How’s your player development plan for the new year? You know, the plans for making your player development more targeted towards driving incremental revenue from qualified sales leads … instead of just glad-handing and keeping your already existing revenues happy? Yeah, that plan.
We understand that across the country, casinos are STILL coping with finding enough talented team members, player behavior is wonky in some areas, and revenue is up for some and down for others – no two operations are alike. This means that many organizations are taking a conservative approach to expanding programs.
I can guarantee, however, an investment in your player development department will always have a strong ROI if done right.
The following is a checklist of FIVE things that you need to look at when making your player development plans for 2023 and beyond:
1. Database Analysis and Sales Lead Generation
Have you done the math? When was the last time you performed a “sales potential” analysis of the medium and higher-level player segments in your database? More importantly, have you drilled down and identified the qualified sales leads within your database that need to be segmented off into a strategic sales group? If you haven’t done that, how can target these leads with powerful, revenue-driving sales strategies in the New Year?
2. Administration and Organization
Based on the numbers, look at your organizational structure and administration. Do you have enough hosts to handle the sales potential? Are they properly supported with player development coordinators, ambassadors, and other support positions? They can’t do it all, you know.
Is your leadership, specifically sales management, well-trained, consistent, clear, and precise about your vision, and financial goals for the New Year? Managing a sales force is often referred to as “herding cats,” – do you have a strong management force in place that is able to effectively herd your cats?
3. Reporting and Measurement
Are the right measurements in place? Are you tracking the right things? Your player development team needs to have accurate and regular reports that detail how they are doing in every aspect of achieving their sales goals, from revenue increase/decrease and player trip statistics to growth and decliner trends and productivity indicators. Are you happy with your current measurements, or do they need some work?
4. Training and Host Skills
Have you performed a review to identify the training needs of your player development functions? Do hosts need more education in product knowledge, casino processes, etc.? Do they need more skills training in negotiation techniques, sales fulfillment, organizational and time management skills? What are the training requirements of your player development department function in the near future?
5. Money, Money, Money
Okay, when was the last time you performed a compensation review of your host department? How equitable to the cost of living is their pay? Are there effective incentives (bonuses, etc.) in place that are tied specifically to the achievements of their sales goals and targets? Are they effective? Do they need an overhaul? Incentive and bonus programs rarely come out of the gate in perfect form, and they often need annual tweaking over several years to “get it right” and make sure that your compensation is driving the behavior and revenue you need from your salespeople.
There you have it, a five-step checklist for 2023.
Oh – by the way, if you need help with any of the items on this checklist? Give Raving a call at 775-329-7864. We offer tune-up checklists and reviews that are cost-effective, bring us right to your property, and give you strategic and tangible action items that you can perform immediately, in-house, to start achieving your player development goals.