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Business Strategy

Future Proof Your Business: What the City of Sin Can Teach You About Standing Out, Staying Relevant & Not Being Boring

Photo by PatternPictures

What happens in Vegas stays in Vegas, right?

And do you remember any of these?…

  • A place in the sun.
  • Because winning is the most fun.
  • Classic Las Vegas at Its Best.
  • Every city has a soul.
  • First on the Fabulous Strip.
  • Got it. And Flaunting It.
  • Happiest casino on earth.
  • Have fun in the sun.
  • It’s not for everyone.
  • Just the right amount of wrong.
  • Maximum luxury, exclusive sensation.
  • Maximum Vegas.
  • Miracle In The Desert.
  • Oh Yeah.
  • Remember To Breathe.
  • Stay Classic.
  • Take her for a spin.
  • The City of Entertainment.
  • The Magic of Las Vegas.
  • The Miracle in the Desert.
  • Vegas starts here.
  • We Treat You Like A Winner.
  • We’re Changing Everything.
  • Where girls go to play.
  • Where Las Vegas Begins.
  • Where the Sky’s the Limit.
  • Words Will Fail You.

They’re just some of the official slogans that Las Vegas has has over the years.

Las Vegas is justifiably known as “The City That Reinvents Itself.”

No other city in America is constantly innovating like Vegas.

Almost every year the city brainstorms new ways to keep the visitors coming…

Photo by Bill Gracey

The result: Rather than suffer the fate of once-popular tourist destinations like Atlantic City OR the 80% of businesses that fail within 5 years of opening, Las Vegas has stayed relevant for decades…

So how EXACTLY does Las Vegas avoid the “been there, done that” syndrome, staying fresh and relevant generation after generation?

Why do the next generation of visitors continue to make the pilgrimage?

And why do first-time visitors return for more?

The answer contains a valuable lesson for online entrepreneurs who want to not stand out in a crowded market, build a sustainable business that’s going to be around in 5 years and and build a thriving online business even in the middle of an economic recession.

You ready for it?

Rather than holding on to its past successes and assuming that because people have come to Vegas in the past, they’ll continue coming in the future; Las Vegas innovates every single year.

Every time you visit, there’s something new for you to do – whether that’s a live show, a prize fight or a concept restaurant.

And not only are they creating new things to do, they’re doing it in completely new ways — they’re innovating how they innovate — a crucial distinction.

The hotels and businesses seek to understand the dynamics of how a younger crowd explores and change the cityscape to appeal directly to them.

Just this year alone, the Strip has been reinvented to appeal more to the up-and-coming economic powerhouses: the Millenials… who naturally like things a bit different than the Baby Boomers…

The strip has gone casual, allowing younger people to wander and explore rather than just making a reservation or plopping themselves done at the slot machines. Live music venues are cropping up all over the place – providing a casual alternative to the big shows and events.

And, because of this spirit of reinvention to stay fresh, relevant and top of mind for each new generation, Las Vegas has endured unlike other boom towns and tourist meccas like Atlantic City that saw it’s heyday, then fell into disrepair…

Let me share with you some powerful questions that — if you engage with them — will future-proof your business, making sure you thrive both today and 5 years from now.

After all, 80% of businesses fail within 5 years of opening, because they don’t think about this.

I want you to be around, inspiring your audience, in 5 years, which is why I wanted to share these questions with you:

  • What does really today’s market want that wasn’t so important to yesterday’s market?
  • What gap or need do you see that your competitors may be overlooking?
  • What market trends are shifting the way business is done or what people are buying?
  • How does this impact your current products, services and market positioning?
  • How can you innovate or even reinvent yourself to stay fresh and relevant?

Now imagine for a moment: If reinvention is possible at this scale – at the level of an entire city — what could be possible for you in your business?

If you seriously consider these questions and take action to freshen up your business, then I guarantee you’ll be part of the 20% of businesses that will still be here in 5 years.

Let know in the chat below 1 thing you can do right now to innovate. 

Love it? Hate it? Let me know...

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About the Author Marisa Murgatroyd

Marisa is the founder of Live Your Message, where she turns entrepreneurs into Online Superheroes, and the creator of Start With You where she helps people just like you to discover the business they're meant to build, not just the business they can build. At 4’11 and a quarter, she’s called the shortest woman in marketing — and that doesn’t stop her from having huge ideas. She’s the “go to” brand builder for industry luminaries and heavyweights such as Justin Livingston, Callan Rush, Danny Iny, Alexis Neely and Susan Peirce Thompson. Marisa helps entrepreneurs create a business that is authentic and aligned with who they are, to empower them to turn up the dial on their “inner superhero”, so they can be the superhero to their tribe, as well as in their own lives.

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