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.
There is a lot of great stuff in this article about service, by Dennis Conrad of Raving Consulting. I believe few businesses truly understand just how important these things are and how much impact this makes. We respect and value the expert advice from Dennis and recommend Raving highly. Reading this article got me thinking further about the actual club structure and benefits, the meat and potatoes of a players club? When you’re comfortable with your service what else is going to increase the revenue generated from players? What benefits are most valuable, what should the overall reinvestment be and what about tiers? At Red Circle we start every club restructure with research. Without first examining the strengths and weaknesses of your database, your analysis and reporting, your history, your competition, your company structure, your technology, your capabilities and your guest feedback making changes is a stab in the dark. The condition of your database and your casino will be a large indication for the foundation of your new club. Be cautious of the people that tell you what structural or benefit changes you should make without first understanding the unique aspects of your business. At Red Circle our goal is to fully maximize your revenue and create efficiencies that make our business partners look like rock stars to their executive board and their guests. At Red Circle you won’t get the “everybody does it this way” approach, you’ll get fresh concepts that are focused on your needs and your guests feedback.
While a recent gaming survey touts happy casino employees, how does your company rank? Would the employees surveyed in your casino lower or increase the averages and how does that affect your business?
I believe that good employees are your number one asset, even more so than slot machines. You’re probably thinking that yes, good employees are important but let’s not get crazy and say they are more important than our gaming devices. Well, if you’ve ever listened to Steve Browne you’ve heard that your customers come to your casino hoping to win, expecting to loose and wanting to have a good time. It truly is a good time that you are selling and I’m a firm believer that gamers have too many options to spend their money in a joint that doesn’t treat them well or show them a good time.