The house, they say, always wins. When it comes to games of chance, casinos do have the upperhand. But businesses in the casino and gaming industry don’t compete only with their customers. They are, after all, businesses. As such they also compete for their customers against others in their industry. In the context of competition within the gambling industry, no particular “house” always wins. It’s an ongoing and highly competitive game … with something like $70B on the table!
In the competition for customers, casinos have many tools at their disposal. Comps—free gifts given to customers from casinos—are used to woo new customers, keep existing customers at the tables or slot machines longer, and keep high-rollers from rolling down the strip to a competitor’s casino. But comps are hardly a new tool. They’ve been around so long they’re now an expected part of the casino experience. They’re so commonplace that they’ve lost a little of their power as a competitive differentiator.
Casinos have therefore been branching out with their customer relationship strategies. They’ve been turning to a variety of software solutions to help them provide better, more tailored customer experiences. Gaming and casino customer relationship management (CRM) software is one such solution, offering casinos the upper hand as they compete with one another for customers.
In this Buyer’s Guide we look at gaming and casino CRM software and answer the following questions:
Gaming and casino customer relationship management (CRM) software helps casino managers monitor their most important asset: their customers. Casino CRM software focuses on customer service, marketing and customer analytics. It allows managers to track the relative value of repeat customers, and then target specific promotions and rewards based on player potential and preferences.
Much of the value of gaming and casino CRM software comes from these targeting and tracking capabilities. Tracking a customer’s wins and losses, preferences and pet peeves, allow the casino to deliver extremely targeted perks and comps, while also gaining greater insight into the profitability of their various customers and customer segments.
The immediate effect of tracking and targeting is a more personalized customer experience for individual gamblers. But as tracking and targeting are refined and perfected over time, the net effect is an improved (relative to other casinos) customer experience for all customers and the casino creates a new competitive differentiator, tipping the odds in their favor.
In addition to core CRM functionality, gaming and casino CRM software will often include some or all of the following features, ensuring casinos have tools tailored to their specific industry needs.
|Analytics||Perhaps the most critical functionality for a casino, analytical applications provide specific data on how games are performing relative to certain customer segments. They can also provide more general information on tables, players and game performance, as well as where the most revenue and profit is being generated.|
|Loyalty management||By categorizing customers according to segmentation codes (“coding customers”), identifying customer segments, and measuring the value and opportunity within each segment, the casino can build a personal relationship with their VIP players while maximizing the profitability of their rank-and-file clientele.|
|Marketing campaigns||If your customer spent all weekend at the blackjack tables, there’s no sense sending him a mailing about the craps table. Since the customer’s data is all being recorded, it’s easier than ever to create marketing campaigns targeted to specific individuals.|
|Hospitality integration||Since most casinos are tied to hotels, connecting your gaming software to your other systems can vastly increase the efficiency of your operation. When customers make a reservation online, the information transfers directly to the front desk staff who check the customer in and issue a loyalty card. Then all of the customer’s preferences tie into future marketing efforts.|
It’s important to remember that these features can sometimes blur together—for example, loyalty and marketing functions might be combined—and can be given different names from different vendors. Buyers are advised to read product details carefully and to reach out to vendors for clarification whenever needed.
There are many factors to consider when selecting CRM software to be used in the gaming industry. When evaluating your gaming/casino software, start by considering the following questions:
While these questions will help you get started on your casino CRM software selection process, it’s likely that you’ll come up with more along the way. The experts at Software Advice can help you answer those and narrow down the list to find the right software for your organization. Call us for a free no-obligation FastStart Consultation: (844) 852-3639.
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