Salient marketing lessons and best practices can sometimes be gleaned from the most unexpected of places when you open your eyes widely enough – What Can You Learn from Casino Marketers?
Take for instance, the online casino industry.
In the annals of business competition, this is perhaps the most competitive online business niche ever with thousands of companies looking to edge out the competition and get a piece of the pie.
Yet they all seem to be winning and are raking in superb profits.
How do they do it?
The trick is in the aggressive and winning marketing strategies that casinos employ to get a competitive edge.
Let’s have a look at some of the marketing best practices that we can learn from casino marketers.
Diversify Your Product Offering
Casinos get product diversification down to a tee.
Be it land casinos or online casinos, they offer such a diversified portfolio of products that the end user is dazzled and kept engaged by the many offerings in the house.
In the online casino world, you can find casino games like these: slots, card games and table games.
They don’t just diversify their product portfolio; they also create variants of the same products with different kinds of themes and styles.
They cast their net wide to catch the fish, and this is a lesson that marketers and product designers can draw upon to create a winning edge.
Casinos Get CRM
Casinos don’t just collect the sign-ups, set, forget and spam them with their generic messages and offers.
They get to ‘know’ their customers through cutting-edge market intelligence and are therefore able to target them with very unique offers that will keep them coming.
Business can learn a lot from these.
Customer information may not amount to much if you aren’t willing to apply some intelligence behind the information.
CRM systems have evolved in sophistication and scale to meet the customer relations management needs of businesses of varying sizes and budgets, but marketers must also take the time to learn and fully leverage the capabilities of their CRM systems.
It isn’t just enough to install it and wait.
With the right CRM systems in place, your marketing strategy will stimulate buy-in and revenues to power your business into the future.
Not only does this allow you to reach your business goals but it also enables you to positively impact the customer experience which is key to customer loyalty.
The Art of Generosity
Casinos hook up prospective clients with loads of attractive bonuses designed to make them either sign up or play more.
These range from the Welcome Bonuses to Free Spins, High Roller, No Deposit Bonuses, Poker Freerolls, 100% Match Bonuses and Cashback Bonuses among others.
People love these kinds of freebies, particularly gamblers who are also hunting for the next big score.
Free sampling or freebies may not look like a good business strategy when you are selling products and needs to maximize revenues but if the aim is to convert and hook a customer to use product for the long haul, it works, and casinos fully leverage this.
The prospect has the illusion that they are winning by grabbing the bonuses or free samples or free trials, but it is the business that wins over the long haul.
Businesses must enthusiastically embrace free sampling as a customer acquisition strategy.
This particularly works for businesses that expect to generate revenues from the customer for the long haul such as subscription-based businesses.
Focus on building relationships
Some businesses focus on building their customer base while others focus on cultivating relationships.
The latter win the marketing game.
Casinos are experts at cultivating relationships.
They make you part of the tribe and offer you plenty of offers, rewards and games to cater to your gambling habit.
They keep you hooked at every instance so that you are always in the arena of things, even when you are not playing.
They have rewards and loyalty programs to keep you invested in their service.
The land-based casinos, of course, take it a notch higher if you are a high roller.
To build long term growth, businesses must figure out a way of building a relationship with their clients.
Airlines and hotels get it right with their rewards, loyalty programs and club memberships.
Long-term relationships are key to business growth because individual sales are often a matter of convenience and can fluctuate with the market.
With long-term relationships with your clients, you can overcome even the worst economic downturns or newer aggressive competition.
Tap into every portal
Like the adult industry, casinos are masters at adaptation.
They exploit every portal with a high degree of efficiency to get to their target market.
Casinos are based on land but also on the web and mobile.
With the advent of virtual reality and augmented reality, it won’t be long before we see casinos embracing the XR medium to bring a very convincing and immersive casino experience to their audiences.
There is a lesson to be learnt here.
Businesses must learn to leverage every platform to create multiple shopfronts for their customers.
You might never know where someone is waiting on the wings with a credit card on hand.
Customer Loyalty Must Be Earned
Casinos want to keep their customers playing.
Reward is therefore cast in iron in their business models.
Visit any casino website and you will find the word “Rewards” emblazoned somewhere.
Casinos are big on rewards and customer loyalty and that’s because they understand the consumer psychology.
Consumers won’t be loyal to any particular product, particularly where there is little to differentiate between two products, unless they are incentivized to do so.
Casinos not only create loyalty programs, but they leverage behavioral data to give their customers special offers and rewards that keep them hooked to the product.
To build product loyalty in your product, you must do more than just offer your customers the carrot. You have to build a wholesome product experience that is based on your brand vision, customer service, your business values, employee engagement and the product itself.
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