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Sound good? Let me reiterate that the first two bullet points speak to the very significant activities of saving money over-reinvestment from reward layering and making more money using powerful player development techniques in an affordable manner with lower value player segments where you are currently leaving a lot of money on the table.
The response was overwhelming in attendance and feedback; the attendee mix was a combination of both player development, loyalty club and marketing titles. To put theory into action, every participant was put in a group to tackle a team challenge to be presented on the final day, and judged by a panel of experts. This year, each challenge incorporated impacts to both the player development function and the loyalty club. There were five different strategies in total that were worked on by multiple groups: loyalty and player development department structure; development of position models; development of incentive programs; player segmentation strategy; and development of a list of VIP events, tournaments and packages.
The group that took first place was tasked with the player segmentation strategy challenge, and had to merge the loyalty club and player development PD functions into one, while creating a more comprehensive, sales-focused PD effort aimed at all players within the mid- to high-value segments.
Casino executives tend to view many programs with an eye towards developing customer loyalty and consultants tend to look at programs from the view point of loyalty versus profitability and how do you balance both. However, this is not a simple, clear cut analysis and casino management needs to very carefully evaluate many different variable factors. In other words, you need to understand the math. Slot marketing programs are actually quite interesting because there are so many different motivators available to choose from.
Never-the-less, they are all predicated upon rebating a pre-specified percentage of the slot handle or coin in back to the slot customer in one form of incentive or another. In some cases, the slot customer plays for casino comps such as free room, free food or free shows.
In other cases, the player earns points based upon coin into the slot machine. The points can then be redeemed or used at the casino for purchasing services such as rooms, food, beverage, entertainment, spa and salon or in some instances even for retail purchases. Therefore, Cash Back does differ from Cash Rewards. There are a number of other variables that also come into consideration such as the type of machine being played such as video poker versus video slots, the average slot hold percentage and the slot tax for that jurisdiction.
There is also one additional common denominator that is very subtly masked under all of this and that factor is called customer loyalty. Why do casinos offer incentives? They offer them because they work and they do help to bring players back to their casino. These are not much different than the airline frequent flyer programs that also develop customer loyalty.
Therefore, one must assume that more incentives will translate into more customers which will also translate into more profits for the casino. Casinos constantly try to massage all of the variables in an attempt to tweak the formula for success and develop the perfect balance or optimization for maximum customer loyalty and maximum profitability.
Unfortunately, there is one major risk or flaw in this thought process. If the formula used to initially calculate the incentive is incorrect, then it is possible for the incentive to very quickly turn from a player incentive into a casino liability because the more players that accept the flawed incentive would equal increased losses for the casino instead of increased profits.
I have seen many strange slot marketing programs that just do not make good business sense to me. However, when you see the program continue over long periods of time you really have to ask yourself if management ever really analyzed the actual true costs of their promotion or incentives. I would bet that they had not. Once again, understanding the math is important. It is actually very important to understand the math and the cost of Cash Back as a percentage of theoretical win.
I also found some similar top quality research by Samson Tse who is a very talented gaming analyst with the MGM Grand.
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|Casino player development reinvestment math||The points can then be redeemed or used at the casino for purchasing services such as rooms, food, beverage, entertainment, spa and salon or in some instances even for retail purchases. This website requires certain cookies to work and uses other cookies to help you have the best experience. It starts with bringing your loyalty club and all its operations and output and your casino player development function into one seamless entity. Looking for strategies, secret tips and insider plays to win money? Once again, understanding the math is important. Understand the Math. Please tell us why.|
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The answer is probably both, and is unique to your property and company based on your market, competitors and customers. How your team manages those accounts is what makes the difference in terms of maximizing the value created by your host team. In fact, you may decide not to assign this type of guest to a specific host because everyone that works on property is their host.
Everyone from the general manager to the slot attendant is likely familiar with these high-frequency guests and their preferences. Make sure you have the right human resources and train them on techniques designed to drive desired guest behaviors within your player development segmentation strategy. Train your hosts to liberally communicate and reinvest in new loyalty program enrollees that play at a VIP level. Hold your host team accountable for results.
Meet with each host on a regular basis and review progress relative to their assigned revenue targets within your segmentation. Use these meetings as an opportunity to understand any challenges they are having from a product or service perspective. Open lines of communication can go a long way in creating loyalty within your VIP customer base and your host team.
Because our client was totally committed to flawless execution of a data-driven, proactive player development strategy, the revenue results far exceeded client expectations. In the first five months after implementing the new player development strategy, VIP gaming revenue was up Needless to say, you have nothing to lose by using these simple and cost-effective techniques to steal VIP market share from your competitors within this highly profitable business segment.
Letting dealers keep their own tips can improve customer service, dealer efficiency and player loyalty. Several casinos and gaming firms have become victims of hackers, but how can you make sure your casino is protected? Problem gambling will always be an issue for the gaming industry, but by taking a proactive approach, it is controllable. The science of customer loyalty takes on new importance as the industry emerges from the Covid crisis.
Related Articles. The Time Has Come Letting dealers keep their own tips can improve customer service, dealer efficiency and player loyalty. The Elephant in the Room If the health of your guests truly is paramount, now is the time to ban smoking. The End of Smoking? The role of casinos in reducing the risks of Covid Group Think and Gaming Conferences More communication with the end user is always beneficial. Show Me Your Wallet Can you make online betting frictionless?
Recent Feature Articles. Cool It! Disturbances in casino destinations post-Covid are troubling. What the Hack! Fixing a Hole Problem gambling will always be an issue for the gaming industry, but by taking a proactive approach, it is controllable. Loyalty Tech The science of customer loyalty takes on new importance as the industry emerges from the Covid crisis.
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It instills casino hosts with the core values of casino player development. View All. Call us today! Casino Host Development. Clients These are some of the companies we are proud to call our clients! WordPress Carousel Plugin. He is a trainer and a specialist. He produces results and drives immediate revenue!! The hosts are re-energized and using your techniques!! I am already seeing results. I thought it was outstanding material!
Your team is not working and producing at it's peak. He is a good as they get and his program had shown amazing results. In addition, he delivered a very enlightening seminar to our management team of seven properties on the importance of the Casino Player Development department and the benefits the casino may reap.
His presentation is awe inspiring We have already seen an immediate increase in our inactive and declining business databases since his seminar and subsequent one on one follow ups..