Tuesday, July 03, 2007

Business Lessons from Las Vegas

Business Lessons from Las Vegas
If you haven’t been to Las Vegas yet – you must go. Take good notes. Las Vegas is a terrific business model. Las Vegas is a place to learn how to run your business. It’s not about gambling – it’s about running a successful business.

Study these important business lessons from Las Vegas.

Follow systemsThe 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 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 brandLas 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 $50 steak. 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 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 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 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 experienceWhat 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 safeLas 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 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 to Circus Circus. Rent a limousine. Attend the Vegas convention center. Marvel at a magic show. Ride the Sky Train. Walk the strip. Visit downtown.

Las Vegas is an incredible experience. Las Vegas is a fabulous business model.

If you haven’t been to Las Vegas yet – you must go. Take notes when you visit.

Read about Lessons from David Copperfield

Official City of Las Vegas site

Bellagio Hotel & Casino

Arrange for your Las Vegas Convention Speaker

George Torok
Host of radio show "Business in Motion"
Motivational Business Speaker

No comments: