Archive for August, 2010
Who is your competition and what do they look like? What are they doing to gain market share and steal your customers? How do you compare overall? How do your amenities, your service and your offerings stack up against theirs? Just knowing these things can give you a significant market advantage. Many of our clients face aggressive competition, especially in the area of marketing. It is not always necessary or advantageous to fight back with aggressive marketing offers in like; however, being cognizant of what your players are getting at your competition is critical in helping you remain competitive. Focus and build on your strengths, those things that you do better than your competition. Remain reasonable and don’t recklessly give away the house because at some point in time you will need to draw back to survive and to be profitable and when that time comes the backlash may be more painful than what your management team will tolerate. And remember good service is critical. Players are only as loyal as the offer they have in hand, but when offers are equivalent or gone they will go where they are comfortable and treated well, and often even more so than where it is convenient. Invest a little time into acquiring a comprehensive competitor research, if you don’t already, as it will be well worth your effort.