tides of change: trends disrupting the meetings industry
DESCRIPTION
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.TRANSCRIPT
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The Trends Disrupting The Meetings
Industry Tides Of
Change
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3
1) Identify
four new
consumer
behaviors
shaped by
recession.
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4
2) Discuss trends disrupting the meetings industry.
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anticipating what
opinion to be.
John Maynard Keynes, 1936
average opinion expects the
average
We devote our intelligences to
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Rely on
Guesstimates
Opinions
Absence Of Good Economic Models
Crowds
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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
More Regulation, A WeakerConsum
er
Welcome To
TheNew Normal
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4 New Consumer/Attendee Types
New behaviors
Adoption of
New Normal
Great Recession
Shaped
Decitica Research
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Research showed new lens
on how consumers
internalized
their recession experience
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Steadfast
Frugalists 20% of population 6 in 10 women Fewer Gen X & Gen Y Already considered
tightwads Most difficult to
market to
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Involuntary Penny Pinchers 29% of population 6 in 10 women Primarily Gen X Forced frugality Challenging group
to attract
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Pragmatic
Spenders 29% of population 6 in 10 men Over represented by people in 60s 1/3 HHI > $75K Best group to
market to
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Apathetic Materialists 22% of population
Slightly more women
than men Gen Y Indifferent Attractive target for
youth market
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So What?What Does This Mean To You?• Steadfast Frugalists• Involuntary Penny Pinchers• Pragmatic Spenders• Apathetic Materialists
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1 in 5 U.S. Meeting Professionals
doubt economy in recovery
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CEIR Index For Exhibits DownFor nine straight quarters
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Struggling Economic
Growth
55 %Consumer Optimism
Economy Improves
Next Year
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Struggling Economic
Growth
9.6 %Unemployment*
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*Not Included8.9 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
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Americans Saving
More
6% Income
Spending Less
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Fragile
Economy
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18 more monthsEconomic
TurmoilDouble Dip Recession4th Quarter 2011 USA
1st & 2nd Quarter 2011
Europe & Asia
Roger Martin-Fagg , Global Event Summit, London, 9/2010
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41Million Minutes
Spent on Facebook
More than GoogleAugust 2010
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10 New NormalsThe impact of the new normal on
meeting and event professionals
Tides Of
Change
Impact of New Normal On Meetings Industry
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Four Major Waves
Tides Of Change On Meetings Industry
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Four Major Waves1. Buyer & Seller
Changes
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Four Major Waves1. Buyer & Seller
Changes2. Biz Model Disruptors
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Four Major Waves1. Buyer & Seller
Changes2. Biz Model Disruptors
3. Programming
Pressures
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Four Major Waves1. Buyer & Seller
Changes2. Biz Model Disruptors
3. Programming
Pressures4. Attendee
Expectations
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Wave #1 Buyer & Seller
Changes
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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
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• Price Integrity • Rate Transparency• Less Brand loyalty
TRUST!
1. Buyers Market
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2. Move from Transactions to Relationships
Trust is
differentiat
or
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• Online footprint
• Social mediainteractions
• There B4 the Sale
• Geo-location
2a. Relationship Sales: Hotel
2.0
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Process to monitor, engage & manage conversations &relationships with existing & prospective customers & influencers across the Internet, social networks & digital channels. ~ Mark Walsh
2b. Relationship Sales: Social CRM
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3. Reg List Lures
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4. Buyers Still Stung
byExtravagant Label
Optimism up.
Budgets not.
Incentive Research Foundation Pulse Survey Report, 8/2010
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5. More For Less New Frugality
• New Competitive Set
• Buy up, not down• Packages
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6. Group Biz Commoditized
• RFP Overload
• Grids
• Selling brass & glass
• More small biz
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7. Billboard EffectExpedia/Cvent
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8. Push To Pull
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42
What struck most
about buyers & seller
changes?
Small Group Discussion
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Wave #2Business Model Disruptors
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Innovation9. Creative
Destruction
New ways to create
value Drive out old
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10. Rise Of
Free
Increased pressure to create
value
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11. Self-Organized Communities
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12. 2011 Hotel & Airfare Rates Rise
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13. No Longer Serves Us
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14. Shorter Lead
Times
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15. Procurement Depts Taking Over Incentive
TravelIncentive Research Foundation Pulse Survey Report, 8/2010
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SMM16. Smarter
Buyers
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17. C-Suite more involved indecisions
aboutconferences & travel
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18. Increased Demand ROI &
ROO
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19. Successful Shows
At expense of weaker
shows
Continue To
Grow
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19a. Successful Shows See
Growth Reputation for
best
Ed, Networking
Quality,
BuyersInnovatio
nFocus on
programming
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20. Exhibit Revenue Mix Changes
Traditional 85% booth, 15%
sponsorshipLess booth, more
sponsorship
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21. Current Exhibit Biz Model
Not likely sustainable. ~ Doug
Ducate CEIR President & CEO
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58
Which biz disruptors are impacting you?
Small Group Discussion
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Wave
#3
Programming Pressures
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21. Increased PressureProgrammingNetworking
New Products
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22. Speakers With
Substance In
Motivational out
unless Programming packed with
relevance
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23.
Extending
The Reach• Technology
infrastructure
• Helping your customers reach their customers beyond four walls of venue
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24. Untraditional Room Setups
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Conduit For
25. Your Conference Seen
As Connections
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Novices: 1-5
yrs
26. Three Audience Types
Mature: 6-10 yrs
Experienced: 11
yrs >
To Plan For
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27. Education Vs. Information
Is your
programmingInformation
DumpsInteractive Learning
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67
28. Active Learningwhen the learner
is involved in more
to a lecture.
than just listening
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68
How will new
programming pressures
impact you?
Small Group Discussion
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Wave
#4
Attendee Expectations
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29. Online Content & CommunitiesThreat or Opportunity
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30. Monologues To Dialogues
To Polylogues
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31. Participatory Culture
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32. More Adult White
Space
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33. Problem
CentricNot Content Centric
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34. One Size Fits All Out
Mass Customization
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Free Wi-Fi
Expectation
35. Attendee
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36. On-Demand &Mobile Access
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37. Green
ContinuesTo Drive
Decisions
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38. Attracting Younger Audiences
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80
1) Identify
four new
consumer
behaviors
shaped by
recession.
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• Steadfast Frugalists• Involuntary Penny Pinchers• Pragmatic Spenders• Apathetic Materialists
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82
2) Discuss trends disrupting the meetings industry.
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Four Major Waves1. Buyer & Seller
Changes2. Biz Model Disruptors
3. Programming
Pressures4. Attendee
Expectations
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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
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Planning Meetings & Events…
Not A Piece Of Cake
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Adult Ed & Meetings
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Thank You
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Stay Cool!
Thank You
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