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 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
  • Tides Of Change: Trends Disrupting The Meetings Industry

    1. 1. Tides Of Change<br />The Trends Disrupting The Meetings Industry <br />
    2. 2.
    3. 3. 1) Identify four new consumer behaviors shaped by recession.<br />3<br />
    4. 4. 2) Discuss trends disrupting the meetings industry. <br />4<br />
    5. 5. We devote our intelligences to<br />anticipating what<br />average opinion expects the average<br />opinion to be.<br />John Maynard Keynes, 1936<br />
    6. 6. Absence Of Good Economic Models<br />Rely on<br />Opinions<br />Guesstimates<br />Crowds<br />
    7. 7. More Regulation, A Weaker<br />Consumer<br />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…<br />~ Don Reynolds, Economist, 21st Century Forecasting <br />Welcome To The<br />New Normal<br />
    8. 8. 4 New Consumer/Attendee Types<br />Great Recession Shaped<br />New behaviors<br />Adoption of<br />New Normal<br />Decitica Research<br />
    9. 9. Research showed new lens on how consumers internalized their recession experience<br />
    10. 10. Steadfast Frugalists<br /><ul><li> 20% of population
    11. 11. 6 in 10 women
    12. 12. Fewer Gen X & Gen Y
    13. 13. Already considered tightwads
    14. 14. Most difficult to market to</li></li></ul><li>Involuntary Penny Pinchers<br /><ul><li> 29% of population
    15. 15. 6 in 10 women
    16. 16. Primarily Gen X
    17. 17. Forced frugality
    18. 18. Challenging group to attract</li></li></ul><li>Pragmatic Spenders<br /><ul><li> 29% of population
    19. 19. 6 in 10 men
    20. 20. Over represented by people in 60s
    21. 21. 1/3 HHI > $75K
    22. 22. Best group to market to</li></li></ul><li>Apathetic Materialists<br /><ul><li> 22% of population
    23. 23. Slightly more women than men
    24. 24. Gen Y
    25. 25. Indifferent
    26. 26. Attractive target for youth market</li></li></ul><li>So What?<br />What Does This Mean To You?<br />Steadfast Frugalists<br />Involuntary Penny Pinchers<br />Pragmatic Spenders<br />Apathetic Materialists<br />
    27. 27. 1 in 5 U.S. Meeting Professionals<br />doubt economy in recovery<br />
    28. 28. CEIR Index For Exhibits Down<br />For nine straight quarters<br />
    29. 29. Struggling Economic Growth<br />55 %<br />Consumer Optimism<br />Economy Improves <br />Next Year<br />
    30. 30. Struggling Economic Growth<br />9.6 %<br />Unemployment*<br />
    31. 31. *Not Included<br />8.9 Million Part-Time<br />6.2 Million Jobless 27 wks or ><br />2.4 Million not in labor force<br />1.1 Million discouraged workforce<br />1.3 Million did not search for job<br />
    32. 32. Americans Saving More<br />6% Income<br />Spending Less<br />
    33. 33. Fragile Economy<br />
    34. 34. 18 more months<br />Economic Turmoil<br />Double Dip Recession<br />4th Quarter 2011 USA <br />1st & 2nd Quarter 2011<br />Europe & Asia<br />Roger Martin-Fagg , Global Event Summit, London, 9/2010<br />
    35. 35. 41<br />Million Minutes<br />Spent on Facebook<br />More than Google<br />August 2010<br />
    36. 36. 10 New Normals<br />The impact of the new normal on meeting and event professionals<br />Tides Of Change<br />Impact of New Normal On Meetings Industry<br />
    37. 37. Four Major Waves<br />Tides Of Change On Meetings Industry<br />
    38. 38. Four Major Waves<br />1. Buyer & Seller Changes<br />
    39. 39. Four Major Waves<br />1. Buyer & Seller Changes<br />2. Biz Model Disruptors<br />
    40. 40. Four Major Waves<br />1. Buyer & Seller Changes<br />2. Biz Model Disruptors<br />3. Programming Pressures<br />
    41. 41. Four Major Waves<br />1. Buyer & Seller Changes<br />2. Biz Model Disruptors<br />3. Programming Pressures<br />4. Attendee Expectations<br />
    42. 42. Wave #1<br />Buyer & Seller Changes<br />
    43. 43. 1. Buyers Market<br />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. <br />Mark Lomanno, President<br /> Smith Travel Research <br />
    44. 44. Price Integrity <br />Rate Transparency<br />Less Brand loyalty<br />1. Buyers Market<br />Trust!<br />
    45. 45. Trust is<br />differentiator<br />2. Move from Transactions to <br />Relationships<br />
    46. 46. 2a. Relationship Sales: Hotel 2.0<br />Online footprint<br />Social mediainteractions<br />There B4 the Sale<br />Geo-location<br />
    47. 47. 2b. Relationship Sales: Social CRM<br />Process to monitor, engage & manage conversations &relationships with existing & prospective customers & influencers across the Internet, social networks & digital channels. ~ Mark Walsh<br />
    48. 48. 3. Reg List Lures<br />
    49. 49. 4. Buyers Still Stung by<br />Extravagant Label<br />Optimism up. Budgets not.<br />Incentive Research Foundation Pulse Survey Report, 8/2010<br />
    50. 50. 5. More For Less New Frugality<br />New Competitive Set<br />Buy up, not down<br />Packages<br />
    51. 51. 6. Group Biz Commoditized<br />RFP Overload<br />Grids<br />Selling brass & glass<br />More small biz<br />
    52. 52. 7. Billboard Effect<br />Expedia/Cvent<br />
    53. 53. 8. Push To Pull<br />
    54. 54. Small Group Discussion<br />What struck most about buyers & seller changes? <br />42<br />
    55. 55. Wave #2<br />Business Model Disruptors<br />
    56. 56. 9. Creative Destruction<br />Innovation<br />New ways to create value<br />Drive out old<br />
    57. 57. 10. Rise Of Free<br />Increased pressure to create value<br />
    58. 58. 11. Self-Organized Communities<br />
    59. 59. 12. 2011 Hotel & Airfare Rates Rise<br />
    60. 60. 13. No Longer Serves Us<br />
    61. 61. 14. Shorter Lead Times<br />
    62. 62. 15. Procurement Depts Taking<br />Over Incentive Travel<br />Incentive Research Foundation Pulse Survey Report, 8/2010<br />
    63. 63. SMM<br />16. Smarter Buyers<br />
    64. 64. 17. C-Suite more involved in<br />decisions about<br />conferences & travel<br />
    65. 65. 18. Increased Demand ROI & ROO<br />
    66. 66. 19. Successful Shows<br />Continue To Grow<br />At expense of weaker shows<br />
    67. 67. 19a. Successful Shows See Growth <br />Reputation for best <br />Ed, Networking<br />Quality, Buyers<br />Innovation<br />Focus on programming<br />
    68. 68. 20. Exhibit Revenue Mix Changes<br />Traditional 85% booth, 15% sponsorship<br />Less booth, more sponsorship<br />
    69. 69. 21. Current Exhibit Biz Model<br />Not likely sustainable. ~ Doug Ducate<br />CEIR President & CEO<br />
    70. 70. Small Group Discussion<br />Which biz disruptors are impacting you? <br />58<br />
    71. 71. Wave #3<br />Programming Pressures<br />
    72. 72. 21. Increased Pressure<br />Programming<br />Networking<br />New Products<br />
    73. 73. 22. Speakers With Substance In<br />Motivational out unless<br />Programming packed with relevance<br />
    74. 74. 23. Extending The Reach<br />Technology infrastructure<br />Helping your customers reach their customers beyond four walls of venue<br />
    75. 75. 24. Untraditional Room Setups<br />
    76. 76. 25. Your Conference Seen As<br />Connections<br />Conduit For<br />
    77. 77. 26. Three Audience Types<br />To Plan For<br />Novices: 1-5 yrs<br />Mature: 6-10 yrs<br />Experienced: 11 yrs ><br />
    78. 78. 27. Education Vs. Information<br />Is your programming<br />Information Dumps<br />Interactive Learning<br />
    79. 79. 28. Active Learning<br />67<br />when the learner<br />is involved in more<br />than just listening<br />to alecture.<br />
    80. 80. Small Group Discussion<br />How will new programming pressures impact you? <br />68<br />
    81. 81. Wave #4<br />Attendee Expectations<br />
    82. 82. 29. Online Content & Communities<br />Threat or Opportunity<br />
    83. 83. 30. Monologues To DialoguesTo Polylogues<br />
    84. 84. 31. Participatory Culture<br />
    85. 85. 32. More Adult White Space<br />
    86. 86. 33. Problem Centric<br />Not Content Centric<br />
    87. 87. 34. One Size Fits All Out<br />Mass Customization<br />
    88. 88. 35. Attendee<br />Expectation<br />Free Wi-Fi<br />
    89. 89. 36. On-Demand &<br />Mobile Access<br />
    90. 90. 37. Green Continues<br />To Drive Decisions<br />
    91. 91. 38. Attracting <br />Younger Audiences<br />
    92. 92. 1) Identify four new consumer behaviors shaped by recession.<br />80<br />
    93. 93. Steadfast Frugalists<br />Involuntary Penny Pinchers<br />Pragmatic Spenders<br />Apathetic Materialists<br />
    94. 94. 2) Discuss trends disrupting the meetings industry. <br />82<br />
    95. 95. Four Major Waves<br />1. Buyer & Seller Changes<br />2. Biz Model Disruptors<br />3. Programming Pressures<br />4. Attendee Expectations<br />
    96. 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<br />
    97. 97. Planning Meetings & Events…<br />Not A Piece Of Cake<br />85<br />
    98. 98. Adult Ed & Meetings<br />86<br />
    99. 99. Thank You<br />
    100. 100. midlander1231<br />the|G|™<br />~Ilse<br />Don Solo<br />Daniel Henríquez<br />Leonard John Matthews<br />London Permaculture<br />cindy47452<br />mariotto52<br />topher76<br />SamikRC<br />kenyee<br />Xotoko<br />Ian Sane<br />cláudiagabrielamarquesvieira<br />Paloetic<br />Bob.Fornal<br />mrflip<br />Jimw<br />Ornellaswouldgo<br />khalidalmasoud<br />brentbat<br />Steven C Wilson<br />☼ Helder<br />!!sahrizvi!!<br />Stefan<br />Luxmart<br />fotomele<br />Thank You<br />Photo Credits<br />Stay Cool!<br />
    101. 101. 89<br /> jhurt@velvetchainsaw.com velvetchainsaw.com @JeffHurt<br />

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