Stephen R. Marshall, SVPThe present industry, due to its expansion, has become ultra-competitive, stagnating or even reducing top-line revenues. At such times the need for casinos to leverage technology to manage their customer reinvestments and extract as much value from their existing database as possible becomes ever more important. “That’s exactly what our LaserPointCRM 2.0 is designed to do,” comments Stephen R. Marshall, SVP, The Fine Point Group, while adding that the product extracts value from a given database to optimize P&L performance.
Cloud-based software LaserPointCRM allows clients to make strategic database segmentation and analysis in a fully customizable manner based on the casino’s market specific relationship marketing strategy. Marshall gives a comprehensive explanation: “It allows a casino to segment the database based on attributes such as a customer’s last visit or where the customer lives in relation to the client’s casino as well as competitive properties in an area. The product provides database segmentation based on predictive values and allows macro data¬base trends analysis so the client can better understand patterns such as, revenue contribution by customer segment. The product also allows a prospective client to analyze their marketing initiatives at a program level. Marshall continues, “It’s important to understand that all this is done at the push of a few buttons, instead of hours of data crunching.” Further divulging on what LaserPointCRM does, he says that the product helps casinos man¬age their customer reinvestment against high-frequency players and grow top-line revenue. “LaserPointCRM is designed to help casinos locate business opportunities from a strategic perspective and manage reinvestment at the very ‘frequent customer’ level, and then grow revenue from among customers who are visiting competitors more frequently.”
Substantiating his claims, Marshall draws figurative evidences from the use-case of a tribal casino operator from the Upper Midwest. Plagued by the very ultra-competitive market, the client adopted LaserPointCRM in 2012 for strategic database segmentation.
LaserPointCRM is designed to help casinos locate business opportunities from a strategic perspective and manage reinvestment at the very ‘frequent customer’ level
The results: Casino revenue up by 1.6 percent, or $100,000 per month on average; Free Play spend down by 14.7 percent, or an average of $90,000 in savings per month; and an average net increase in profitability of over $190,000 per month.
While casinos do have the will to achieve higher growth leveraging their database as a resource, one fact that often surfaces is that they fall short on the necessary skills which hold casinos back from realizing their goals. LaserPointCRM 2.0 “levels the field” between casinos that do have skilled database administrators versus those who do not. And, having been present in almost every major market and faced almost every competitive circumstance, the firm is apt at packaging its accumulated experiences into products that shorten the learning curve for its clients. The approach the company adopts—try before you buy— with respect to associating with a new client is also a rather uncommon one for the industry. “We are willing to put our 11 years of consulting experience and around 60 years of collective executive management experience across the industry into a 60 day free-trial period,” says Marshall.
Adhering to its passion toward leveraging data and analytics to enable informed decision making, The Fine Point Group commits to expand its LaserPoint suite of software which it believes can be of great value across different disciplines within the industry. “Through client interactions we have also felt the need for mentorship and the market can expect us to move in that direction overtime,” concludes Marshall.