The New Normal: Event & Meeting Industry Tips

Welcome To The New Normal
Tips From A
Meetings Professional

Presenter – Attendee Agreement

Law of Two Feet

Vibrate Please

Texting, Typing Welcome

Be Present • Be Active
Use Respect

About Me
Coal Miner’s Grandson
West Virginia Hillbilly
Nonprofit Junkie
Environmental Advocate
Meeting & Event Professional
Education Evangelist

Director of Education & Engagement

@JeffHurt

About You

About You
Find Someone You Don’t Know
Tell Them Your Name
Your Company & Job Title
Find something you both have in common

Why Are You Here?
Get one sticky note
Write one thing you want to learn from this session

Agenda
Identify the four new consumer behaviors shaped by recession
Discuss what attracts meetings and events to your venue
Explore ten new normals for event professionals

More regulation, a weaker consumer, higher rates of unemployment, years before housing prices get back to old highs, a weaker dollar, more government debt, more taxes, a little deflation, then a lot more inflation and an end to U.S. global economic downturn…
Welcome to New Normal
~ Don Reynolds
21st Century Forecasting

Four New Consumer/Attendee Types
November 2009 Decitica Research
Great Recession shaped consumer behaviors
Past consumer segmentation no longer valid
Consumers adopted new normal & not a cyclical pattern

Research showed new lens on how consumers Internalized their recession experience

Steadfast Frugalists
20% of population
6 in 10 women
Fewer Gen X & Gen Y
Already considered tightwads
Most difficult to market to

Involuntary Penny Pinchers
29% of population
6 in 10 women
Primarily Gen X
Forced frugality
Challenging group to attract

Pragmatic Spenders
29% of population
6 in 10 men
Over represented by people in 60s
1/3 HHI > $75K
Best group to market to

Apathetic Materialists
22% of population
Slightly more women than men
Gen Y
Indifferent
Attractive target for youth market

So What?
What Does This Mean To You?
Steadfast Frugalists
Involuntary Penny Pinchers
Pragmatic Spenders
Apathetic Materialists

Lure To Your Venue
Location Attractiveness
Accessibility
Entertainment factor
Date Availability
Lodging - prices, quality, quantity
Meeting space
Overall costs

Who’s Involved In Decision?
CEO/Executive Director
Board of Directors
Executive Team
Meeting Professional

Lure To Executive Team
Regional Draw
Local support
Venue partnerships with program
No attrition

Influences Event Prof
Contractual issues
Labor costs/service issues
Variable costs
Ease of doing business
Hotel points

10 New Normals
The impact of the new normal on meeting and event professionals

Buyers Market
On an inflation-adjusted basis ... it’s going to probably take eight to ten years to get hotel room rates back to where they were in 2007.
Mark Lomanno, President
Smith Travel Research

No Longer serves us

Multi-Year Contracts Out

Shorter Lead Times

Free Wi-Fi

Green Is In

Monologues To DialoguesTo Polylogues

Reg List Attracts

More Value - Pay Less

Online Content & CommunitiesThreat or Opportunity

What We Covered
Identify the four new consumer behaviors shaped by recession
Discuss what attracts meetings and events to your venue
Explore ten new normals for event professionals

To expect a normal recovery cycle, whether it is corporate profits or lending or consumer spending or capital investment, or (pick the category—increased meeting attendance, or association growth, or…) is just not reasonable. . ~ Don Reynolds

Welcome To The New Normal

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The New Normal: Event & Meeting Industry Tips

by Jeff Hurt on Jan 27, 2010

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The New Normal: Event & Meeting Industry Tips — Presentation Transcript