Tides Of Change: Trends Disrupting The Meetings Industry

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.

Here is the slidedeck from my presentation about those Tides of Change to the 9th Annual PNW Meetings Industry Summit sponsored by Washington State Chapter MPI and Pacific Northwest Chapter of PCMA. A list of the four major waves, its tides and my resources are also listed.

Four Waves Of Change For Meetings Industry Each With Their Own Set Of Tides

Wave 1: Buyer & Seller Changes

• Buyers Market
• Relationship Sales
• Sales 2.0
• Social CRM
• Reg List Lures
• Extravagant Label Sting
• More For Less Frugality
• Group Biz Commodity
• Billboard Effect
• Move from Push to Pull 

Wave 2: Business Model Disruptors

• 2011 Hotel & Airfare Rate Changes
• History no Longer serves us
• Shorter lead times
• Procurement Depts Taking Over Incentive Travel
• SMM
• C Suite More Involved In Decisions
• Increased Demand ROI & ROO
• Successful Shows Continue To Grow
• Exhibit Revenue Mix
• Current Show Model Not Sustainable
• Creative Destruction – Innovation, new ways to create value drive out old,
• Rise of FREE (stress on value)
• Self organized communities
• Decline in volunteerism – micro volunteers 

Wave 3: Programming Pressures

• Increased pressure on programming
• Speakers with substance
• Extending The Reach
• Untraditional Room Setups
• Conference Seen As Conduit for Connections
• Meet 3 Audience Types – Novice 1-5 yrs, Mature 6-10 yrs, Experienced 11 yrs or more
• Education vs. Information Dumps 

Wave 4: Attendee Expectations

• Online Content & Communities
• Monologues to Dialogues to Polylogues
• Participatory Culture
• Adult White Space
• Problem-Centric Not Content-Centric
• One Size Fits All Out (mass customization)
• Long Tail Theory – Shift From Hits Of Mass At Head & Move To Niches In Tail
• To Multiple Niches
• Free WiFi
• On-Demand & Mobile Access
• Green Drives Decisions
• Attracting young audience

Resources

Four New Consumer Behaviors Shaped By Recession – Decitica

Department Of Labor Current Economy Stats

Global Events Summit Recap 9/10/2010 – Economist, Roger Martin-Fagg

Incentive Research Foundation Spring 2010 Pulse Survey

BCD Travel Advito September 2010 Research

Unifocus Hotel Lessons Learned September 2010

IMEX America 9/3/2010 Research

SITE 2010 Research

CEIR Research – August 2010

Organizers Cautiously Optimistic About Industry Rebound – September 8, 2010

The RevPar Recovery Race – September 8, 2010

U.S. Hotel Government Per Diem Rates Decreasing – September 7, 2010

What wave or trends do you think will have the most immediate impact on the meetings industry? Which trends excite you?