The 5 business lessons to learn from casinos.
Like any industry, casinos — both online and land-based — need to be managed, promoted and run successfully by people with a good sense of business. With the revenue that the industry brings in around the world, and the large-scale customer base, the casino world can offer a world of insight into how to run a business properly.
Here are the top five business lessons we can all learn from casinos.
There’s value in choice
Customers want a varied experience and to be able to personalise their entertainment offering to themselves. While it’s important for businesses to really hone in and focus on their core products while retaining a high level of quality, it’s imperative that they also constantly work on expanding their offering to their customer to keep them enticed.
Casinos are a fantastic example of this as they’re constantly working to update the games they have available with the best new slots and table games especially in the online casino setting. This is not only so that their customers stay entertained but also to keep ahead of the competition — you want to offer the highest quality of experience available with lots to choose from so your customer is never bored. Because if that happens, there’s likely to be another option out there and once they’ve been drawn away to a competitor, it’s more work to get them back!
Don’t fear being bold with marketing
Marketing is so much more than publicising your offers or services. The most valuable use of marketing is to make a lasting impression on your target audience — and potential future customer. Casinos are fantastic at being bold at their marketing, never shying away from brand tie-ins with top celebrities or incorporating some tongue-in-cheek humour to draw attention to themselves over others.
With so much competition out there for casinos (like many other industries), it’s important that your audience will remember you — and being bold is one way to do just that. So don’t be afraid to make your brand a little loud, funny or quirky. After all, it’s better than being bland — first impressions matter and you want to make your own one that will stick around in the minds of those who encounter it.
Customer loyalty is invaluable
Casinos are a great example of showing the value of customer loyalty. There are so many online and land-based casinos with similar offerings; and casinos know it costs more to bring a customer onboard than keep the ones that are already in their physical and digital venues. Most online casinos will do whatever they can to keep those that play with them, to keep playing with them.
This includes regular bonuses and discounts for players or VIP programmes that accumulate with rewards the more that you play. Some of the top casinos will go so far as to reward their best customers with lavish meals and free vacations. Their loyalty means revenues, referrals, and importantly — staying ahead of the intense competition of a very saturated market.
The future is online
Casinos have been ahead of the game when it comes to digital transformation. They’ve made it so that their in-person experience can be matched online, with their digital venues offering all the games you would find at a land-based casino and more.
Not only have they managed to match their in-person offering but they’ve made it so that their online experience has its own form of benefits, including unique online offerings, exciting games you can only get with digital and more. Digitalisation also means lower overheads for the industry as well as a whole lot of convenience for your customer; so if you’ve not considered it as part of your business strategy it’s time to take a leaf from casino’s books and start.
It’s ok to experiment
In this fast-evolving world of technology, it’s important to keep experimenting and trying new things with your business. It’s not just about embracing the risks but actually going so far as creating your own trends.
Online casinos have definitely supported the emerging technologies out there and integrated them as much as possible into their products. Many casinos are now offering gambling via live stream as well as new innovations around VR, AR, cryptocurrencies and more.