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Playing the lottery is a household ritual for many millions of people around the world. In 2019, The lottery industry was valued at $336 billion and is expected to grow to over $433 billion by the end of 2026 — a true global institute by any metric.
So with such prolonged success, are there any business lessons we can learn from the lottery industry? The answer is yes! Read on to find out exactly what your operation can glean from the game of luck.
Introduce a rewards programme
The reason the lottery is so popular is because when you buy a lottery ticket you aren’t just buying a ticket, you’re also buying the hope that you are going to win. When the lottery does this it raises the stakes for the investor (or the client) and creates a returning audience. This can also be applied as a business tactic: offer rewards or an incentive to customers when they invest in your business and you may inspire greater loyalty in your service.
Make your wares more accessible
Playing the lottery has never been easier. After all, today there are many places where you can buy lottery tickets online in minutes. And learning how to buy lottery tickets online is just the tip of the iceberg — this game’s digital presence has completely transformed the industry’s popularity, so why not apply the same logic to your business?
Make sure you are able to provide as many services for your customers online as possible, as quickly as possible. This will not only make it easier for your current clients, but it will also encourage new clients to use your services. People are searching for the most convenient way to buy into your product or service, and making it accessible online is the best way to do just that.
Having a website that is easy to navigate and provides a service has never been simpler. Start by considering your online marketing strategy and how it can aid your business goals, whether you can improve your site through live chat services, a pricing list or a detailed page about what you offer. An online presence makes your company more accessible to a wider audience.
Support charitable efforts
Being charitable can do everything for a company’s PR, so why not take a leaf out of the lottery’s book and try to be as charitable as they are? Not only will it benefit the charity, but also open new doors for companies, create opportunities, and also establish a new client base.
For example, the UK’s National Lottery makes it their mission to help as many charities as they can by donating part of their ticket sale profits to a variety of organisations. In fact, they have helped 660,000 projects to date.
The attitude of the consumer has changed over the years and it is now more of an expectation for a company to be mindful when it comes to being charitable.
If you are concerned that your business is not doing enough in the eyes of the consumer, there are many actions you can take. Get inspiration from companies who have gained BCorp status, for instance. A B Corp certificate verifies a company’s social and environmental performance, as well as its transparency and accountability.
Manage your money carefully
Carefully managing money may seem like an overly cautious approach, but think of this mindset as being rightfully weary.
I’m sure a lot of us can look back to a time in which they heard of a lottery winner being too overzealous with their fortune, and ending up losing it all. The same lesson can be applied to businesses.
Ensure your business has a meticulously thought out financial plan with plenty of ‘what if’s?’ in place for any eventuality, this way you can work comfortably with the knowledge that there are plans in place for the worst-case scenario.