Sunday, April 4, 2010

Cash is king.

Cash is king.

When it comes to casino promotions, advertising, marketing, events, etc, the old adage is as true as ever. Cash is still king.

Regardless of what the results of your focus groups, surveys, and guest interviews may tell you, hands down the most successful events are the ones where guests get cash money.

Statistics might tell you that the most important thing to your guests is “to feel special”. Or to “feel a connection” or to “feel like a part of things” but the numbers show that the events where cash is given away draw the most people, and the most money.

One of the biggest draws I’ve seen is when the casinos send their players coupons for cash. Different tiers of players receive different offers, but they all amount to just about the same thing; “bring this coupon in and we’ll give you money”. The more you regularly spend at the casino, the more they give you. I’ve seen people lined up around the block, patiently waiting for their cash. Heck I've been one of 'em!

Of course, the casino doesn’t give you actual cash money, you get a ticket that you can cash in at the cashier’s cage, or put into a machine to play. Some folks do just cash in that ticket and walk out, but if you stop to think about it, these folks got ON that list in the first place because you know they put money into the machines on a regular basis. It’s a good bet that if you hand them a cash ticket while they’re standing next to a slot machine, they’re more likely to play it than to cash it and walk out. How could you apply this principle to helping YOUR business?

As the majority of the players are lower tier players they’re getting less than $20 most of the time. If they bother to come in and claim their $20 -or less- you just know they will play it, and then go into their wallets to play some more. And have a drink or two. And have lunch. It's really more of a short-term loan, if you think about it.

The casino is generating an extra visit on a day and time of their choosing -you can only turn in your “free money” coupon during certain time frames, of course. Naturally they choose a day and time frame where they need to generate more traffic.

This thinking can apply to any business, if you take the concept and make it your own. Insert your product, your biggest draw, your down time when you need traffic, etc.

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