When it comes to managing revenue, casinos require a different approach from traditional hotels.
In effective implementation, a casino based resource management strategy can help casino managers market their casino to their target audience and set the price of their product to increase their revenue.
Neven Reed, Senior Director of Casino Services, will discuss the basics of free sgd credit online casino revenue management in the latest webinar titled “Fundamentals of Casino Revenue Management”.
“Rapid advances in technology have changed the game,” says Reid. “The best casinos collect and analyze supply and demand, value data, gross profit and analysis, and use them to make operational and competitive decisions and set prices.
Or at least it should
At the webinar, Reid provides valuable insights into classic casino relationship management concepts. Using these different approaches as part of a comprehensive revenue strategy can help casinos become more profitable while improving the customer experience.
1 hash
The rules for segmenting casino customers are different from any other revenue management application. For example, hoteliers divide individuals and groups as separate parts of their activities. Business travelers are treated differently from travelers.
The casino split gets more complicated. Customers who play high-stakes games and drink expensive alcohol should be treated differently than customers who play slot machines and drink water. By exploring different segments, you can create better deals for different clients, which will result in more profitable business.
Reid says
“Keeping your rates fully dynamic will open a higher door for income.” “Leave all your slides open and adjust your rates accordingly. Let the customer decide not to book with you – don’t do this by closing a price.”
2 second prediction
High net worth clients have been known to book at the last minute. If casinos are equipped with a forecast that predicts this type of demand, they can set prices accordingly. (You can also better balance room inventory and staffing levels.)
Reid says
“Having a system that allows you to recover in real time is very important when you are making predictions.” “It helps ensure you always have a place for your best customers.”
3 open price
Open pricing gives casinos the flexibility to change rates dynamically across all sectors by setting separate rates for each segment, channel, room type and offer.
Reid says
“With open pricing, you can pull demand to increase sales in times of high demand and high demand.”
4 Loyalty and revenue management
Casinos can use existing loyalty programs to fully track customer spending on their properties. You can combine this data with m8winsg open pricing and dynamically adjust pricing and pricing based on the total value of each customer.
“You need to create a 360-degree view of your customer and then determine which customized offers he or she needs or receives,” says Reed, which increases revenue with each customer. Reservation. “Casinos can even transfer activities over the air to their websites by offering clear rates to loyal members who book directly.”
5 Reinvest in loyalty
How do casinos connect their customers while remaining profitable? Simple: Reinvest.
Reid says
“Reinvestment is a great piece of the puzzle that you need to understand in order to remain profitable,” adding that casinos must estimate the customer’s total value and then use that information to allocate marketing reinvestment through seduction.
Says
“The true future of reinvestment has become a highly profitable and dynamic feature of your pricing tools.”