While genre, gameplay, storyline, and overall design attract users, gaming rewards have become increasingly important to win over the hearts and minds of increasingly demanding gamers.
From earning points and badges to in-game items and digital value, gaming rewards not only provide a sense of accomplishment and satisfaction for players but also incentivize players to engage more with the game. Loyal users make or break a game's profitability. So much so that a five percent rise in user retention can increase an organization’s profitability by 75%.
So, what's the secret to boosting your gaming loyalty and profitability? Set up a robust rewards system for players to earn rewards that'll keep them coming back for more. Here are five benefits of gaming rewards programs.
Gaming Rewards Increased Player Loyalty
Reward programs incentivize players to continue using your gaming platform, which can increase their loyalty and usage over time. Perfectly timed rewards inspire intrinsic motivation for players to complete quests, find gold coins, and earn points for fun, resulting in even more playing time and exploration. Rewards are ultimately the gift that keeps on giving – a sense of accomplishment and competence for players and increased profitability for companies.
Gaming Rewards Boosts Engagement and Player Experience
While “beating the game” keeps players engaged, it’s gaming rewards that can keep players engaged throughout the game and beyond the finish line. According to game design expert Dr. Chris Batemen, players are engaged more when rewards than the game’s mechanics themselves. When players receive rewards from a game, they often experience a sense of accomplishment and satisfaction that keeps them engaged. So much so that, even poorly designed games with compelling rewards are able to attract and entertain players.
Gaming Rewards Enhances Retention
A well-designed gaming rewards program can help to improve player retention rates. While badges and in-game rewards reduce the likelihood that players will abandon the platform, tangible rewards offer an added motivation to stay. The ability to earn digital currency, or turn virtual assets into digital value, can keep gamers engaged because they can capitalize on potentially generating a new source of income while simply enjoying a game.
Gaming Rewards Increases Revenue
Social proof and bragging rights matter. Studies show that players are socialized to show off their points, statuses, rewards and badges. Gaming rewards encourage players to spend more time on the platform and to make purchases in order to earn and show off rewards.
Capitalizing on the social needs of gamers helps companies generate more revenue from their customer base. Existing customers are valuable – not only do they buy more often, but they also tend to spend 31% more on each purchase.
Gaming Rewards Provides Value Data Insights
Real-time, data-rich reporting on rewards redemption can help companies optimize their platforms. By tracking player behavior and preferences, companies can gain a deeper understanding of their audience and make more informed decisions about game development, marketing strategies, and more.
In today’s oversaturated gaming market, retaining players can be more challenging than acquiring them. The one most effective strategy for keeping gamers engaged is to implement a world-class reward program that offers them tangible benefits and value for their time and effort spent playing. This can help boost loyalty and keep fans interested in the long run. As a developer or platform seeking to enhance player loyalty, retention, and engagement while providing an exceptional player experience, consider implementing a game reward cash-out system with Runa. Talk to our experts today.