Monday, February 27, 2012

Adapting to Today's Situation, by Steve Heyer CEO

Steve Heyer CEO is a strong believer in the concept of constant adaptation in the industry in reaction to changing times. These are bold words that were spoken by this visionary business leader almost a decade ago and people continue to refer to them today. He said these things to a good number of the most influential persons in the industry a number of years in the past.

Steve Heyer is a person of great importance in the business world, not least because he is one of the chiefs of Starwood Hotels. There were several occasions where Heyer enlarged on what he had meant about finding innovative marketing approaches in the famous conference long ago. He claimed that he is not marketing rooms in hotels but entertainment and lasting memories.

Experiences are the products to Heyer, not the rooms. He said that the hotels had to work on selling experiences worth remembering. This is a complete change in perspective and approach, although the product and services did not change at all.

Heyer believed that the future held great things by way of personalization. Nowadays we see that Heyer was right. This is most patent in digital products.

The latest developments have also spelled difficulty for people in entertainment. For example, musicians saw a sharp decline in profits following the rise of MP3 distribution sites. Almost instantly, people were getting on board the pirate ship, so to speak.

Heyer remarked on the horrific drop in revenue for singers, songwriters, and producers during this period. Heyer told people in music production that they now had to adapt to this new setting, as it could no longer be stopped. He also addressed TV executives and warned them to prepare and adapt to “the changing media consumption habits of younger generations”.

Essentially, he was saying that the time had come for businesss to market a culture, not a product. Heyer's intention is to convince consumers that they can make memories that shall never be forgotten by going to Starwood locations. This marketing tactic would lead to emphasis being placed on the entertainment possibilities of each hotel.

Hence, the company has actually struck up a partnership with the Victoria's Secret brand in an effort to market the experience of being in a Starwood hotel (and watching a Victoria's Secret runway show, in this case). The Victoria's Secret shows command a good bit of attention, and only select guests of the hotels are allowed. This is a clear example of marketing an experience.

The proliferation of brand names in films has also drawn attention from Heyer, who dislikes it. He found it reprehensible for its lack of contextual significance. Heyer argues against the practice by calling it both a useless appendage to the plot as well as a useless tool for a business.

In the past, Steve Heyer CEO was a chief executive for the company that makes Coke. And with Coca Cola, he demonstrated contextual placement of brands into TV programs. Heyer set Coke glasses on the judging table of a famous talent show on television.

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