Customer Experience CX Fuels Oil and Gas Industry
Customer Experience in Gaming and Gambling Industry
The gambling and gaming industry has come a long way from racecourses, telephone betting, retail shopping, online and now mobile gaming. Currently the gaming and gambling industry is booming. Technological advancements have reached a peak with online streaming and Virtual Reality (VR) taking over the industry. With that being the case, the industry is thriving off a friendly user interface. So, if there is a glitch, irregular/less smooth interaction with other players, hardware/software/content/technical issues the consumer is bound to leave for a competitor that caters to their needs. Gamers need to feel engaged by the game and the company. Creating a good game is no longer the standard in the gaming industry. A good game must be coupled with excellent customer experience and customer journeys that pave the way for a company’s growth.
Customer Experience in Gaming and Gambling Industry
What are the challenges in the online gaming industry?
In the online gaming industry news and gambling industry statistics - Newzoo market research states that the gaming market is said to grow to a whopping $189.6 billion this year. The report also stated that mobile and console games contribute 80% of this revenue. SuperData market research found that the gaming industry made over $120 billion dollars last year. Gaming has become as easy and common as streaming a movie. In fact, multiple gamers are now shifting to professional gaming with China, U.S and Japan contributing the most, to this shift. With a market this big there are bound to be challenges.
Here are some of the major challenges faced by the gaming industry.
- Data security: as a leading digital entertainment provider, the gambling industry deals with an excessive amount of information about its customers, which runs in billions. Data security is a major concern for the gaming and gambling industry. There are constant issues of weak authentication (leading from users having multiple accounts with different passwords which are weak resulting in hacking), Phishing (from fake login pages and links), Child identity theft (the most frequent and common data security threat in the gambling industry). The gaming industry has gone the extra mile to avoid such situations by: educating the customer, allowing the guardians to limit access (for children), providing multifactor authentication (MFA), firewalls, password management, preventing account takeovers by using Risk-based Authentication (RBA), etc. Data provided is to be used effectively to map customer journey and provide customer satisfaction. The gaming industry and gambling company growth depends on how well the data of the customers can be used to provide a seamless experience while ensuring utmost security in handling the data.
- Infrastructure: finding automated failover systems and an expandable infrastructure that can manage surges is the next big challenge. If a game crashes it will ruin the pace of the gamer. This will most definitely result in the customer looking at better options among competitions in the same space.
- Fast responses: Gamers want fast responses. They do not want to wait for their queries to be solved or be misguided in the process. Gaming companies must be able to solve their customer’s issues fast and by using an omnichannel approach.
- Providing an experience instead of selling a product: gaming is an emotional experience, not a product. It is a difficult task to manage providing this emotional experience to customers instead of selling a product through customer experience strategies where gamers can connect with people from around the world. Gaming industry trends include investing in gaming bars or Esports cafes where guests can be hosted. Recent innovations in the gaming industry have found that gamers are open to paying more for a greater experience with better support and excellent security.
- Opinion exchange: gamers are active individuals. They are part of online forums where tips and tricks are shared. They also frequently discuss the best games on the market. This means that they are talking about you and the customer experience you provide. A bad experience can change the entire dynamic of a company.
- Gameplay: providing good gameplay to keep customers engaged throughout whether it entails a higher difficulty level, addictive elements like puzzles or other competitive factors is essential. Gameplay elements in the gaming and gambling industry ensure a good customer experience.
- Discrepancies, aesthetics and credibility: any type of audio-visual discrepancies that can ruin the experience hits the company at the base. Providing a credible world for the gamer is imperative, else, the customer journey can be disturbed leading to the customer heading straight to a competitor.
- Personalized customer experience: providing a personalized customer experience in the gaming industry through an excellent story that keeps the customer engaged is definitely a challenge that the industry is dealing with on a regular basis. Companies are investing in good story telling, dialogues, exciting developments and characters that keep the gamers motivated throughout and decrease any chances of them feeling that the game is monotonous.
- Analyzing customer behavior: analyzing customer behavior through valuable insights that can benefit the customer experience in the gaming industry is a challenge that the industry is taking up slowly. It is essential that each customer is analyzed and their individual game is worked upon. In fact, in the past game developers have developed one specific element in the game to please one specific customer, it may seem like a lot of effort but the end goal is achieved – a royal treatment for the customer and an excellent customer experience management which in turn leads to an increase in brand loyalty and reduces churn.
The future of the gaming industry depends upon how the gaming companies and gambling companies choose to interact and connect with their customers. The online gaming industry worth and online gaming industry growth has proved that customer experience trends can change the way the industry functions. The current challenges in the gambling industry can be eradicated with apt customer experience strategies and customer experience management through surveys, metrics and analysis for a seamless experience that keeps the customer coming back for more. As discussed above, the current issues in the gaming industry range from data security to engaging customers. Companies are investing in customer experience to solve a host of these challenges which can help retain consumers and reduce churn.
Our CX solutions are focused on transforming the total customer experience through surveys, metrics, analytics and auditing by using the CXM framework to combine physical measurements with digital Platformation™ capabilities. We are committed to finding the right customer experience strategy that can lead to a competitive advantage.
Sonata GBW is a global technology company specialising in customer experience CX measurement, platform-based digital transformation, supporting businesses to become connected, open, intelligent and scalable. Global coverage of more than 105 markets with over 27 years of market leadership through extensive measurement capabilities, powerful and intuitive reporting and analytics platforms give us the leverage to improve customer experience. It has presence across USA, Canada, EMEA and APAC regions. If you would like to know more about how we can assist you, please fill out the business enquiry form below.
Customer Experience (CX) in Fuels, Oil & Gas Industry
As major industries in the energy market the world’s primary fuel sources - the oil and natural gas industry play an influential role in the economy. The market is highly complex, capital-intensive, and requires technology. Customized or limited edition products do not simply make the cut for customer satisfaction any longer. The dynamic industry is in need of a change that builds trust with the customer besides the vehicle. Brands in the industry are currently including customer experience for retention as a focus point apart from operational excellence which they have been able to achieve in the recent past.
Fuel oil is the only petroleum product whose demand is expected to fall in the future. At a time like this, brands are looking forward to improving their customer experience by indulging in omnichannel payments, loyalty programs, virtual reality and chatbots across various systems. The downstream industry (dealers, retailers, distributors and retail stations) is currently reworking, diversifying and restructuring to create a demand in non-traditional marketing and retention channels to steer clear of the downfall which may hit the oil and gas industry in the near future.
Among other issues, post covid, on-the-ground fuel retail sectors and consumers have been facing challenges with cost-effectivity and behavioral changes, respectively. With health and safety being a vital concern for individuals across the world, consumers wanting to access contactless service and payments, the industry must find a way to address the pain points of their customers to meet the company's goals.
This is the reason why brands are now trying to improve customer experience by finding the right customer experience strategy through customer experience consulting companies that can lead to an all-round customer experience transformation through surveys, metrics, analytics and auditing.
Large-scale organizations like Sonata GBW assist brands to achieve their goals through customer experience optimization via measurement solutions by including digital and physical methods. The goal of such organizations is to provide end-to-end analytics and insights to the client to drive a change in their system.
Customer Experience (CX) in Fuels, Oil & Gas Industry
Why does the Oil and Gas industry require a check in their customer experience journey to secure their space?
- Customer experience is the next battleground for every industry. A competitive market calls for an omnichannel customer experience.
- The voice of the customer is getting louder and downplaying the customer experience factor of an industry is not the best option.
- A brand must be able to provide extra support and care beyond the service they guarantee. They must be able to establish their uniqueness and create an experience that makes every customer feel valued and special.
- Word of mouth is the most powerful tool as most companies agree and customer advocacy is the need of the hour. When a customer enjoys a satisfactory experience they become advocates of the brand themselves. Reports suggest that acquiring a new customer costs seven times more than retaining an existing customer. The cost of acquiring a new customer undoubtedly reduces when an existing customer vocalizes their satisfaction.
- Each individual is witness to hundreds of advertisements today and visibility is a battle in itself among competitors. In a market like this, it is invariably difficult to make your own space. However, a brand can utilize its customer experience to build trusted relationships, defeating the need to require over the top marketing.
For years, the industry has been using creative marketing strategies to build relationships with customers directly. Retailers have offered added services in the form of car-washes, dinnerware, maps and more. In the recent past we saw advertisements on the radio, television, billboards, etc. which have swiftly moved into new age digital marketing - social media. Brands are now able to speak directly to their customers, eradicate negative views and promote energy based initiatives. However, modern day customer experience is an aspect that must be tackled differently since it directly brings in an increase in competitive advantage through customer retention, customer satisfaction and reduces customer churn through an omnichannel customer experience management.
Omnichannel customer experience management (CXM) is necessary to provide insights into customer interactions and their varied behavior across their life cycle. It has been noted that the strongest omnichannel customer strategies usually retain 89% of customers; which brings us to our next question.
Customer Experience (CX) in Fuels, Oil & Gas Industry
How does a brand work on changing their customer experience journey?
The two keywords to this desperate change is Simplicity and Consistency.
A brand must be able to provide simplicity in the form of convenience and adaptability. As the industry is approached by younger individuals there is a need to accommodate their needs as consumers. A brand must be able to stay relevant with the times to build a true connection and create a sense of exclusivity with its customer. Customers today, in the oil and gas industry, are looking forward to convenient modes of transaction. Each individual is digitally enhanced and must be provided with multiple modes of transactions to suit their interests. A brand is also required to be consistent. To be able to retain customers an omnichannel approach must be developed by brands. Simply marketing and branding does not do the trick, reaching each customer individually is guaranteed to leave a mark. The brands must also be able to stay as familiar as possible with its customers to create a sense of similarity.
The industry 4.0 revolution has hit the oil and gas industry which was essentially a rather traditional market. One which draws hydrocarbons, processes them and sells them. Now there is a massive requirement to level up and move ahead of the operational aspect which has been mastered. The oil and gas industry must meet their match and competition with technology and apt customer experience to work on effective retention.
Sonata GBW is a global technology company specialising in customer experience CX measurement, platform-based digital transformation, supporting businesses to become connected, open, intelligent and scalable. A global coverage of 105+ markets with over 27 years of experience as a market leader through extensive measurement capabilities, powerful and intuitive reporting and analytics platforms gives us the leverage to improve customer experience. It has presence across USA, Canada, EMEA and APAC regions. If you would like to know more on how we can help you, please fill out the business enquiry form below.