๐Ÿ’ Building a Budget - GGB Magazine

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Marketing and Loyalty Clubs. This will allow you to hone in on a niche that becomes a competitive advantage. This technique is unique to casino marketing budgets and will control wasted spend while keeping the center of attention on revenue generation. Four Casino Marketing Budget Hacks. You then hold quarterly reviews with each department head to insure your plan is on track and successful. The starting point is a market analysis and market share analysis. In zero-based marketing budgets, Snodgrass focuses on programs that build the data base. Randall Snodgrass understands the zero-based process from experience. The end game is to become more adaptable and flexible. Casino budgets follow an arduous process that averages four months, during which you also operate the property. By adding quarterly benchmark goals to each department, marketing budgets can help adapt to changes in real time and upgrade the all-important function of forecasting. However, the best budgeting returns result from program analysis.

Along with Halloween and pumpkin spice everything, the annualized budget season arrives around Labor Day like the casino marketing budget headless horsemenโ€”four months of wrangling, sandbagging and brinksmanship. This method will also help reduce wasted, off-target spending. These might be goals like player acquisition, player retention, sales department goals, player development goals, social casino marketing budget and mobile lead conversion.

To begin, marketing leaders ask each department to meet operational goals. The procedure should uncover the key differentiators that set your property apart.

Casino marketing budgets are built the same as other departmentsโ€ฆ but different. Marketing department expenditures are allocated based casino marketing budget market history, property casino marketing budget results, specific program analysis, data base analytics, target markets, competitive factors, and goals and projections.

A marketing budget with quarterly benchmarks assigns trackable goals for all revenue streams and channels. Zero based budgeting justifies every expense and every revenue dollar, often on a monthly, quarterly and annual basis. Best Practices Protocol for Guest Communication.

Then, understanding your total market and where your property stands in the market defines overall budget goals. This article was originally published in the December issue of Casino Journal. Other departments such as traditional media and public relations, not so much. The key is to make the differences work in your favor. McMackin was senior vice president of marketing for the 16 property Isle of Capri Casinos corporation and now runs marketing for Foundation Gaming. That said, when it comes to approaching the casino annual market budget, you often see three common strategies. Tom Osiecki. The availability of a wide selection of analysis gives marketing a clear path to decision making. The goals become the revenue and expenses you assign to each department. Some departments like database, loyalty club, PD, sales, social media and promotions should have substantial reporting that can make decisions easier. The position of the brand and property product points out a clear direction for allocating revenue and expense. By nature, marketing budgets are dissimilar combining history, analytics and financials with the practical magic of crystal ball forecasting. Once you establish your properties unique position, you are better able to allocate dollars to each marketing department with a laser like focus. In a benchmark marketing budget, you spread the goals over four quarters. The heart of the budget process is the thinking that goes into the allocation of those expenditures. The fact is most marketing budgets end up as a reflection of the past, not a guideline to the future. February 4, Focus on Guest Service. The process is a necessity with startups and acquisitions. Marketers with trackable programs draw on data to craft their annual budgets using quantifiable metrics. The ability to establish and track quantifiable goals aids projections for future programming. McMackin said to look at both your brand position in the market and your product position. This process is normally accomplished through focus groups, market research, surveys, in house and social media questionnaires, employee input and observations. To keep expenditures on target, define your properties brand position in the market. But technology and rapidly changing markets are pushing companies to add forward looking forecasts to annual budgets. Every marketing budget starts with financial goals for revenue and expense set by the company. If your product is not on par with the rest of the market, where do you allocate your casino marketing budget programmatically to overcome shortfalls? The choice to build a bottom-up, zero-based budget often originates from a need to generate maximum efficiency from each marketing dollar. Furthermore, zero based budgets are also a favorite of small to medium sized properties used to boost limited resources. A typical digital age marketing budget uses data over assumptions to arrive at measurable conclusions.