Business Lessons from Las Vegas
If you haven't been to Las Vegas recently - you should visit. When you visit take good notes. Don't judge - pay
attention. Las Vegas offers a powerful business model. Las Vegas is a place to learn how to run your business. It
has been called the sin city. But the real lessons of Vegas are not about sin or gambling. It's about how to run a
Consider these important business lessons that I learned from Las Vegas.
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 they have better
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
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 that is visual and emotional.
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
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
Keep it clean
The streets of Las Vegas are clean. During my early morning run and I noticed the street sweepers preparing for a
new day. Even with an inordinate number of smokers there were no cigarettes butts on the sidewalk. How did they do
that? By obsessing on the details.
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.
Visiting Las Vegas 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.
© George Torok is a motivational business speaker. As host of the weekly radio show,
Business in Motion, he has interviewed over 400 business leaders. To arrange a speech, executive briefing or
training program, call 905-335-1997. To claim your free subscription to Power Marketing Tips or Power Presentation
Tips visit http://www.torok.com/