The real attitude towards GDPR shouldn’t be one of fear. It should be one of optimism
GDPR has already become a bit of a buzzword. One that’s used by agencies, specialists, sellers and publications to try and scare companies (with the hope that such fear translates into consultancy gigs). But that ignores the fact that customer consent has always been important in iGaming.
To keep people engaged, you have to know who they are and how they like to be contacted. To make sure they trust you, you have to be transparent and care about their privacy.
This is an opportunity.
Four ways customer consent is an opportunity
1) It’s an important signal for new customers
GDPR gives people control of their data. That means they choose who may use it. And most importantly, they can revoke that privilege and delete their data whenever they choose.
According to the Direct Marketing Association, two-thirds of consumers said they would be more willing to share data after hearing about GDPR. Individuals know that they aren’t signing their life away and won’t be hounded by emails and messages trying to get them to come back (or worse, see their data sold to the highest bidder).
That means a lot of people might be more likely to give iGaming a try. And if they do, they’ll be most likely to go with the companies taking consent seriously.
2) It’ll help you convert new customers more efficiently
Having the right processes in place means that you can convert prospects more effectively. You might hope an email is enough, but it’s easily lost in a busy inbox, even to customers who want to act on it.
Data control for customers combined with intelligence behind the scenes can mean huge improvements in conversions. That means more people registering, more registered users making deposits and staying for longer, for higher lifetime value.
And that could all mean a huge boost to profits.
3) It’s a chance to engage with existing customers
GDPR is a reason to get in touch, which is valuable in itself. But it’s a reason to get in touch and talk about the customer rather than you.
Instead of talking to them about something they don’t care about, you’re talking about their data. And you’re talking about how seriously you take it. This will be something every brand needs to do – but the ones that do it first and do it well will be seizing an important advantage.
4) It’ll help you land some of your competitors’ customers
If you’re slow off the mark, your competitors could swoop in and steal your customers.
But the counterpoint of that is an opportunity – what if you’re the one stealing theirs?
If you hit the ground running on GDPR and start getting solid opt-in from customers before your competitors, they’ll seem like the ones late to the party. And you’ll be the ones making money.
Get this right and it’s free money
Getting GDPR right is important. Fines could be as much as 4% of global turnover (or €20 million, whichever is higher). And then there’s the reputational damage and loss of customers to go along with it.
But get GDPR right and you can find new customers, convert them better and engage with them more effectively. That’s worth doing.
To help you get it right, we’ve put together a free eBook looking at how iGaming companies can boost their profits with customer consent.