MARKETING
How to Win in 2023 : Think Small
How to position your brand for whatever is coming next
By Rich Sullivan
Ah , the end of another year . It ’ s the perfect time to take stock and reflect on your business — what ’ s worked , what hasn ’ t and what ’ s next . But this isn ’ t just the end of a regular year for the gaming industry . It feels like we ’ re on the precipice of a new era , and that the past two and half years were spent furiously priming an enormous pump . Packing gunpowder into a large cannon . Loading the wagon . Pick your something ’ s- building-up metaphor .
As reported by every financial news outlet , this magazine and the American Gaming Association , the casino business has rebounded and roared back from the closures of the 2020 pandemic . As of August , the industry has seen 18 consecutive months of year-over-year commercial gaming growth . The numbers are handily outpacing pre-pandemic figures , so the math isn ’ t fudged .
This turn of events is simultaneously wonderful and worrisome . No doubt , it ’ s great news that properties large and small , commercial and tribal , are growing across the United States . It ’ s great news that sports betting is coming into its own . It ’ s great news that we ’ ve seen a shift towards more positive social attitudes regarding the industry and that we ’ re seeing an influx of a younger demographic .
The follow-on questions , of course , are : How long can this last ? Trees don ’ t grow to the sky , do they ? The trend is your friend until the end when it bends , right ? And that ’ s the worry part of the equation . This article is not another year-end recap , nor is it a list of advertising trends to watch in 2023 . And it ’ s most definitely not an offering of marketing New Year ’ s resolutions .
I ’ d rather present a simple mantra as we all press towards continuing growth , as we should , amid a precariously uncertain macroeconomic backdrop : Think small . From our vantage point , just about every operator has ambitious immediate growth plans .
Property expansions , new markets , a pipeline of acquisition targets and other competitive conquests . Decidedly bullish moves across the board , and we share this positive outlook .
Don ’ t get me wrong . “ Think small ” is not an expression of trepidation or hesitation . There ’ s nothing worse than playing scared . This mantra isn ’ t at all about that .
“ Think small ” is about positioning your brand to navigate whatever it is that comes next .* It ’ s about retaining the edge and scrappiness of an upstart . It ’ s about avoiding the lumbering bureaucracy that emerges as any business grows . It ’ s about keeping an underdog mentality . It ’ s about simplicity and clarity of purpose . (* Hint : no one knows .) The biggest , strongest brands in the world built their businesses by thinking small . Here are some of their secrets that you can put into practice with your own brand :
Strategy first . Get back to basics here . What are you trying to achieve , and how are you trying to achieve it ? What are the core value drivers you need to focus on ? As a small operation or startup , these are typically singular and simple . But as you grow , there ’ s a natural tendency towards complexity and compounding initiatives , stakeholders and interests . The best brands step back and ask themselves , “ What ’ s the one thing we want the world to know about us ?” Then they make sure that everything ladders back to that single-minded strategic thought .
Keep plans in perspective . President Eisenhower famously said , “ Plans are useless , but planning is indispensable .” The mere act of gathering a team to discuss objectives and key results is often more important than any actual plan itself . I ’ ll wager that the landscape will continue to shift in ways we cannot imagine — so keep your eyes on the longer term and don ’ t pledge allegiance to any plan but to continual planning instead . Make sure your marketing team subscribes to the long-term brand strategy but understands that tactics are iterative .
Agility and tactical optimization . Advertising is an investment , with a return . Nevertheless , in contracting economic cycles , budgets get squeezed . And advertising is always an early sacrifice . The best brands think small by optimizing budgets rather than slashing them . Lean into experimentation , test new things , double down on what ’ s working and abandon quickly what ’ s not . When everyone else is slashing , you ’ ve got to take advantage . Think small and be scrappy about how you compete for share of voice .
Focus on your brand . Casinos are promotional animals , and there ’ s a reason for that — it works well . But excessive promotion , or getting into a “ gasoline war ” type competitive promotional trap in your market , can erode profits fast . Strong brands have several competitive advantages , particularly in difficult markets ( like the inflationary cycle we ’ re in now ). You ’ ll have better pricing power , better margins and more loyal players . Think of promotional mix and cadence as a dial that can be adjusted , but your brand messaging needs repeated reinforcement .
Creativity is your secret weapon . Constraint is the mother of creativity , and creativity makes $ 1 work like $ 10 . Great brands think small by manufacturing constraint . You don ’ t need a huge media buy to make an impact . Are there newer , cheaper mediums to exploit ? What about your player touchpoints ? Every small interaction is an opportunity to make an impact . You can be as off-the-wall as you ’ d like ( in most cases , creativity takes some guts ); just make sure it ’ s on strategy .
The next year promises to be full of challenges and opportunities . As the gaming industry prepares to build on record numbers , the casinos that adopt a think small mindset will be the ones that continue to adapt and grow . Let ’ s go to work !
Rich Sullivan is CEO of Good Giant . Formed in 2022 when Nevada-based Foundry and Alabamabased Red Square merged , Good Giant provides comprehensive marketing services with a focus on casino resorts , as well as select brands in CPG , finance and technology .
DECEMBER 2022 www . ggbmagazine . com 35