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Meetings in 2027: Predictions for the Future of the Hospitality Industry

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Meetings in 2027: Predictions for the Future of the Hospitality Industry

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Learning Objectives:
-Develop insight into how our industry is performing.
-Check in on how far our industry has come thanks to technology.
-Review trends and subsequent predictions that will give you a glimpse of what might be ahead.

Learning Objectives:
-Develop insight into how our industry is performing.
-Check in on how far our industry has come thanks to technology.
-Review trends and subsequent predictions that will give you a glimpse of what might be ahead.

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Meetings in 2027: Predictions for the Future of the Hospitality Industry

  1. 1. #MPINCCACE Meetings in 2027: Predictions for the Future of the Hospitality Industry Dan Berger @danberger Founder & CEO Social Tables
  2. 2. #MPINCCACE Presenter-Audience Agreement • You’re free to leave any time. • Questions welcome whenever. • Take as many photos and share as you please. • Engage on social: @danberger | #MPINCCACE
  3. 3. I am a participant. I am a planner. I am a supplier.
  4. 4. 120 employees Raised $22.6 million Founded in 2011
  5. 5. The #1 software for planners and properties to collaborate online.
  6. 6. 4,229 customers creating 1.73 million events with 210 million participants
  7. 7. I am a participant. I am a planner. I am a believer. I am a supplier.
  8. 8. We envision a world where face- to-face events achieve great things Sample of the 40+ awards Social Tables and its leadership have received.
  9. 9. #MPINCCACE MPINCC Annual Conference & Expo 2017Learning Objectives ● Develop insight into how our industry is performing. ● Check in on how far our industry has come thanks to technology. ● Review trend and subsequent predictions that will give you a glimpse of what might be ahead.
  10. 10. open_discussion How would you describe the health of our industry?
  11. 11. #MPINCCACE MPINCC Annual Conference & Expo 2017 Politics and Policies A potential trade war and ongoing immigration issues will impact the global hospitality industry, hospitality leaders believe. Demand Industry leaders believe corporate travel will bounce back in 2017 due to the stock market’s performance, “lessening regulations on corporations, slashing their tax rates, and building up a more robust transportation infrastructure.” This will contribute to an increase in ADR, which will increase RevPAR by an estimated 2.3%. Supply An increase in hotel room supply will marginally outpace growth in demand, resulting in a decline in occupancy to 65.3%. Airbnb remains a wildcard. The State of Travel and Hospitality in 2017
  12. 12. #MPINCCACE MPINCC Annual Conference & Expo 2017The State of Group Business in 2017 The Overall Climate We are still in a supplier market. Chains are reporting strong group booking toward the end of the year and beyond but tepid short-term booking due to market and government uncertainty. Budgets and attendance in 2016 grew from 2015 but at a slower pace. Exhibitors numbers grew in 2016 at a higher clip than 2015 so more space was used. The Biggest Challenge Safety and security are top-of-mind for planners. The Megatrend Meetings and events are being festivilized.
  13. 13. #MPINCCACE MPINCC Annual Conference & Expo 2017Beyond 2017: A Recession on the Horizon From 1945 to 2001, and 10 cycles, recessions lasted an average 10 months and expansions an average of 57 months. We’re currently on expansion month #91 and counting. YEAR Economy 2008 Recession began 2009 Recession ended (1.5 years) 2018 Next projected recession 2019 Expansion 2025 Projected end of an expansion
  14. 14. conclusion Our industry and the economy are both healthy so we should be cautiously optimistic.
  15. 15. open_discussion How has technology impacted your job over the last decade?
  16. 16. Information Symmetry Planners rely on their networks and online research to learn about destinations before speaking to sales reps. Information Asymmetry Planners used to rely on hotel sales professionals for research and information. Destination Sourcing Pre-Event #MPINCCACE
  17. 17. Event Marketing Permission Marketing Marketers deliver anticipated, personal, and relevant messages to people who actually want to get them thanks to new advertising technology. Traditional Marketing Marketers used to buy email lists, mail invitations, and add everyone to their newsletters. #MPINCCACE Pre-Event
  18. 18. Networking Online Participants have access to fellow attendees and technology matches people thanks to algorithms. On Site People let serendipity and networking sessions do all of the work. Pre-Event #MPINCCACE
  19. 19. An Afterthought There was no real software built for planners or event goers. Integrated Planners think about what objectives they are trying to achieve and use the technology that fits best. Technology Pre-Event #MPINCCACE
  20. 20. Online Collaboration Information is centralized online for efficient stakeholder communication. Offline Redundancy Back-and-forth calls, emails, and faxes to coordinate events and communicate changes. Working Together Pre-Event #MPINCCACE
  21. 21. Education Participants Speakers have a dialogue with participants. They use technology to engage them and apply adult learning best practices. Attendees Presenters spoke at attendees. During EventPre-Event #MPINCCACE
  22. 22. Physically Attending Attending in the Flesh The only way to attend an event was to physically be there. Virtual Attendance Live-streaming is free and is used to build future attendance. #MPINCCACE During EventPre-Event
  23. 23. Disseminating Information The Mobile App Real-time information is distributed digitally through an app, social, and email. The Event Guide Information, including the schedule and attendee list, was distributed through physical collateral. #MPINCCACE During EventPre-Event
  24. 24. Event Lifespan Events were Finite The life of an event spanned was limited to its allocated time. Events are Evergreen The lifespan of an event extends past its allocated time. People connect and share online afterwards. Post-EventDuring EventPre-Event #MPINCCACE
  25. 25. Event ROI ROI is Measurable Events are considered a marketing product. Their impact can be measured thanks to software and hardware products. ROI was an Unknown Event and meeting spending went into a marketing black hole. #MPINCCACE Post-EventDuring EventPre-Event
  26. 26. Sharing Information Information is Shared Content is distributed far and wide by speakers. It is amplified by participants through live tweeting, live streaming, and social media posting. Information was Withheld Content was held closely by speakers. #MPINCCACE Post-EventDuring EventPre-Event
  27. 27. open_discussion What are some of the ways the industry will change in the future?
  28. 28. trend_alert Industries are changing in front of our eyes.
  29. 29. The industry processes we know today will be obliterated.
  30. 30. trend_alert Events are getting a makeover.
  31. 31. The Annual Meeting will become endangered.
  32. 32. Events will be reimagined as festivals.
  33. 33. trend_alert Software is eating the world.
  34. 34. Coordinating event logistics will be automated.
  35. 35. Artificial intelligence will make events better for everyone.
  36. 36. We won’t be able to tell the difference between real and virtual events.
  37. 37. Complex productions will be cheaper and easier to organize.
  38. 38. Most group business will be booked online.
  39. 39. There will be fewer site visits and site inspections.
  40. 40. Hotel sales people will become value-added meeting consultants.
  41. 41. A new computing platform will change the way we experience meetings.
  42. 42. Event apps will no longer exists.
  43. 43. Serendipity will be less successful than algorithms.
  44. 44. trend_alert Organizations are getting better at collecting and using data.
  45. 45. There will be more events, with bigger budgets.
  46. 46. Event Professionals will join Executive Teams.
  47. 47. The room block will play second fiddle to economic impact.
  48. 48. A governing body for the meetings industry will emerge.
  49. 49. trend_alert Hotel operators are more focused on margins than ever before.
  50. 50. The hospitality industry will be more profitable than ever.
  51. 51. Technology will be an integrated part of the convention service team’s offerings.
  52. 52. trend_alert Homesharing is mainstream.
  53. 53. @danberger | #MPIMICHAPTER Hotels will do mostly group business.
  54. 54. trend_alert Robotic capabilities are evolving.
  55. 55. Robotics will be used in facility operations.
  56. 56. The best photographers will know how to fly.
  57. 57. trend_alert The middle class is growing as travel is becoming easier.
  58. 58. Second tier cities will become premier destinations.
  59. 59. The “Golden Age of Travel” will continue.
  60. 60. Connecting | Q&A email: dan@socialtables.com twitter: @danberger snapchat: @danjberger if you give me your card, I can send you the slides!

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