-game offerings and marketing campaigns accordingly.
2) Another important metric is the daily active users (DAU) count. This metric measures the number of unique players who log into a game on a daily basis. It is important as it can indicate the level of engagement and retention of players in a game. A high DAU count can indicate a game that is well-designed and has a strong community of players.
3) The retention rate is also an important metric to track. This metric measures the percentage of players who continue to play a game after the first day. A high retention rate indicates that players are finding the game enjoyable and engaging and are likely to spend more money on in-game purchases.
Benefits of leveraging payment insights
Here are the three metrics gaming companies can analyse to gain a better understanding of player behaviour and make data-driven decisions to improve the gaming experience:
Delivering differentiated customer experiences. By using payment insights, companies can have a complete view of their customer’s behaviour. By tracking and analysing payments data, they can gain insights into the types of games and in-game purchases their customers prefer, as well as their spending patterns. This information can then be used to tailor the gaming experience to individual players, offering them personalised content and in-game offers that are more likely to appeal to their interests.
Helping gaming companies understand customer pain points. By tracking and analysing payment data, companies can identify any issues or roadblocks that may be preventing customers from making in-game purchases. For example, a company may notice that a high number of customers are abandoning their shopping carts at checkout. By investigating the cause of this issue and addressing it, the company can improve the customer experience and increase revenue.
Drive higher monetisation and profitability by identifying the most effective in-game monetisation strategies. For example, a company may notice that a particular in-game item is particularly popular among customers. By offering this item as a premium purchase, the company can increase revenue from that item and also increase the overall monetisation of the game.
Encouraging subscription-based models is another way to drive profit with the help of payment insights. By tracking and analysing customer behaviour, gaming companies can identify which players are most likely to subscribe to a monthly or annual service. This information can then be used to target these players with personalised offers and incentives, encouraging them to subscribe and driving revenue for the company.
Payment insights can help companies identify the most profitable strategies and target the right audience, ultimately leading to a better gaming experience for their customers and more profit for the company.
Moving forward with payments insights
By utilising analytics tools, gaming companies can gain insights into player behaviour, understand industry trends, and make data-driven business decisions. This allows them to improve the gaming experience and stay ahead of the competition in the rapidly evolving gaming market.
By using data and analytical tools to understand user behaviour, companies can make decisions that will drive engagement and retention, which ultimately will increase the revenue and success of the company.
TRU Insight from Trust Payments is one of the most used tools that offers total visibility into your business’s payment performance. It provides a monthly report that analyses all payments data monthly, helping businesses better understand face-to-face and online customer interactions.
If you would like to know more about what Trust Payments can do for your gaming business, don’t hesitate to contact us.
