The amount spent on baccarat in Las Vegas declined from $12 Billion in 2014 to only $10 Billion in 2015.
That's a contracting market. What would you do if you were selling your services to a contracting market?
Would you chicken out and broaden your services as much as possible to try to acquire more clients?
Or would you do what I believe the smart money is doing in Las Vegas?
I recently read an LA Times article about how several competing groups of investors are rushing to build several casinos that appeal only to Chinese baccarat gamblers.
Here are the lengths those casinos will go to to appeal to that super-specific type of customer:
- Bilingual staff and signage
- No whiskey bars, night clubs, or other concessions that their ideal customer doesn't value
- Included a Feng Shui master in the design process
- 8-sided main bar (for good fortune)
- No unlucky number 4 on the property. No room numbers with the #4 and no 4th floor
- Authentic Chinese food
- Including actual Chinese restaurant chains in the development rather than American Chinese restaurants
- Baccarat, baccarat, and more baccarat (the ideal customer's favorite game)
Here's the money quote from that article:
--- Jacoby says his competitors on the Strip offer Chinese gamers a diluted experience by operating a handful of Chinese restaurants and parlors in mega-casinos that have to serve all manner of people, not just Chinese. By comparison, visitors to Lucky Dragon can start conversing in Mandarin with staff as soon as they walk in, he said.
“We’re trying to take [the Asian gaming experience] and bring that front and center instead of hiding the most valuable customer in a segregated portion of a large building,” Jacoby said.
What are you doing to appeal specifically to your ideal client?
Yes, appealing more to your ideal client will make you less appealing to others who are way outside your area of focus. That's how it works. :)
And that's why you should choose wisely, Tu Di.
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