Gambling is one of the oldest forms of entertainment on Earth. But the modern gambling industry doesn’t look much like the one that existed in, say, Ancient Rome. Gambling companies today exist on the cutting edge of a competitive market. Those of us in business can learn a lot from the way that these companies continue to succeed in a crowded market that mixes ancient appeal with a modern business plan. Here’s what your company could learn from the gambling industry.
Gambling online is now a hobby in its own right – one that makes gambling available to people who live far from legal brick-and-mortar casinos. Gambling companies recognize that cyberspace is now where most customers live: it’s where they socialize, communicate, recreate, and yes, spend money!
So it’s no wonder that the gambling industry attracts a lot of engineers, programmers, and web developers. Gambling companies are investing in everything from game design to web design.
Your business needs to be online, too. Every business needs a website with good SEO (search engine optimization – meaning they’re easy to find on Google). Most businesses could benefit from ecommerce options. Could your customers place an order online? Pay through an app? Take a page from the gambling industry’s book, and make it happen.
Organization and systems
Gambling businesses are complicated. Money is flowing every which way, people are creating online accounts or exchanging money for chips at windows, and there are all sorts of security concerns, from cheating and theft to natural disasters. There are insurance policies and employee benefits and payroll and so, so many other things to worry about.
Big casinos and online gambling companies invest in organizational systems solutions. They outsource telecoms management services or purchase proprietary software to make their jobs easier. Your company can, too.
Giving the customer what they want
Perhaps the most fundamental thing about casinos is that they offer a service that people want. Of course, there are plenty of companies that already offer gambling services – so a gambling company has to make sure they offer something new, or target an underserved area.
Your company, too, must achieve these goals. That means offering something that people want – unlike casinos, all-brussel-sprouts cafes have not been pulling in customers since ancient times. But it also means doing careful market research and finding your customers where they live – whether that’s in your town, in another state, or just everywhere online!