the new normal: event & meeting industry tips
TRANSCRIPT
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Welcome To The
New NormalTips From A
Meetings Professional
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Presenter – Attendee Agreement
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Law of Two Feet
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Vibrate Please
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Texting, Typing
Welcome
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Be Present • Be ActiveUse Respect
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About Me• Coal Miner’s Grandson
• West Virginia Hillbilly
• Nonprofit Junkie
• Environmental Advocate
• Meeting & Event Professional
• Education Evangelist
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Director of Education & Engagement
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@JeffHurt
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About You
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• Find Someone You Don’t Know• Tell Them Your Name• Your Company & Job Title• Find something you both
have in common
About You
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Why Are You Here?Get one sticky note
a. Write one thing you want to learn from this session
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Agendaa) Identify the four new
consumer behaviors shaped by recession
b) Discuss what attracts meetings and events to your venue
c) Explore ten new normals for event professionals
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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 Reynolds21st Century Forecasting
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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Past consumer segmentation no longer valid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
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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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Lure To Your Venue• Location Attractiveness• Accessibility• Entertainment factor• Date Availability• Lodging - prices, quality,
quantity• Meeting space• Overall costs
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Who’s Involved In Decision?
1. CEO/Executive Director2. Board of Directors3. Executive Team4. Meeting Professional
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Lure To Executive Team• Regional Draw• Local support• Venue partnerships with
program• No attrition
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Influences Event Prof• Contractual issues• Labor costs/service issues• Variable costs• Ease of doing business• Hotel points
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10 New NormalsThe impact of the new normal on
meeting and event professionals
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Buyers MarketOn 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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No Longer serves us
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Multi-Year Contracts Out
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Shorter Lead Times
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Free Wi-Fi
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Green Is In
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Monologues To DialoguesTo Polylogues
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Reg List Attracts
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More Value - Pay Less
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Online Content & Communities
Threat or Opportunity
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What We Covered
a) Identify the four new consumer behaviors shaped by recession
b) Discuss what attracts meetings and events to your venue
c) Explore ten new normals for event professionals
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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 not reasonable. .
~ Don Reynolds
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Welcome To The
New Normal