Cash In! is a series of concise communiqués that offer our perspective on topics that challenge marketing professionals in the gaming industry.
As a recession in the economy looms on the horizon, the stock market continues its topsy-turvy ride and the Feds keep lowering the prime interest rate. We're still dodging the after-effects of the sub-prime mortgage crisis, prices at the gas pumps are soaring and consumer spending is at an all time low. So, realistically, what kind of affect does this have on the Tribal Gaming Industry? Plenty!
The truth of the matter is that all of the economic factors mentioned above, along with everything else that is out of our immediate control, will have a major impact on many of the different revenue streams in a casino. While I won't get into the specifics of putting together a "Great Gas Giveaway" promotion that I'm sure you've already done at one time or another, I will propose that we take this opportunity to tune up one area in our casinos that can make a significant impact on our bottom lines during slower economic times - and that is customer service.
Present profitability does not always relate to future success. And looking at the numbers doesn't always paint a true picture. Too many casinos are very profitable in spite of themselves during good economic times. Promotions are often deemed "successful" when looking at the numbers only. Sure, the numbers have to work. But success is measured by more than just financial return. It should also be measured against increased customer satisfaction scores. That's right - customer satisfaction keeps them returning to your casinos even when consumers are cutting back on other things in their lives. They'll forgo a concert or Broadway show and cancel travel plans that take will them across the country. But they'll think twice before they talk themselves out of a mini vacation or day trip to a casino hotel/resort if they know the experience they are about to pay for will be worth it. And what exactly makes it worth it? Guest attentiveness that meets and exceeds their expectations. Attention to details. And promotions that sizzle and keep them coming back for more.
Fast-forward to today - because the recession that everyone hoped would never happen - could happen any day now. A downturn in the economy exposes flaws in marketing campaigns and promotions that are concealed during times of greater consumer confidence. And customer service is one aspect that gets easily overlooked - especially during strong economic periods. As numerous new customers file into our casinos, we often take our core group of customers for granted. Then as things begin to slow down, it is this very same dedicated group of players that we go running after trying to woo back. You know, it just doesn't work that way.
Contact Info: Kurt Gross - Vice President/Customer Services 800.950.7333