It is that time of the year when we all make "New Year's Resolutions." The problem with most of them is that 60 days from now they are forgotten or simply ignored. Instead, may I suggest an "I Owe Me"? Think of it as a promissory note to yourself, since most resolutions are broken, but promissory notes are not.
Outline the terms and conditions that will be met. Since it is a promissory note, you need to think of it as the same type of promise you make to the bank. They will foreclose if you do not pay it. To be effective, your "I Owe Me" likewise needs a penalty that is meaningful.
In addition, when you make a promise to the bank they ask you many questions. Usually among them are: "Why do you want to take on this obligation?" "What is the realistic period in which you can repay it?" "What will be the benefit to you?" Be sure to ask yourself the same kinds of questions before you decide on your "I Owe Me." For me, the question is simple: "What am I going to do differently tomorrow that will get me better results than I got yesterday?"
Many of the promissory notes we sign to ourselves are not realistic. As I thought about the "resolutions" I made in the past, I recalled how often I promised "...p;to lose 100 pounds" But I could never keep that resolution, because it was so daunting. Every day when I reminded myself of that resolution, I subconsciously reminded myself of how long and hard it would be to keep it. I had set myself up to fail.
I was looking solely at the end point, rather than thinking of ways to get me to that ultimate goal. I had to stop trying to do it all at once. I needed smaller "I Owe Me's," things that would be achievable in the short term. Instead of losing "x" number of pounds, why not reduce my calorie intake by 100 calories a day? Instead of exercising 30 minutes a day, how about starting by just moving more? Park the car further away from the entrance to the grocery store. Get up and walk to down the hall instead of using the intercom to talk to a colleague. Use the stairs instead of taking the elevator two flights.
Once I started moving more and eating less, I saw results. I was losing weight. Not much, perhaps, at the start, but the weight was beginning to come off and, more important, to stay off. That encouraged me to do increase my exercise and decrease my calorie intake even more. Eventually I did lose that 100 first pounds, and at least another 100 since.
Do you create resolutions that cannot be attained? Do you reach for goals that are so audacious that you cannot achieve them?
To succeed and grow, of course, we need to test a few radical ideas and create some audacious goals. But it is the smaller accomplishments that help us reach the larger goals. So, along with those big ideas and goals, you need to identify smaller objectives, so you can see incremental progress and rewards that encourage you to continue towards the larger goal.
The bank requires monthly repayments, do they not? They do not wait for a year before asking for their money back. In fact, they want some of it back within the first 30 days, and then every 30 days thereafter.
Create an "I Owe Me" with the same type of repayment plan for your gaming organization. Write it down and have someone witness it. Make it specific, have a due date, and a penalty. Then see just how much more you can do.
Here are a Four Sure Bet suggestions for 2007 "I Owe Me's."
Sure Bet #1: Try something that has never been done.
Hispanics are the fastest growing population segment in the U.S. Los Angeles has the largest Hispanic population and is home to the largest circulation Hispanic language newspaper. Yet, I cannot find one casino in Southern California that has an Hispanic Marketing Department or even targets those players.
Why not? "What If?" if they did? In 2000, there were about 35 million Hispanics. By 2015, that number will double and continue to increase at the rate of about 18% per year. Make an "I Owe Me" to address this growing market.
Sure Bet #2: Deliver Food
Almost every casino has some fast-food service. "What If?" you delivered food to where the players play instead of requiring them to leave the gaming area to eat?
How difficult would it be to offer the same service as a "drive thru" window? Couldn't the cocktail waitress take food orders, process credit cards using wireless technology, and permit your player to play more?
Sure Bet #3: Create Player Envy
No matter who they are, no matter how much they earn or their level of education, there is something that your players really want that they have not attained. Perhaps it is going to the Super Bowl or the Masters Tournament. Maybe it is to ride in a helicopter or stay in the Presidential Suite. For most of us, it is bragging rights. We want to tell others. We want them to know that we have reached the pinnacle of success. We want them to envy us.
Your challenge is to find rewards that players will envy. You have to ask, "What do my players want and what will they do to get it?" In most gaming organizations that is the role of the casino host. The problem is that the hosts are not looking for potential. They do not have time to develop new players. For many, they merely respond: to the player that opens a large credit line, or to the pit boss who alerts them to a high level of play, or to the slot tracking system that identifies them.
But "What If" you had a Player Advisory Committee? You could ask players directly, "What do you want?" and "What will you do to get it?" This year commit to learning about your players wants, needs, values, and expectations. And then you can deliver and create "Player Envy."
Sure Bet #4: Focus on Current Players While Reaching Out to New Ones
Honor the lifetime value of your players. Look for ways to be more valuable than your competitors to your players. Create "player insistence" that makes your players want to come to your gaming organization instead of any other. Create a buzz that delivers a solution to their problems. This will allow you to win a market without a marketing battle.
Build new players from those groups that you have ignored. Look at the marketplace and determine where you can have the greatest results. To begin, you must know exactly who you are and to whom you are selling, then seek out areas in which to grow. The best place to find growth is in markets that are overlooked by the competition. The next best is to win away the competition's players by providing better products and services.
Never attack an entrenched position, but do not be scared by a competitor's size. Real strength does not come from size. Given the right strategy, a smaller company can out-market a larger one. It is the case with casinos. Size does not matter if the resources are deployed effectively.
2007 has started. Have you? What are you going to do today that will benefit you tomorrow?
