Positioning

Jockeying for Position – IAG – Inside Asian Gaming





Positioning your company’s brand is more important than ever before in the wake of the COVID-19 pandemic, writes Sudhir Kalé.
The COVID-19 pandemic has brought about a tectonic shift in people’s attitudes, preferences, behaviors and purchases. The gaming industry has not been immune to these changes. Because of casino closures all over the world and restricted mobility of gaming customers, market dynamics of the industry have  changed drastically. Once “loyal” customers are now experimenting with other brands or looking at other platforms on which to gamble. The customer mindset has changed, and casino operators need to pivot their marketing strategies accordingly if they are to retain their existing customers and attract new ones.
One of the casualties of the pandemic has been an eroded customer loyalty. A McKinsey report found that more than 75% of consumers have tried new brands or places to shop and altered their methods of shopping during the pandemic. One way to rekindle the spark between the casino and its customers is through brand positioning.
Brand positioning has been defined as “the specific intended meaning for a brand in consumers’ (customers’) minds. More precisely, a brand’s positioning articulates the goal that a consumer will achieve by using the brand and explains why it is superior to other means of accomplishing this goal.”
Peoples’ goals have changed, some would argue irrevocably, because of the pandemic. Casino brands, therefore, should alter their positioning to align their brand perceptions with the goals and preferences of the target market. Brand efforts should be directed toward finding that sweet spot where the brand is differentiated from competitors, is viewed as being relevant by the target market and has emotional power to intimately connect with the chosen market segment(s).
Positioning flows from an analysis of market segments and decisions about which segments to target. Australian academic Michael Beverland writes that positioning, in essence, involves providing your customers with compelling answers to three questions: (1) Who are you? (2) What do you do? (3) Why does it matter?
The first question introduces (or reintroduces) customers from targeted segments to the company. Customers, more than ever before, are wanting to try new brands and would love to engage with a brand that portrays itself as authentic, caring and friendly.
While all casinos in effect “do” the same thing, the “way” in which they do it differs. Caesars Entertainment tries to draw in customers through its rewards program while Marina Bay Sands wants to be perceived as a company offering high-class entertainment in an iconic venue. Given the very different offerings, the two companies would and should target different segments.
According to Simon Sinek, when we start with “Why”, we go from the inside out of the circle. “Why” is the reason to buy, and the “What” merely represents the tangible products as a proof of that belief. “What” is the reason we can point to in order to rationalize why we like one company over another. The “why” of Station Casinos could be described as a company that truly cares about its local customers and goes the extra mile to keep them satisfied. The “why” of Caesars, on the other hand, could be inferred as “providing good players with the rewards and recognition they deserve.”
Answering the three basic questions on positioning prepares the company to come up with a formal positioning statement – a short description of how a brand satisfies a consumer need better than the competition. The positioning statement needs to be internalized by all employees so that they personify the brand essence in all decisions and interactions.
Pretty much all marketing actions flow from a firm’s positioning. Positioning provides casino operators with an intimate understanding of their customers. The company can then use this understanding to provide customers with attractive offers that are aligned with its value proposition. When differences from competitors are clearly spelled out, current and future marketing efforts become more focused. Positioning, rightly done, differentiates a brand from its competitors. A strong position ensures that the brand becomes deeply embedded in  the customer decision making process. Sound positioning enables a brand to relate to its targeted customers through powerful story telling.
At a time when customers’ connections with brands have become tenuous, creative brand positioning will cement the place of a brand in customers’ minds, thereby enhancing brand loyalty and increasing revenues and profits.
Sudhir H. Kalé, Ph.D., is the CEO of GamePlan Consultants, a boutique consultancy that helps companies optimize CX for customers. He has advised gaming companies on five continents and has published over 100 articles on the marketing and management of casinos. You can reach him at [email protected]
Given the extensive coverage of Macau’s COVID-induced woes of late, it would be easy to fall into the trap of…
It’s official: Macau is no longer the center of the casino gaming universe. The Macau dream is over – for…
Having set new attendance records each and every year since relocating to ICC Sydney in 2017, the Australasian Gaming Expo…
G2E Asia is back in 2022 and headed to a brand new home, albeit planned to be a temporary one,…
Given the extensive coverage of Macau’s COVID-induced woes of late, it would be easy to fall into the trap of believing that Asia’s recovery trajectory is stuck in limbo compared with the booming numbers being seen in Las Vegas. Nothing…
The findings of multiple inquiries into Australia’s major casino operators, including the most recent Bell inquiry into The Star Sydney, raises questions as to how operators apply their remuneration systems. To reprise the infamous saying attributed to perhaps the mangler-in-chief…
Dominating discussions around Macau’s casino industry over much of the past 12 months has been the looming expiration of gaming licenses and the amendments being made to the gaming law ahead of new concessions being granted. While the Macau SAR…
In Part 1 of this two-part series, we looked at the rising world of metaverses and NFTs. In Part 2 we take a closer look at how integrated resort and casino operators can drive real-world visitation. Metaverse platforms allow brands…
© 2005-2022
Inside Asian Gaming.
All rights reserved.
© 2005-2022
Inside Asian Gaming.
All rights reserved.

source



Related posts
Positioning

Five challenges awaiting Alan Jope's successor as Unilever CEO - Marketing Week

When Jope’s successor takes over as CEO in 2024, they will take on challenges ranging from…
Read more
Positioning

Exclusive: India's push for home-grown navigation system jolts smartphone giants - Reuters

NavIC (Navigation with Indian Constellation) and GPS (Global Positioning System) logos are seen in…
Read more
Positioning

Personal position and geopolitical posture in the Philippines - East Asia Forum

Author: Editorial Board, ANUAt times during the presidency of Rodrigo Duterte, it seemed that the…
Read more
Newsletter
Join THE PRO PEOPLE Family

Sign up for The Pro People Community's Daily Digest and get the best of Industry updates, tailored for you.

Leave a Reply

Your email address will not be published.