When you launch a marketing campaign for your sportsbook, you need to be able to track the success of your efforts. Much like when you do research for becoming a bookie, you also need to know what metrics are needed when it comes to sportsbook marketing. Doing this will help you maximize your resources, and stop you from unnecessary spending. We will walk you through how you can measure the success of your sportsbook marketing campaigns in our latest bookie guide.
Your sportsbook software will have the tools to help you generate the data that you need. So you will be able to easily crunch the numbers to see and measure how successful your marketing efforts are.
How to Measure the Success of Your Sportsbook Marketing Campaigns
When it comes to online sports betting, you want to be able to find out if what you are doing is effective in getting new players to join in your sportsbook, or get your current players to be more active in betting. Depending on the goals you set, the results will vary. With more data available, you will be able to make more strategic decisions to help you earn more- regardless of the scale of your sportsbook’s operations.
Each sportsbook will have its own set of metrics that are unique to your operation, so do not limit yourself to these. Feel free to add, and adjust, based on the metrics you want to analyze.
Sports Betting Activity Metrics
Here, you will need to generate data from your sportsbook to look at certain trends and behaviors. Here are a few statistics you may want to keep track of:
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- Total deposits made by a player
- Total withdrawals made by a player
- Average deposit amount of a player
- How many players only made 1 deposit
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These metrics will help you identify issues in retention, as well as customer confidence in your sportsbook if they deposit high or low amounts.
Specific Campaign Metrics
Here, you will be looking at how your marketing efforts translate to actual revenue or handle. Here are a few things to look out for:
Conversion Rate. Out of the number of players you register in your sportsbook, how many of them actually place a deposit? Calculate your conversion rate by dividing the depositors over the number of players who registered.- Customer Acquisition Cost. When you implement a marketing program to generate new player acquisition, you need to know how much you spent to do that. If you use social media and blogging or other free methods, then your marketing cost will be 0 and is naturally good. But, if you offer bonuses, or used ads or SEO campaigns, then you need to divide the total expenses over the number of customers to get your customer acquisition cost.
- Lifetime Value. You will also want to generate player reports where you can see the total value they have deposited and withdrawn from your sportsbook. This will help you determine if retaining this player is cost-effective, or if you are losing money on this player.
- Churn Rate. This is a metric you will want to avoid, but unfortunately need to know. A churn rate is the period of time it takes before you lose a player. You just divide the number of players you have when you implemented the program, over the players you have left after a certain period.
Tracking and analyzing the data from your sportsbook and your marketing activities will be important in improving your sportsbook’s operations. You can gain a lot of valuable insights when you measure your metrics, helping you make informed decisions when it comes to your sportsbook marketing campaigns. So when you learn how to open a sportsbook, you also should study the basics of marketing, as this will be crucial in your sportsbook’s growth and success.
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