Las Vegas: Open for Business

By the time you see this article, Phase II of Governor Sisolak’s plan to open the state should have been in full effect for more than a month. As I pen this piece in early June, our fair city waits for the gaming industry to reopen amidst protests due to the death of George Floyd in Minneapolis. Black Lives Matter. And Vegas is absolutely strong. Our community is hurting, but our businesses are open. How we communicate our reopening—and possibly rebirth—and our response to the country’s unrest in an uncertain landscape will show the world who we are.

Consumer Confidence
The Conference Board Consumer Confidence Index, which is conducted by Nielson, is a monthly survey based on a probability-design random sample. The organization reported that the Consumer Confidence Index stabilized in May after a deep decline the prior month. “The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—improved from 94.3 in April to 96.9 in May.” (Source: The Conference Board)

I believe the Expectations Index can be directly correlated with how people view a brand. What are an organization’s values, how do they communicate (both externally and within), and are they forthcoming with accurate, valuable information? When we look out in this uncertain economy, brand values and communication will be so important to set a company apart and grow customers’ confidence.

Yes, We Are Open!
Remember in March when every company that you had ever interacted with sent an email detailing its response to COVID-19? Memes popped up in the social media sphere, and people made jokes, but the communications were critical for setting the stage for organizational operation during the global pandemic. Throughout our state’s shelter in place order, essential businesses shared their procedures. Many of these businesses provided helpful information on how to buy groceries, order food, and other steps to take care of their families.

Roughly two months later, the emails started en masse again for reopening. Some of the best this author saw were from our local casino and resort organizations sharing detailed videos outlining the safety precautions each had set into motion on their properties. If a picture is worth a thousand words, a video is worth that much more. Think back to some of the messages over the past two months: which made you feel safer and ready to support that business?

Communicate with Confidence
So, what steps should a business take when coming out of crisis mode and starting to advertise business as “usual”—or the new normal of these days? It goes back to sharing a unique value proposition that is relevant to your target audience. Since many of us remember shortcuts or easy-to-recall abbreviations, think of VASA:

Value Proposition: What is your organization’s value proposition? What are the one or two things that you do better than any other competitor that truly sets you apart? Be crystal clear in articulating your value proposition in your messaging.

Audience: Who are you targeting? Your audience may comprise multiple groups, yet make sure your communications are tailored for each one.

Specifics: These are the nuts and bolts of your message. Using the five Ws and one H might come in handy here: who, what, when, where, why, and how.

Action: After someone reads your communication, what do you want them to do? A good rule of thumb is the “Know, Feel, Do” concept. What should your audience know, feel, and/or do after encountering your message?

The only certainty in these uncertain times is change. And the best way to cope through significant change is with an open mind, positive attitude, and clear communication. I send my best to all Las Vegans as we continue to weather major change together as a community.

This post was originally written by Shan Bates-Bundick for the Vegas Chamber’s July 2020 Business Voice magazine. Click here to view the original article.

Why Corporate Social Responsibility Matters

The Financial Times defines corporate social responsibility (CSR) as “a business approach that contributes to sustainable development by delivering economic, social, and environmental benefits for all stakeholders.” In the time of COVID-19, the way an organization responds to the crisis will be remembered for years to come. Yet a recent Harvard Business Review piece states that “Coronavirus is putting CSR to the test.”

Companies can leverage corporate social responsibility tactics to cultivate awareness as a leader in the Las Vegas community, as well as drive new business. By giving back to the community, team members can have an outlet to work together towards a common goal and—more importantly—the company can help those in need. This can improve public perception, cultivate new and stronger relationships, and drive client loyalty. And even in these troubling times, a business can still have and execute a strong CSR strategy.

CSR Tactics for Consideration
Crafting a community outreach plan does not need to be a complete shift in strategy (or even a game-changer in this new normal), and it can be straightforward to implement and continuously execute. The below tactics can be part of any company’s CSR initiatives:

Pro-Bono: For professional services providers (like law firms), pro-bono services is one of the first things on the list. Can your company offer a value-added outcome to members of the community as a free service?

Non-Profit Board Membership: Do any of your employees participate as members of local boards of directors? If so, there are specific ways to highlight this involvement. Think of including in your social media content, as well as supporting those organizations as a team. (Some extra benefits? Your board member will feel the added support from your business, and your team will have a special connection to that non-profit.)

Volunteering: Your employees and their families most likely are already doing this on their own. Could you collect and document the number of hours spent volunteering each month or possibly consider an office-wide hour of volunteering each month?

Sponsorships: Consider selecting an organization or charitable field that your entire team can get behind. When asked for a donation or support, you can choose to only contribute to organizations in your determined area. Why not craft a named scholarship for university students in your industry, support a health-based organization (like American Heart Association), help survivors (via a community organization like the Rape Crisis Center), or utilize your business acumen (with a group like Junior Achievement)?

Inspire Innovation: Do you have a 3D printer or other capabilities to make products that can help in this pandemic? Many examples of individual and company ingenuity are cropping up daily. Encourage the creative minds on your team to come up with innovative ways to help the community.

Community Involvement: Programs like Leadership Las Vegas or Leadership Advance allow executives and younger leaders (respectively) to develop and become stronger community leaders. Would one of your team members find value and grow from such an experience? All Leadership Foundation programs from the Vegas Chamber help leaders and the organizations they represent become more entrenched in Southern Nevada.

As we navigate COVID-19, it will become increasingly imperative to support and lift up others in our community. Some of the above suggestions involve a budget line-item; others are more of a time-related nature. Now is the perfect opportunity to review—or create—community outreach strategies as we work together to create a thriving economic future. I send my wishes for good health and strong recovery for the Las Vegas that we all love.

This post was originally written by Shan Bates-Bundick for the Vegas Chamber’s May 2020 Business Voice magazine. Click here to view the original article.