Masterclass: Influencing Consumer Choices - Middle East Food Forum 2016

transcript

Masterclass: Influencing Consumer Choices

The Evolution of Marketing | Employees as Brand Marketers | Your 2016

Marketing Budget

Martin Kubler FIHCEO – Iconsulthotels & sps:affinity

Hospitality, Tourism, & Service Industries Consulting | Innovation Specialist, Writer, Trainerwww.iconsulthotels.com

Martin KublerHotel GM turned Hospitality & Service Industries Consultant

Public Speaker, Lecturer, Writer

• CEO of Iconsulthotels & sps:affinity• MBA in Marketing & Innovation from GIHE• Likes: Vegan food, strong coffee. Dislikes: Okra• Columnist for Hotelier Middle East, Travel & Tourism

News Middle East, HBME• Keynotes: GITEX (Dubai), HTF (Las Vegas), ITHS

(Oman)

Influencing Consumer

Choices: Marketing to

Tomorrow’s Consumers &

Diners

Will innovation wow them?

Does loyalty still exist? Will your messages

reach them?

Yesterday’s Consumers

• Passive Consumption

• One-Way Communication

• One Thing at a Time

Today’s Consumers

• Sharing & Interacting

• Multi-Way Communication

• Everything at the Same Time

Tomorrow’s Consumers

Mobile

Micro / Local / “Glocal”

Faster

• Third Place Working / #workshifting

• Outernet

• Data Era & The Power of Data

• The Sharing Economy

• “What’s in it for me?”

Theme 1: Social & Digital Connectivity

• “Always on”

• Impacts entire consumer lifecycle

• What’s the trade off?

• Value rather than gimmicks

Theme 2: Design & Space Use

Theme 3: Customization & eWOW

The Break Up

Theme 3: Customization & eWOW

• The end of the fruit basket

• Smart Luxury

•A chance to save?

• The age of random excellence?

Theme 4: The End of Certainty & Hierarchy

Success requires cross-functional feedback loops & teams:

From silos, lack of communication, multiple handoffs…

Cross-functional roles, high collaboration, results oriented…

Yesterday & Today: Restaurants

Yesterday Today

“Restaurants are what they say they are”

“Restaurants are what people say they are”

Full Control Loss of Control

One Size Fits All Tailor-Made / Customized

Marketing Department We’re all in marketing now!

Not enough data Too much data?

Future Impact: Classifications & Ratings

Future Impact: Classifications, Ratings, Search

These are not just consumer reviews…

Future Impact: Social Currency

Not all consumers are created equal…

Future Impact: Social Currency

Some Theory…Consumer Choice

Theory:• Utility is the

satisfaction or pleasure derived from consumption of goods or services.

• Actual measurement of utility is impossible, but economists assume it can be measured by a fictitious unit called the “util”.

The Diamonds <-> Water Paradox

Even though water provides a higher utility than diamonds, diamonds are

more expensive than water? Why?

Water is plentiful in most places, so its marginal utility is low -> low

Diamonds are scarce and their marginal utility is high -> high price

Do you sell water or diamonds?

Be a Diamond. Beat the Substitution Effect!

Substitution Effect: The change in quantity demanded of a good or service

caused by the change in price relative to its substitutes.

Suppose the price of a Pepsi Cola falls, while the price of a Coca Cola

remains unchanged.

Consumers will buy more Pepsi Cola, because relatively, it’s less

expensive than Coca Cola.

Examples

Tips & Tricks

Not retargeting? You’re losing $$$$...

Tips & Tricks

Social WiFi – a no brainer…

Tips & Tricks

Hotels have Revinate. Restaurants have Localyser.

Tips & Tricks

MyTriphoto – 360 user-generated

selfies…

Tips & Tricks

… and now?

Summary

• Welcome to the age of random excellence

• Our structures! They need to change!

• Listen! No, really listen!

• Average does not create ripples

Hospitality, Leisure, & Tourism Consulting

Destination Branding

Sales, Marketing, PR

Operations Consulting, Training, Coaching

Please connect!

LinkedIn: http://ae.linkedin.com/in/martinkubler/

Email: martin@iconsulthotels.com | Twitter: @martin_kubler