Your five-point PD checklist …
for driving more revenue in 2017
A new year is coming. I know, I know, we haven’t even gotten to Thanksgiving yet, much less Christmas. But make no mistake; the New Year is so close that it just might smack you in the face if you don’t pay some attention to it.
How’s your PD 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?
The following is a checklist of FIVE things that you need to look at when making your player development plans for the New Year:
1. Database Analysis and Sales Lead Generation
Have you done the math? 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 that you can target with powerful, revenue-driving sales strategies in the new year?
2. Administration and Organization
Based on the numbers, take a look at your organizational structure and administration. Do you have enough hosts to handle the sales potential? Are they properly supported with PD Coordinators, Ambassadors, and other support positions (they can’t do it all, you know)? Is your leadership (sales management) in place, well-trained, consistent, clear and precise about your vision, financial goals and strategies for the New Year? Managing a sales force is often referred to as “herding cats,” like the popular TV commercial describes. 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 PD staff 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 measurement, or does it need some work?
4. Training and Host Skills
Have you performed a review of what the training needs of your PD function are? Do hosts need more education in product knowledge, casino processes, etc.? Do they need more skills training in negotiation techniques, sales fulfillment, and organizational and time management skills? What are the training requirements of your PD 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 are they paid? Are there effective incentives (bonuses, etc.) in place that are tied specifically to the achievements of their sales goals and targets? Is it effective? Does it 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 to go over for the New Year. Better hurry, the days are racing by so fast that I am already trying to figure out what to get my daughter for Christmas.
Oh, and by the way, if you need help with any of the items on this checklist, then give us a call, because Raving will help. We offer tune-up checklists and reviews that are cost-effective, bring us right to your property, and give you not just Strategic Recommendations, but tangible Action Items that you can perform immediately in-house, to start achieving your PD goals.
