Whether you are playing 75 or 90 ball bingo, you are still waiting a long time for your numbers to be called. While hoping for victory is fun and a great social pastime, there is little question that in business you will want to be more strategic. While the casino might be a place for chance, luck, and some skill to play their part, in business we should only ever focus on intelligent and focused decision-making.
If you are looking for inspiration for how to make the best of your business, you could do no better than look at the casino industry. This sector embodies what it means to be ambitious, valuing success, and the need to be completely customer-focused. With this in mind, we have collated the top five lessons you can learn from the leaders in the casino industry. How do they turn everything they touch into gold?
Make customer loyalty a priority
Pouring an insane amount of time, money, and energy into winning first-time users is a fruitless exercise. Any salesperson will tell you that generating and converting a lead takes a long time. Therefore, this cannot be the basis of your success. Your success will come from retaining those customers that choose you once – preventing drop off and encouraging loyalty.
Casinos are some of the best institutions in the world at garnering this lifelong loyalty that is so prized. They make the customer who returns time and again feel special with their VIP programs and their bonuses for continued use. From free holidays to many course meals, to a discount to play in the casino, the customer that returns is made to feel glad they did.
Take your business digital
In-person experience at the casino is a great night out. The casino owners know this and love to make it a black-tie event. However, relying on a “special” event in a customer’s life is only going to bring you limited rewards. The digital world promises daily players and therefore regular cash flow.
Casinos understood a long time ago that their in-person experience needed to be matched with the online gaming available. Going online means lower overheads for the business and greater convenience for the customer. Therefore, in any business, making the most of digital business is going to be a feature of success.
Make marketing a priority
Casinos show us what marketing is really for. It is not for publicizing special events and opening hours, it is about making a lasting emotional impression on your target customer. When casinos market they are bold and brash, they look to tie-in with brands and seek out A-list celebrities to endorse them. They use humor that is on the edge – in short – they do what it takes to get themselves noticed.
How bold are you with your marketing?
Offer your customer choice
You may have a core product, exactly as a casino does, but you also need to offer some choice – equally what a casino does. Therefore, while a slot machine is a central tool for drawing the user into the casino experience, the business will have literally thousands of different slots to choose from. They will also be looking to update these slots, so the latest titles are available for a customer that returns for more.
If you are not at the edge of what is new in your sector, offering the choices your customers want, then a competitor will do this for you.
Be happy to experiment
A casino owner is naturally happy with risk. One thing that you learn when you are in the gambling industry is that you cannot win big without experimenting with an idea or following an instinct. And when you have this idea or this instinct, you back it up big with investment.
Now, remember that a casino business may look like it’s based on chance and luck, but the most successful approach the risks they take with a coherent strategy.
A casino is a perfect model for how emerging technologies are tried out and explored first. Just look at how the sector has embraced cryptocurrency – live streaming – AR/ VR and Mr and more. The casino leaders know that experimentation leads to innovation which results in you being the market leader.
Your main lesson from the casino industry is to go big or go home. But when you go big do it intelligently with an eye on the future and your loyal customers.