Are you running short of business marketing and management ideas? Perhaps you may want to get inspiration from how casinos operate. The reality is that gambling comes with risks, but the rewards are often irresistible for many people. Indeed, it is interesting to see how people continue to play casino games despite losing hundreds or even thousands of dollars probably when players win the biggest casino bonus. Without question, there is something that casinos do right. Here are five ways to run your startup like a casino.
In the casino industry, a deadline isn’t negotiable. You can’t move it back, only up. Remember, casinos make money from the gaming income they make from patrons. If you have ever taken part in the opening of a casino, you must have realized that pushing dates back would result in close to seven-figure loss daily in terms of expenses and revenue.
In a small business, there is a ton of preparation and planning that must take place. In association with business, planning comes to time limits for construction, regulations, and marketing that you must adhere to. While you are in control of your own business and can push back any deadline, doing so will be disastrous. On the other hand, maintaining strict deadlines (and probably making revenue) will eliminate the instance of overdue bills.
Marketing is an integral part of business strategy
Have you ever realized that casinos spend a lot of money on marketing? It’s time to stop skimping on marketing and start tracking your returns. Don’t spend your money on television or radio advertising without an effective way to measure it. Instead, focus on offering exclusive deals on all your preferred advertisement channels to be able to see the amount of money spend on marketing.
Keep your business fresh
Nearly all casinos are associated with floor moves – moving a slot machine from one location to another within the casino. This offers the same appeal as repositioning a sofa or any other piece of furniture in your home. This concept creates an illusion that the casino is consistently purchasing new slot machines.
If you are running a retail business, consider relocating merchandise to varying locations of your store. This will make your store visitors think that you have been purchasing new inventory frequently. Indeed, moving an item from the back of your store to its front might spark the sale of items that otherwise wasn’t selling. You also need to update your Twitter, Facebook, and other social media pages regularly.
Give something away, and get something back
Regardless of the industry you are in, you can always offer a freebie. In casinos, players can win a bonus or receive other gifts. From gift boxes with wine to toasters; most people look forward to visiting a casino to get something that they don’t have to pay for.
Always treat your customers like gold, you need them
In today’s competitive business environment, the customer is the king. Though you can’t please everyone, please try to maintain the clients you already have. Greet them, converse with them, thank them for choosing you, and find creative ways to keep them engaged.