Running short on ideas on how to attract new customers and keep them engaged? Perhaps you might want to get some inspiration from how casinos operate.
Gambling always comes with a certain level of risk, but the rewards prove irresistible for countless individuals. It’s interesting to see how people continue to go to casinos and bet their money despite losing thousands already. Without question, casinos are doing something right. The following are five marketing lessons from casinos which you can apply in your own business.
1) Offer alternatives to cash
What’s the first thing people do upon going inside a casino? Exchange their cash for chips. This gives gamblers the impression that they’re not playing with money. It sounds silly, but this simple tactic works. The fact is that people view chips differently than money. The same applies to credits or points, something you may want to implement in your business. You can create a system that enables customers to earn points or credits which they can use to pay for products or services.
2) Give incentives
One of the best tricks casinos use to drive new customers is offering a casino joining bonus. The concept of “easy money” continues to be an effective marketing tool to this day. The goal is to make it appear as if you’re offering something for nothing. As you may have learned from your Economics class, people respond to incentives. Giving them an incentive for joining can be all you need to drive them toward your business instead of considering you as just another option on the market.
3) Control the experience
Casinos are so good at controlling the overall experience of their clients. For one, windows and clocks are non-existent, so it’s easy for clients to lose track of time and keep playing. You can apply the same concept to your business by providing everything your customers need. If you run a fitness center, for instance, consider offering professional training, spacious lockers, and clean shower areas. You can also sell healthy food and supplements so customers won’t head elsewhere just to get the full experience.
4) Make it easy to purchase
Did you know that you can lose out on a ton of sales just because you’re not accepting the payment option your customers prefer? Casinos make it so easy for clients to start playing. ATMs are found everywhere. People who carry foreign currency inside a casino can exchange it at the cashier. For your business, you may want to start accepting alternative payment options. It doesn’t matter if you personally hate PayPal. Just think of how many customers love using the platform for buying products or services online. The same goes for accepting all major credit cards.
5) Bring the odds to your favour
It might seem surprising how casinos generate a lot of money when they’re giving away tons of prizes. On top of monthly raffles, there’s the fact that they offer free drinks for their clients, which surely cost them a lot of money. But they’re able to do this because they have set themselves up to win. The odds always fall in favor of the house. You can do the same for your business by crunching some numbers. For instance, you can figure out the cost of acquiring new customers. Through this, you know that you can generate money even if you give away free samples or invest heavily in advertising.