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Welcome To The
New NormalTips From A
Meetings Professional
Presenter – Attendee Agreement
Law of Two Feet
Vibrate Please
Texting, Typing
Welcome
Be Present • Be ActiveUse 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
• Find Someone You Don’t Know• Tell Them Your Name• Your Company & Job Title• Find something you both
have in common
About You
Why Are You Here?Get one sticky note
a. Write one thing you want to learn from this session
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
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
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Past consumer segmentation no longer valid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?
1. CEO/Executive Director2. Board of Directors3. Executive Team4. 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 NormalsThe impact of the new normal on
meeting and event professionals
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
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 & Communities
Threat or Opportunity
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
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