Business Lessons from Las Vegas
Business Lessons from Las Vegas
Study these important business lessons that I learned from Las Vegas.
Follow systems
The Las Vegas casinos win most of the time - because they have and follow good systems. Some players think they have systems because they occasionally win. But the casinos are consistently successful because of their better systems.
Don't be greedy
The Las Vegas casinos do not win every game. But they consistently win enough of the time and they are satisfied with that.
Promote your brand
Las Vegas is a unique city and the casinos are unique. The Luxor named after the ancient Egyptian city, is built in the shape of a pyramid. Excalibur named after the sword of King Arthur looks like the castle Camelot. New York New York makes you feel as if you are in the big apple. Las Vegas has a strong brand.
Offer value
Value is in the eye of the beholder. That's why in Las Vegas one could pay hundreds of dollars for a room or $80. That's why you can gorge at the $5.99 all-you-can-eat buffet or dine on $150 steak accompanied by $300 wine.
“Free” fools everyone
You can find free show tickets and free helicopter rides in exchange for attending a high pressure time share pitch. You can drink for free while you are gambling. High stakes gamblers get free room and meals.
Encourage your customers to be emotional
The lights, sounds and design of Las Vegas are created to drive the emotions of the customers. Emotional customers spend more and they infect other customers with their emotion. The Las Vegas casino staff mask their emotions behind their systematized tasks. Emotional clients make mistakes and are more likely to say yes to another game,
People buy what they want not what they need
No one needs to visit Las Vegas. No one needs to gamble. No one needs to pay $100 for a show ticket. No one needs to ride in a Hummer. But when people want these things price becomes less important. Las Vegas knows that and they sell what people want.
Create an experience
What do you want? That is the real calling card for Las Vegas. What do you want? You have choices in food, gambling, entertainment, transportation, and side trips. Remember no one needs what Vegas offers but people return for the experience and the memories.
Make people feel safe
Las Vegas, the city of sin feels safe. People walked along the strip with drinks in their hand yet there was no sign of violence. And the police kept a very low profile. The street venders always respected our signals to back off
Keep it clean
The streets of Las Vegas are clean. I went for an early morning run and noticed the street sweepers preparing for a new day. Even with an inordinate number of smokers I did not notice cigarettes butts on the sidewalk.
Offer choices
Pamper yourself at the Bellagio. Ride a gondola at the Venetian. View the city from the top of the Stratosphere. Entertain your family at Circus Circus. Rent a limousine. Attend a meeting at the Las Vegas convention center. Marvel at a magic show. Ride the Sky Train. Walk the strip. Visit downtown.
Las Vegas, Nevada is an incredible experience. Las Vegas is a fabulous business model. If you haven't been to Las Vegas yet - go. Notice the details and observe how they do things. Take notes. Then re-examine and reinvent your business. Stack the odds in your favor. You'll have a winning hand.
Business Lessons from Las Vegas - To learn more about this author, visit George Torok's Website.
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If you haven't been to Las Vegas recently - you must go. When you visit take good notes. Las Vegas is an inspiring business model. Las Vegas is a place to learn how to run your business. It might be called the sin city. But the real lessons of Vegas are not about gambling. It's about how to run a successful business.
Study these important business lessons that I learned from Las Vegas.
Follow systems
The Las Vegas casinos win most of the time - because they have and follow good systems. Some players think they have systems because they occasionally win. But the casinos are consistently successful because of their better systems.
Don't be greedy
The Las Vegas casinos do not win every game. But they consistently win enough of the time and they are satisfied with that.
Promote your brand
Las Vegas is a unique city and the casinos are unique. The Luxor named after the ancient Egyptian city, is built in the shape of a pyramid. Excalibur named after the sword of King Arthur looks like the castle Camelot. New York New York makes you feel as if you are in the big apple. Las Vegas has a strong brand.
Offer value
Value is in the eye of the beholder. That's why in Las Vegas one could pay hundreds of dollars for a room or $80. That's why you can gorge at the $5.99 all-you-can-eat buffet or dine on $150 steak accompanied by $300 wine.
“Free” fools everyone
You can find free show tickets and free helicopter rides in exchange for attending a high pressure time share pitch. You can drink for free while you are gambling. High stakes gamblers get free room and meals.
Encourage your customers to be emotional
The lights, sounds and design of Las Vegas are created to drive the emotions of the customers. Emotional customers spend more and they infect other customers with their emotion. The Las Vegas casino staff mask their emotions behind their systematized tasks. Emotional clients make mistakes and are more likely to say yes to another game,
People buy what they want not what they need
No one needs to visit Las Vegas. No one needs to gamble. No one needs to pay $100 for a show ticket. No one needs to ride in a Hummer. But when people want these things price becomes less important. Las Vegas knows that and they sell what people want.
Create an experience
What do you want? That is the real calling card for Las Vegas. What do you want? You have choices in food, gambling, entertainment, transportation, and side trips. Remember no one needs what Vegas offers but people return for the experience and the memories.
Make people feel safe
Las Vegas, the city of sin feels safe. People walked along the strip with drinks in their hand yet there was no sign of violence. And the police kept a very low profile. The street venders always respected our signals to back off
Keep it clean
The streets of Las Vegas are clean. I went for an early morning run and noticed the street sweepers preparing for a new day. Even with an inordinate number of smokers I did not notice cigarettes butts on the sidewalk.
Offer choices
Pamper yourself at the Bellagio. Ride a gondola at the Venetian. View the city from the top of the Stratosphere. Entertain your family at Circus Circus. Rent a limousine. Attend a meeting at the Las Vegas convention center. Marvel at a magic show. Ride the Sky Train. Walk the strip. Visit downtown.
Las Vegas, Nevada is an incredible experience. Las Vegas is a fabulous business model. If you haven't been to Las Vegas yet - go. Notice the details and observe how they do things. Take notes. Then re-examine and reinvent your business. Stack the odds in your favor. You'll have a winning hand.
Business Lessons from Las Vegas - To learn more about this author, visit George Torok's Website.
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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