The Global Symposium on Racing & Gaming drew to a close this morning (Thursday, December 6) with panels covering two topics currently at the forefront of the industry --- regulation issues and measuring social media.
In the first panel, 'Barriers to Dealing with the 1%,' Vince Mares addressed many of the challenges that New Mexico is facing in reforming its regulation of the sport. Mares, the director of the New Mexico Racing Commission, cited the condemning New York Times as a catalyst for the reform. As a result, Mares was able to address New Mexico politicians to increase the financing for the commission. With the additional funds, the commission has been able to increase investigative staff and increase testing, as well as implement a necropsy program for horses that die on the track.
While the jurisdiction has made progress, they have further goals of utilizing the media to their advantage in pointing out that it is the court system, rather than the racing commission, that often allows problem trainers to continue to compete. The commission also wants to increase the monetary penalty cap so that the fines may actually deter the behaviour.
The conference concluded with a panel looking at social media and how tracks can capitalize on it. In 'Does Your Social Media Measure Up?,' Yenni Vance stressed the importance of targeting 'Generation C' --- a label that doesn’t refer to a demographic, but rather the connected consumer. In order to become a connected marketer, organizations need to attract everyone connected to their brand regardless of what that connection is. In her experience as Digital Communications and Social Media manager for Remington Park Racing and Casino, she has learned that tracks don’t just need customers, but they need 'fans,' those customers who advocate for your business and promote it amongst their friends.
In sharing just how important customers’ opinions are to a business, Vance quoted Jeff Besos: “Your brand is what people say about you when you’re not in the room.” Companies have an increasingly small voice in how their brand is portrayed and instead are dependant on their status among consumers. If consumers speak up via social media, whether negative or positive, it will have an impact on the company’s reputation. If racetracks harness the power of various social media outlets they can have a much greater influence on their brand versus traditional marketing and branding efforts alone.
(Symposium on Racing & Gaming)