Tides Of Change: Trends Disrupting The Meetings Industry

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Disruptive forces are significantly reshaping the world of work and the meetings industry. Some of these changes have been brewing for a decade or more. The recession exacerbated their influence and …

Disruptive forces are significantly reshaping the world of work and the meetings industry. Some of these changes have been brewing for a decade or more. The recession exacerbated their influence and speeded up their effects. Companies that survived the downturn need to shift their focus to surviving the upturn. We are not ever going to get back to normal. A new way of business is emerging for everyone, everywhere.

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  • Economic stimulus wear off
  • Economic stimulus wear off
  • Economic stimulus wear off
  • 8.9 million part-time employees due to economy. (hours cut or unable to find full time jobs) 6.2 million jobless for 27 weeks or more. August 2010  2.4 million not in labor force, not included in unemployment numbers. (Wanted & available for work, searched for job in past 12 months but not counted in survey because not searched for work in previous 4 weeks.) 1.1 million discouraged workers. (not looking for work, believe no work available for them 1.3 million did not search for work previous four weeks due to school or family responsiblitiels. 
  • 8.9 million part-time employees due to economy. (hours cut or unable to find full time jobs) 6.2 million jobless for 27 weeks or more. August 2010  2.4 million not in labor force, not included in unemployment numbers. (Wanted & available for work, searched for job in past 12 months but not counted in survey because not searched for work in previous 4 weeks.) 1.1 million discouraged workers. (not looking for work, believe no work available for them 1.3 million did not search for work previous four weeks due to school or family responsiblitiels. 
  • 8.9 million part-time employees due to economy. (hours cut or unable to find full time jobs) 6.2 million jobless for 27 weeks or more. August 2010  2.4 million not in labor force, not included in unemployment numbers. (Wanted & available for work, searched for job in past 12 months but not counted in survey because not searched for work in previous 4 weeks.) 1.1 million discouraged workers. (not looking for work, believe no work available for them 1.3 million did not search for work previous four weeks due to school or family responsibilities. 
  • 8.9 million part-time employees due to economy. (hours cut or unable to find full time jobs) 6.2 million jobless for 27 weeks or more. August 2010  2.4 million not in labor force, not included in unemployment numbers. (Wanted & available for work, searched for job in past 12 months but not counted in survey because not searched for work in previous 4 weeks.) 1.1 million discouraged workers. (not looking for work, believe no work available for them 1.3 million did not search for work previous four weeks due to school or family responsiblitiels. 
  • Social Support – customer service in social mediaAdopting a culture of listeningNew rules of relationship management - http://www.altimetergroup.com/2010/03/altimeter-report-the-18-use-cases-of-social-crm-the-new-rules-of-relationship-management.htmlPR challenge – Navy Response ChartCustomer complaint – same as responding from the front desk
  • Less Brand Loyalty, 28% decreased direct bookings, prefer direct bookings for changes, points, cancel, requests
  • Less Brand Loyalty, 28% decreased direct bookings, prefer direct bookings for changes, points, cancel, requests
  • What must meeting professionals do differently to encourage this?
  • Less Brand Loyalty, 28% decreased direct bookings, prefer direct bookings for changes, points, cancel, requests
  • Less Brand Loyalty, 28% decreased direct bookings, prefer direct bookings for changes, points, cancel, requests
  • Less Brand Loyalty, 28% decreased direct bookings, prefer direct bookings for changes, points, cancel, requests
  • Less Brand Loyalty, 28% decreased direct bookings, prefer direct bookings for changes, points, cancel, requests
  • Demand ROI, consider virtual alternatives, leverage spend
  • What must meeting professionals do differently to encourage this?
  • Less Brand Loyalty, 28% decreased direct bookings, prefer direct bookings for changes, points, cancel, requests
  • Fishbowl,OpenSpace, multi-setups (rounds followed by highboys & lounge areas)
  • Public spaces for networking – food, WiFi, computer terminalsBars and hotel restaurants for TweetUpsLounges, seating areas for informal learningSpeak lanaguage of informal versus form
  • Public spaces for networking – food, WiFi, computer terminalsBars and hotel restaurants for TweetUpsLounges, seating areas for informal learningSpeak lanaguage of informal versus form
  • Public spaces for networking – food, WiFi, computer terminalsBars and hotel restaurants for TweetUpsLounges, seating areas for informal learningSpeak lanaguage of informal versus form
  • What must meeting professionals do differently to encourage this?
  • Less Brand Loyalty, 28% decreased direct bookings, prefer direct bookings for changes, points, cancel, requests

Transcript

  • 1. Tides Of Change
    The Trends Disrupting The Meetings Industry
  • 2.
  • 3. 1) Identify four new consumer behaviors shaped by recession.
    3
  • 4. 2) Discuss trends disrupting the meetings industry.
    4
  • 5. We devote our intelligences to
    anticipating what
    average opinion expects the average
    opinion to be.
    John Maynard Keynes, 1936
  • 6. Absence Of Good Economic Models
    Rely on
    Opinions
    Guesstimates
    Crowds
  • 7. 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…
    ~ Don Reynolds, Economist, 21st Century Forecasting
    Welcome To The
    New Normal
  • 8. 4 New Consumer/Attendee Types
    Great Recession Shaped
    New behaviors
    Adoption of
    New Normal
    Decitica Research
  • 9. Research showed new lens on how consumers internalized their recession experience
  • 10. Steadfast Frugalists
    • 20% of population
    • 11. 6 in 10 women
    • 12. Fewer Gen X & Gen Y
    • 13. Already considered tightwads
    • 14. Most difficult to market to
  • Involuntary Penny Pinchers
    • 29% of population
    • 15. 6 in 10 women
    • 16. Primarily Gen X
    • 17. Forced frugality
    • 18. Challenging group to attract
  • Pragmatic Spenders
    • 29% of population
    • 19. 6 in 10 men
    • 20. Over represented by people in 60s
    • 21. 1/3 HHI > $75K
    • 22. Best group to market to
  • Apathetic Materialists
    • 22% of population
    • 23. Slightly more women than men
    • 24. Gen Y
    • 25. Indifferent
    • 26. Attractive target for youth market
  • So What?
    What Does This Mean To You?
    Steadfast Frugalists
    Involuntary Penny Pinchers
    Pragmatic Spenders
    Apathetic Materialists
  • 27. 1 in 5 U.S. Meeting Professionals
    doubt economy in recovery
  • 28. CEIR Index For Exhibits Down
    For nine straight quarters
  • 29. Struggling Economic Growth
    55 %
    Consumer Optimism
    Economy Improves
    Next Year
  • 30. Struggling Economic Growth
    9.6 %
    Unemployment*
  • 31. *Not Included
    8.9 Million Part-Time
    6.2 Million Jobless 27 wks or >
    2.4 Million not in labor force
    1.1 Million discouraged workforce
    1.3 Million did not search for job
  • 32. Americans Saving More
    6% Income
    Spending Less
  • 33. Fragile Economy
  • 34. 18 more months
    Economic Turmoil
    Double Dip Recession
    4th Quarter 2011 USA
    1st & 2nd Quarter 2011
    Europe & Asia
    Roger Martin-Fagg , Global Event Summit, London, 9/2010
  • 35. 41
    Million Minutes
    Spent on Facebook
    More than Google
    August 2010
  • 36. 10 New Normals
    The impact of the new normal on meeting and event professionals
    Tides Of Change
    Impact of New Normal On Meetings Industry
  • 37. Four Major Waves
    Tides Of Change On Meetings Industry
  • 38. Four Major Waves
    1. Buyer & Seller Changes
  • 39. Four Major Waves
    1. Buyer & Seller Changes
    2. Biz Model Disruptors
  • 40. Four Major Waves
    1. Buyer & Seller Changes
    2. Biz Model Disruptors
    3. Programming Pressures
  • 41. Four Major Waves
    1. Buyer & Seller Changes
    2. Biz Model Disruptors
    3. Programming Pressures
    4. Attendee Expectations
  • 42. Wave #1
    Buyer & Seller Changes
  • 43. 1. 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
  • 44. Price Integrity
    Rate Transparency
    Less Brand loyalty
    1. Buyers Market
    Trust!
  • 45. Trust is
    differentiator
    2. Move from Transactions to
    Relationships
  • 46. 2a. Relationship Sales: Hotel 2.0
    Online footprint
    Social mediainteractions
    There B4 the Sale
    Geo-location
  • 47. 2b. Relationship Sales: Social CRM
    Process to monitor, engage & manage conversations &relationships with existing & prospective customers & influencers across the Internet, social networks & digital channels. ~ Mark Walsh
  • 48. 3. Reg List Lures
  • 49. 4. Buyers Still Stung by
    Extravagant Label
    Optimism up. Budgets not.
    Incentive Research Foundation Pulse Survey Report, 8/2010
  • 50. 5. More For Less New Frugality
    New Competitive Set
    Buy up, not down
    Packages
  • 51. 6. Group Biz Commoditized
    RFP Overload
    Grids
    Selling brass & glass
    More small biz
  • 52. 7. Billboard Effect
    Expedia/Cvent
  • 53. 8. Push To Pull
  • 54. Small Group Discussion
    What struck most about buyers & seller changes?
    42
  • 55. Wave #2
    Business Model Disruptors
  • 56. 9. Creative Destruction
    Innovation
    New ways to create value
    Drive out old
  • 57. 10. Rise Of Free
    Increased pressure to create value
  • 58. 11. Self-Organized Communities
  • 59. 12. 2011 Hotel & Airfare Rates Rise
  • 60. 13. No Longer Serves Us
  • 61. 14. Shorter Lead Times
  • 62. 15. Procurement Depts Taking
    Over Incentive Travel
    Incentive Research Foundation Pulse Survey Report, 8/2010
  • 63. SMM
    16. Smarter Buyers
  • 64. 17. C-Suite more involved in
    decisions about
    conferences & travel
  • 65. 18. Increased Demand ROI & ROO
  • 66. 19. Successful Shows
    Continue To Grow
    At expense of weaker shows
  • 67. 19a. Successful Shows See Growth
    Reputation for best
    Ed, Networking
    Quality, Buyers
    Innovation
    Focus on programming
  • 68. 20. Exhibit Revenue Mix Changes
    Traditional 85% booth, 15% sponsorship
    Less booth, more sponsorship
  • 69. 21. Current Exhibit Biz Model
    Not likely sustainable. ~ Doug Ducate
    CEIR President & CEO
  • 70. Small Group Discussion
    Which biz disruptors are impacting you?
    58
  • 71. Wave #3
    Programming Pressures
  • 72. 21. Increased Pressure
    Programming
    Networking
    New Products
  • 73. 22. Speakers With Substance In
    Motivational out unless
    Programming packed with relevance
  • 74. 23. Extending The Reach
    Technology infrastructure
    Helping your customers reach their customers beyond four walls of venue
  • 75. 24. Untraditional Room Setups
  • 76. 25. Your Conference Seen As
    Connections
    Conduit For
  • 77. 26. Three Audience Types
    To Plan For
    Novices: 1-5 yrs
    Mature: 6-10 yrs
    Experienced: 11 yrs >
  • 78. 27. Education Vs. Information
    Is your programming
    Information Dumps
    Interactive Learning
  • 79. 28. Active Learning
    67
    when the learner
    is involved in more
    than just listening
    to alecture.
  • 80. Small Group Discussion
    How will new programming pressures impact you?
    68
  • 81. Wave #4
    Attendee Expectations
  • 82. 29. Online Content & Communities
    Threat or Opportunity
  • 83. 30. Monologues To DialoguesTo Polylogues
  • 84. 31. Participatory Culture
  • 85. 32. More Adult White Space
  • 86. 33. Problem Centric
    Not Content Centric
  • 87. 34. One Size Fits All Out
    Mass Customization
  • 88. 35. Attendee
    Expectation
    Free Wi-Fi
  • 89. 36. On-Demand &
    Mobile Access
  • 90. 37. Green Continues
    To Drive Decisions
  • 91. 38. Attracting
    Younger Audiences
  • 92. 1) Identify four new consumer behaviors shaped by recession.
    80
  • 93. Steadfast Frugalists
    Involuntary Penny Pinchers
    Pragmatic Spenders
    Apathetic Materialists
  • 94. 2) Discuss trends disrupting the meetings industry.
    82
  • 95. Four Major Waves
    1. Buyer & Seller Changes
    2. Biz Model Disruptors
    3. Programming Pressures
    4. Attendee Expectations
  • 96. 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 notreasonable.~ Don Reynolds, Economist 21st Century Forecasting
  • 97. Planning Meetings & Events…
    Not A Piece Of Cake
    85
  • 98. Adult Ed & Meetings
    86
  • 99. Thank You
  • 100. midlander1231
    the|G|™
    ~Ilse
    Don Solo
    Daniel Henríquez
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    London Permaculture
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    ☼ Helder
    !!sahrizvi!!
    Stefan
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    Thank You
    Photo Credits
    Stay Cool!
  • 101. 89
    jhurt@velvetchainsaw.com velvetchainsaw.com @JeffHurt