Every entrepreneur and business owner can learn from Las Vegas.
If you haven’t been to Las Vegas – you must visit. It is the perfect place to learn how to run your business. If you have been – go again. This time take notes. Las Vegas is a great teacher of business for those who pay attention.
The 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 systems.
Don’t be greedy
The 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 places you in the Big Apple.
Value is in the eye of the beholder. That’s why 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 $50 steak and $100 wine. Free drinks while you play the machines or free accommodation while you gamble thousands.
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 trigger the emotions of the customers. Emotional customers spend more and they infect other customers with their frenzy.
But make sure your staff do not let their emotions disrupt your systems. The casino staff mask their emotions behind their systematized tasks. Emotional people make mistakes, are more likely to say yes to another game,
People buy what they want not what they need
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. No needs what Las Vegas sells. That’s why they sell it so well. They make people want it.
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
A strange paradox, but 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 plentiful 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 anew day. Even with the inordinate number of smokers in Las Vegas I did not notice cigarette butts littering the sidewalk.
Las Veags offer you choices. Pamper yourself at the Belagio. 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 convention at the convention center. Marvel at a magic show. Ride the Sky Train. Walk the Vegas strip. Visit downtown.
Las Vegas is an experience. Las Vegas is a fabulous business model. Las Vegas is a fabulous teacher.
If you haven’t been – you must go. Enjoy Las Vegas and take notes.
Read about Lessons from David Copperfield
Official City of Las Vegas site
Bellagio Hotel & Casino
Host of Business In Motion