PureStone Partners LLC

There is nothing like Las Vegas. Suits and sweats sitting beside each other sharing risk. Long confusing mazes of machines that clank and spin and take more than they give.

We can point to a number of great brands in this age, yet in many ways Vegas might be the strongest brand of all. Its current tagline “what happens in Vegas stays in Vegas” may also be one of greatest slogans.  It is the perfect pitch that both captures the spirit of the place as well as tap our primal instincts.

Perhaps we can’t create the same type of offering as Vegas, and it may not be our cup of tea, but we should admire it and learn from it for what it has created. What was once a desert, an airport, and a couple casinos is now one of the most interesting consumer ecosystems. Now there are limitless entertainment options at all price points for all audiences.

Above all things, Vegas is all about innovation. They are focused on the customer with unrivaled focus. They test, they listen, and they learn. Vegas is a 24×7 incredibly well lit human lab.

What can we learn:

• Test, move, learn. Most companies are stuck in ruts.  They do the same things over and over again.  New ideas are forced into ill fitting old marketing programs.  Customers are hit with the same message in various mediums. We fail to hypothesize and test any more.
• Create and/or leverage communities. Vegas is all about mustering resources around the customer.  Bring more and unique services to your customers so they never have to leave.
• Fill in gaps. Vegas is always looking at ways to fill in the seams around the business.  How often do you look for ways to not only increase the product offering, but look to enhance the ecosystem around you?  How well do you use the partners whose products depend upon you?
• Be unique. Where else can you find a castle, a pyramid, a two story lion, and a replica of New York city all on the same street corner.   What is interesting here is that this is where I think the casinos are starting to fail a bit.  Clearly, Vegas is unique but I think the experience is starting to become too similar.  Every casino has a hip dance club, a comedy routine, high end shopping, and now there own Cirque-du-Soleil shows.  Needless to say, the unique stuff is what helps us differentiate ourselves from the pack.  Without it, we start to compete on who is cheaper.  That is a game only a few can win.