As the global business strategist and author Jay Bear once put it, “We are surrounded by data, but starved for insights.”
In the iGaming industry, these words couldn’t ring truer. New technology is coming in fast. The data on your screen is bigger and more potent than ever before. Yet, if you can’t make sense of the data, you may lose out on not one, but two vital aspects that could boost your campaigns.
The first is the chance to understand your customers, the second is how to turn this knowledge into actionable insights.
So, with this in mind, how do we harness the power of data & predictive analytics, transforming it into game-changing insights?
Why Predictive Analytics is the Way Forward
In this day and age, what truly sets iGaming affiliates apart isn’t so much about how they react to current trends and events, it’s their ability to predict what’s next.
It’s an old and proven fact that continues to age like a fine wine.
If you know what’s around the corner, you can optimize your strategies and gain a head start over your competition. This is where the predictive stage of data analytics comes into play. Simply put, it tells you what might happen in the future. It does this by identifying future trends and outcomes through past data patterns and insights.
Predictive analytics comes with several advantages, and some of the most common ones include:
- Identifying emerging markets.
- Lowering your churn rate.
- Personalizing the player’s experience.
How Predictive Analytics Works in 6 Steps
| Step | Description |
| Define Your Goal | What are you aiming for? Define it in your objectives, identify the problem, set your scope, and decide what data you need. |
| Data Collection | Collect data from your marketing campaigns. This includes click-through rates, conversions, customer demographics, and user behavior. |
| Data Cleaning | Make sure the collected data is accurate and useful. Take out any odd or unrelated information. |
| Data Analysis | Look for patterns and trends in the data. Maybe some games are more popular with certain people? Or maybe people buy more at certain times? |
| Build & Test Model | Create a model using your research. Test it too. This model can predict future trends like top games, potential customers, or best campaign times. |
| Deployment | Use your prediction model to guide marketing plans. Watch how it performs. Tweak plans if needed. |
The Challenges of Predictive Analytics in iGaming
| Challenge | Description |
| Data Quality | Poor, old, or wrong data can lead to bad predictions. |
| Data Volume | iGaming comes with a ton of data, but managing and understanding can be difficult by yourself. |
| Data Maintenance | You must consistently update and maintain your data, as an effective analysis relies on the quality of your data. |
| Skill Gap | Predictive analytics requires workers with skills in data analysis and statistics. |
| Interpretation of Predictions | Predictions are about chances, not certainties. It can’t predict all human behavior. |
Get a Head Start Today with Voonix Premium
Managing a mass volume of data, and ensuring its accuracy and reliance is one of the biggest challenges of predictive analytics.
After all, if your data isn’t up to scratch, how can you accurately predict future trends, events, and outcomes?
One simple solution to try could be to sign up for a 14-day free trial with Voonix Premium.
Designed exclusively for iGaming affiliates, our software makes it easier than ever for you to collect, analyze, and act on your data.
Aside from simplifying the data collection and cleaning process, you’ll also have insightful reports available, allowing you to do some of the following actions:
- See which of your brands are performing well and those that are not.
- Identify trends such as peak activity times or days through a daily breakdown report of your campaigns.
- Discover which sites are driving the most revenue.
- Spot geographical trends to tailor your strategies to specific countries or regions.
Remember, the ability to predict what’s next sets you apart in iGaming, and with Voonix Premium, you’re not just getting a tool, but a premium-support partner as well. So why wait? Give Voonix Premium a tryout now and experience firsthand how it can transform your business by signing up for a 14-day free trial.