Starwood Millennial Branding and Marketing Study

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Information about Starwood Millennial Branding and Marketing Study
Business & Mgmt

Published on February 4, 2014

Author: bvnu

Source: slideshare.net

Description

The project was a collaboration effort between Amherst College and Starwood Hotels & Resorts Worldwide. By 2020, rising wealth of emerging economies will contribute an estimated $10 trillion to global GDP; of that group, the majority will be today's Millennials. This represents enormous purchasing power that matters much to consumer brands.

The Amherst–Starwood Millennial project was the first of its kind. Our group worked with the team at Starwood to conduct rigorous market research among today's college students and produce insights into “the Next Generation of Travelers" for Starwood across Digital, SPG, Sustainability, and Design, among others.

This is a presentation of our group to the Corporate teams in Stamford, Connecticut in 2013.

+ Starwood Millennial Branding Case Study Henry Bao-Viet Danielle Amadeo Jeehae Goddard Lacie Goldberg

+ The project was a collaboration effort between Amherst College and Starwood Hotels & Resorts Worldwide. By 2020, rising wealth of emerging economies will contribute an estimated $10 trillion to global GDP; of that group, the majority will be today's Millennials. This represents enormous purchasing power that matters much to consumer brands. The Amherst–Starwood Millennial project was the first of its kind. Our group worked with the team at Starwood to conduct rigorous market research among today's college students and produce insights into “the Next Generation of Travelers" for Starwood across Digital, SPG, Sustainability, and Design, among others. This is a presentation of our group to the Corporate teams in Stamford, Connecticut in 2013.

+ Millennials… A special breed. Time, May 2013

+ Road Map n  The Team n  Background n  The Survey n  Results n  Recommendations

+ The Team n  Millennial n  Diverse & global n  Entrepreneurial n  Innovative n  Tech-savvy n  The future consumer

+ Background

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+ Engage. Listen. Respond n  Branding is no longer a one-way message. It has become a two-way conversation. n  “There’s a revolution in marketing. People are in control. We’ve never had a greater opportunity to connect with people.” – Marc Pritchard, CMO, Procter & Gamble n  Social networking has completely redefined how consumers engage with a brand. n  “Now, it matters less what a brand says about itself; what matters is what people say about a brand. Companies that do not cultivate a transparent, authentic conversation with their customers will perish. There’s no room for smoke and mirrors in today’s socially networked world.” – The Four Seasons Luxury Trend Report 2012

+ Branding & Marketing to Millennials n  Millennials are talking on Facebook, Twitter, Instagram, etc. n  >65% of Millennials are reported to be much less responsive to traditional marketing – Brand Amplitude Ø  What really characterizes millennials? How well do we understand them? Ø  What are their expectations from brands & companies? How do these influence purchasing behavior & brand loyalty? Ø  Why is it vital for Starwood to understand this next generation of travelers?

+ Starwood n  Largest & fastest-growing luxury hotel company in the world n  Leading global lifestyle company well-known for innovation. n  n  n  Signature butler service, St. Regis First hotel company to commercialize “cool” on massive scale, W Targets the sophisticated global business traveler & the upper income urban new generation of professionals.

+ Starwood Millennial Survey Amherst n  Diverse, global (40+ countries), innovative, millennial, and fits the targeted future consumer of Starwood products/ travels frequently. Objective n  To discern overarching trends: (i) What are our generation’s greatest concerns? (ii) How do these concerns influence our expectation from brands & affect our purchasing behavior? n  To collect original ideas & recommendations.

+ Starwood Millennial Survey Format n  10 questions in total. n  Qualitative, open-ended (5) n  Quantitative, rating scale (5) n  Unique, personal voices & perspectives from focus groups & interviews. n  After 3 months, 81 survey responses collected & many more personal interviews (quality responses > just filling the blanks) n  Link to Survey form: http://www.surveymonkey.com/s/2ZFKWYZ

+ The survey n  Q1: Personal information (Age, Sex, Hometown) n  Q2: Please select 10 to 15 of the following qualities that best describe you. (list of 30) n  Q3: Generally speaking, how important are these factors in influencing your purchasing decisions? (8 categories listed) n  Q4: What are your favorite brands, and why? n  Q5: Please rate how important the following qualities are when considering whether or not to buy a product or service. n  Q6: What are the 3 coolest and most innovative mobile apps? Why? (for example: I like Fab because it allows me to buy my favorite trendy & eco-friendly items in a flash; Flipboard – an innovative, fun and interactive way to read news; I like travel and banking apps in general, etc.)

+ The survey n  Q7: What is the best vacation or hotel you remembered? What were some details or factors that made the trip so memorable to you? n  Q8: If you were given a free stay at a luxury hotel, what ideal features and amenities would you look for? What would you also dream of having in the future? n  Q9: Thinking broadly, as a millennial consumer, what would you like to see companies spend more resources on nowadays? Please elaborate on your response. n  Q10: Just an exercise: If you were the CEO of a global hotel company, what innovative strategies would you pursue?

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+ n  The results Q2: Please select 10 to 15 of the following qualities that best describe you: Cautious consumer Globally minded Spends more for green products/services Pessimistic Offline Seek comfort and familiarity Always online over excitement/change Creative Independent Content Information hungry Ambitious Liberal Frequent social media user Innovative Trendsetting Social media contributor Moderate Impressionable Family-oriented Pessimistic Digitally savvy Cause-driven Confident Healthy Highly social Eco-conscious Loves foreign cultures Career-driven Locally minded Optimistic Conservative Charitable

+ n  The results Q2: Please select 10 to 15 of the following qualities that best Independent describe you Conservative Ambitious 60 Pessimistic Trendsetting Optimistic 50 Seeks familiarity over change Creative Family-oriented 40 Content Confident 30 Offline Liberal 20 Locally minded Loves foreign cultures 10 Pessimistic Globally minded 0 Moderate Information hungry Social media contributor Healthy Impressionable Highly social Spends more for green products/ services Frequent social media user Cause-driven Charitable Eco-conscious Digitally savvy Innovative Career-driven Cautious consumer Always online

+ n  The results Q2: Please select 10 to 15 of the following qualities that best describe you Top 15 qualities that post-millennials identity with Information hungry 41 Globally minded 41 Loves foreign cultures 42 44 Liberal 45 Confident Family-oriented 46 Creative 49 51 Optimistic Ambitious 57 Independent 57 0 10 20 30 40 50 60

+ n  The results Q3: Generally speaking, how important are these factors in influencing your purchasing decisions?

+ n  The results Q3: Generally speaking, how important are these factors in influencing your purchasing decisions? 45 Important Very Important 40 35 30 25 20 15 10 5 0 Word-of-mouth Online Reviews Print magazines (Friends, and family...) Newspapers Television Blogs Facebook and Street Mobile Apps Social media Advertisements (Twitter, Pinterest...)

+ n  The results Q4: What are your favorite brands, and why? Uniqlo J Crew Nike H&M Forever 21 Burberry Diptyque James Perse Google Amazon Apple Brooks Brothers Toms Ralph Lauren Whole Foods 3 10 8 6 5 2 2 2 5 3 23 4 2 6 5 0 5 10 15 20 25

+ n  The results Q4: Top adjectives used to describe favorite brands: “Quality & Reliability, Classic & Timeless, Design & Aesthetic innovation”

+ n  The results Q5: Please rate how important the following qualities are when considering whether or not to buy a product.

+ n  The results Q5: Please rate how important the following qualities are when considering whether or not to buy a product. 24 Ease of use 15 Design 28 29 Design 2 Exclusivity 34 9 3 Popularity 42 10 Quality 50 22 8 Ethical & eco 20 5 Brand 22 Price 35 23 0 10 20 30 40 50 60

+ n  The results Q5: Please rate how important the following qualities are when considering whether or not to buy a product. Price 50 45 35 40 Ease of use 42 35 30 24 Brand 23 25 22 20 15 Design (innovation & tech) 5 10 28 5 15 8 0 2 34 29 9 Ethical & eco values 20 3 10 22 Design (aesthetics) Quality 50 Exclusivity Popularity

+ n  The results Q6: What are the 3 coolest and most innovative mobile apps? Deals & freebies Travel & Museum Fitness Shopping Finance, banking, cards Meeting people & relationships Social networking & photo Reading books Weather & alarm Browsing news, music, videos Entertainment & games Covenience, local guide, maps 0 5 10 15 20 25 30 35

+ n  The results Q6: What are the 3 coolest and most innovative mobile apps? Why? n  “Maps apps, Kindle, Music apps (to compose especially). I love the convenience of these apps the most.” n  “Starbucks: makes purchasing easy so that you don't have to carry around a card all the time.” n  “LinkedIn - great articles, forges connections, opens future career opportunities and facilitates discussions about issues & causes” n  “Apps that introduce me to new things (news, music, videos) based on my previous preferences interest me the most.” n  “Amherst alumni app – allows me to connect to any Amherst alum easily and anywhere”

+ n  The results Q6: What are the 3 coolest and most innovative mobile apps? Why? n  “GTasks - keeps me organized; Words with Friends - keeps my mind engaged; Lose It - keeps my body in shape” n  “Rue La La - fun, pretty way to shop; Etsy - awesome way to see unique products” n  “I use apps to find out about local deals, places to go and things to do. I want to save money and find unique things.” n  “Lovely – super clean and simple UI that allows you to search for apartments with ease.” n  “Tindr- creates platform for communication & relationships; snapchat- helps me communicate with friends in an interesting and creative way”

+ n  The results Q7: What is the best vacation or hotel you remembered? What were some details or factors that made the trip so memorable to you? Location (near downtown, activities, nature) Complimentary services & products Aspects of Design & interior Hotel food Staff demeanor & friendliness Comfort Family & friends Adventure & entertainment 0 5 10 15 20 25

+ n  The results Q7: What is the best vacation or hotel you remembered? What were some details or factors that made the trip so memorable to you? n  “Bali, Indonesia! Best vacation for the service & attention I received. Great massages & I'm one happy camper.” n  “Sailing in Barcelona + the Mediterranean. Beach cabanas. Cocktail bars. Nice hotel parties to boot.” n  “The W South Beach is so beautiful. The staff was very attentive and always wanting to please the guests. Design-wise the hotel is very modern and sophisticated. You can tell the designers wanted to make a comforting and sensually evoking environment.” n  “Aman Resort in Sveti Stefan in Montenegro… some parts of the insides looked like a renovated European castle.”

+ n  The results Q7: What is the best vacation or hotel you remembered? What were some details or factors that made the trip so memorable to you? n  “Many of the National Park lodges are the best hotels I have stayed in. Although they haven't necessarily been the nicest as far as amenities go, they really captured the feel of the area, which very much made me feel like I was in a new place for vacation.” n  “Lebua at State Tower in Bangkok was by far the best hotel I've ever stayed at. The attention to decor, Bulgari bathroom products, and a breakfast buffet that catered to every nationality present in that hotel was truly inspired.” n  “I stayed at the Westin Boston Waterfront and loved it. The staff was extremely courteous; the room had an incredible view, and was spacious without having the "cookie cutter" feel that a lot of hotels do.”

+ n  The results Q7: What is the best vacation or hotel you remembered? What were some details or factors that made the trip so memorable to you? n  “The Adlon in Berlin. Staff were incredibly competent, fluent in many languages, and knew the city well. The rooms were nice enough, but we didn't spend much time in them; the quality of service was the most important.” n  “Carthage in Jordan. The hotel we stayed at had exquisite design with a roof suite that had incredible views. Also room service was impeccable and very quick. The hotel had a cool community and the bar downstairs was very happening without being sleazy.” n  “Bocas de Toro, Panama– we stayed at a bed and breakfast with lofted bedrooms in a private cabin with an open first floor and hammocks. Strawberry poison dart frogs, beautiful flowers, surrounded by nature.”

+ n  The results Q8: If you were given a free stay at a luxury hotel, what ideal features and amenities would you look for? What would you also dream of having in the future? COMFORT & CONNECTIVITY n  “Scenic view. Comfortable furniture.” n  “Well located, encompasses the local flavor (while maintaining an exclusive luxurious vibe), and a staff that goes beyond the call of duty. “ n  “Old school charm over the new "luxurious" stuff. Give me a cup of coffee and some 19th century architecture over shiny glass and an interactive mirror on the wall, or high-tech bathroom. If I wanted to stay at a Hilton or Hyatt, I'd eat at McDonalds too, you feel me?” n  “Comfort, attention, connectivity (free Wifi is a must nowadays).” n  “Absolute convenience. I want to be catered to. I also want connectivity with the rest of the world while being isolated in my room.” n  “A very comfortable bed and computer in the room.” n  “I'm a fan of the basics, like a hair dryer, basic toiletries, free breakfast, but also I know that when I traveled I had things stolen or lost and I know that I appreciate hotels that provided help in procuring new items.”

+ n  The results Q8: If you were given a free stay at a luxury hotel, what ideal features and amenities would you look for? What would you also dream of having in the future? AMENITIES n  “Indoor sports facilities, free wifi/ internet café.” n  “Ideal features would be a wonderful Whirlpool tub. I would dream of being able to be massaged in the comfort my room, perhaps after breakfast and before I start my day (assuming business trip).” n  “Free wi-fi, exercise room, pool that can be reserved.” n  “Indoor hot tub” n  “iPad, phones available to rent, clothing or amenities to rent from hotel. Lifestyle concierge service either included in room rate or daily charged with a small fee.” BRAND COLLABORATIONS & LOCAL COMMUNITY n  I always like cool branded items sprinkled throughout the room (I've seen some nice stationary at hotels etc). The Ace Hotel collaboration with Opening Ceremony seems pretty cool and effective as far as promoting the brand. A great restaurant in the site always nice. n  …thought out and developed aesthetic, dream of future hotel: connection to cultural aspect of city, sense of connection of place, alternative vibe

+ n  The results Q8: If you were given a free stay at a luxury hotel, what ideal features and amenities would you look for? What would you also dream of having in the future? MEETING PEOPLE & HOTEL COMMUNITY n  “A nice bar and an easier way to meet people!” n  “"Happy hour" (similar to the one done by embassy suites), outdoor or inclusive activities with the guests.” n  “Maybe a digital network of people/travelers that have been to the area or have heard of cool under-the-radar places. I like scavenger hunts: what if there were a hotel app that was a scavenger hunt which would allow you to discover these 'cool' local places on your own, with a group of friends, and create a photo documentary of your experience (which would be aided by this app).” n  “Eco friendly in-house dry cleaning/launder service, and if I were traveling alone I would want some sort of way to connect with people of my age and interests that may be staying in the hotel.”

+ n  The results Q9: Thinking broadly, as a millennial consumer, what would you like to see companies spend more resources on nowadays? Design, art & culture hub Local engagement CSR & values in action Global & ethical footprint Innovation & technology Transparency & quality Environmental sustainability 0 5 10 15 20 25 30 35 40

+ n  The results Q9: Thinking broadly, as a millennial consumer, what would you like to see companies spend more resources on nowadays? INNOVATION & TECHNOLOGY n  “Technology - charging stations, wifi cafes, etc. bridge the gap of home and hotel using innovative, modern solutions.” n  “Technology: I’d appreciate a mobile app to book hotels, view reservations, and perhaps even act as a key-card to the room.” n  “Technology that can integrate with the hotel space would be really quite cool. Things like environmental sustainability and good design are a given now, and it would be fun to see hotels try to create a more surreal or hyper-real experience.” n  “Technology. I like to imagine that the company ensures that their global footprint is kept at a minimum. That would be my first choice, but technology would be the aspect that impacts me directly as a consumer during my hotel experience.” n  “I think companies should spend more on crafting an aesthetic experience that is in itself innovate instead of the standard "fancy hotel" image that's been crafted in our heads.”

+ n  The results Q9: Thinking broadly, as a millennial consumer, what would you like to see companies spend more resources on nowadays? ENVIRONMENTAL SUSTAINABILITY n  “I want green products and services.” n  “Environmental sustainability should be a top priority” n  “Environmental sustainability, because I want the world to grow and prosper for our future generations, and it is almost selfish for them to not invest in this with the money they have. Innovation and technology go hand in hand with this, because companies can and should find environmentally sustainable solutions to their problems and technology.” n  “Environmental Sustainability- while it'll take an initial investment, it'll pay off in the long run. Take solar panels in many house around the Bay Area. Those homes are actually selling electricity now.” n  “Environmental sustainability and just generally responsible practices that don't destroy the economies/ecosystems of third world countries, natural areas, underprivileged communities, etc.”

+ n  The results Q9: Thinking broadly, as a millennial consumer, what would you like to see companies spend more resources on nowadays? LOCAL ENGAGEMENT & CSR n  “I'd like to see companies go more local in terms of their impact on local economies and markets. I think some of the most successful hotels I've been to have emphasized "the local" through their menus or in their outing options.” n  ‘”…investment in social causes… the social causes that a company invests in pertains directly to the location of the company/hotel and the social, environmental, and other kinds of issues that are site-specific. (For instance, in a place that has a significant gender disparity, employ and empower female artisans or entrepreneurs by featuring their work in the hotel OR direct hotel guests to the shops or markets where these crafts-women sell their products.” n  “…community outreach should be a focus. Although the luxury brands might be in more affluent areas that require less aid, they can still help with things like the aesthetic value of the area (i.e. holding a gardening day once a month in the community).” n  “If corporations invested more in the community, say for instance in education, especially in the lower income areas the from which they draw their lower level employees, they would have a more educated and productive workforce.”

+ n  The results Q9: Thinking broadly, as a millennial consumer, what would you like to see companies spend more resources on nowadays? TRANSPARENCY & QUALITY n  “Consumers are becoming more cautious nowadays, and we support good causes. We want to feel good when we purchase.” n  “I like companies who focus on delivering high quality products and not focus their energy on ridiculous gimmicks. For alcohol, please focus on the taste not the shape of the bottle.” n  “Transparency and sustainability are particularly important as they represent connection to local communities. Travel modes such as cruises and other international chains can be problematic for the way that they obliterate local culture while pulling local people into a system of international capital exchange. A resort company must provide services while also making it clear that they are maintaining best practices with regards to hiring, employee treatment, etc. n  “It's easy to see through marketing bullshit, and I would be more impressed if any environmental initiatives were indicated in a simple, very subtle way.” n  “Better hiring practices – treating employees with dignity and respect goes a long way in the workplace. Increasing respect = friendlier staff = a more pleasant experience for me.”

+ n  The results Q10: Just an exercise: If you were the CEO of a global hotel company, what innovative strategies would you pursue? n  “Technological innovations. I would also make sure I am responsible for the environment and the rest of the world. “ n  “Global expansion in a way that improves my brand image. Connect better with the young.” n  “Technology and innovation, hands down. Global footprint – expanding in an ethical manner. CSR and transparency are key, too. Consumers are becoming more cautious nowadays, and we support good causes. We want to feel good when we make a purchase (definitely a plus, other things being equal)“ n  “Try to go to new lengths to make sure that my hotels are not just flying in a little slice of the first world to keep the wealthy happy whatever that might mean.” n  “Green roofs, solar panels, local input and consideration, keep staff happy and message boards throughout” n  “A cradle-to-cradle hotel: a hotel that takes out just as much as it puts in. Meaning wholly, or almost sustainable and ethical. It would involve some bad-ass design innovation but is completely sustainable and looks aesthetically different, yet, beautiful would be pretty cool.“

+ n  The results Q10: Just an exercise: If you were the CEO of a global hotel company, what innovative strategies would you pursue? n  “Develop the hotel community so that it isn't just a comfortable place to be and be served. I would like for a hotel to be a place where I can go learn something and become interested in things via short talks by local experts, dinners, workshops etc that I can participate in either for little or no charge which I would find enriching for my mind. I feel cultural and intellectual stimulation could be an area hotels could explore more of, since the body-health axis and spas are exhausted.” n  “I would try to make my hotels into entertainment hubs. Hotels can be more than bedrooms. They can have actual galleries with thought-provoking exhibitions (not just a series of artworks hung for decorative purposes); they can host concerts (not just some light music for cafe background music); they can have book clubs and meetings.” n  Innovate, innovate, innovate. Global expansion in the most efficient manner that solidifies my brand. Be more conscious of the environment. The luxury products and services world has much potential and it is serving a great human need – the desire to feel good about ourselves. Go Starwood!

+ ...Insights into the Future Consumer Millennials n  Are agents of Change: Have a strong stance on social issues and fight for causes they believe in. n  Desire high quality of life – Eating well, healthy living, respect for the planet, and time for leisure are very important. n  Cooking and eating well is a passion point for many millennials. – Brand Amplitude, 2013 n  Desire community, self-expression, collaboration, and sharing. n  Are tech-savvy; the group with highest rate of social media usage. n  Despise ‘Waste’: try to live within their means and value eco-friendly, green products and brands. n  Desire higher levels of Innovation and technology in their lives. n  Are cautious shoppers: more willing to spend time on research before purchasing. n  Are increasingly global in outlook (global citizens)

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+ In the news… n  LVMH Moet Hennessy Louis Vuitton bought five-star hotel in St. Barth’s, venturing into luxury lifestyle market – Brand Channel August 2013 n  “Baby Boomers are seeking “new ways to treat themselves,” and “Millennials define themselves more by what they do than what they own.” – The Times n  The growing global middle class & a shift to younger luxury travelers

+ In the news… St. Barths, Carribbean LVMH Moet Hennessy Louis Vuitton ventures further into luxury hospitality industry – Brand Channel August 2013

+ In the news… Fashion Designers + Design-focused suites = One haute luxury experience – Telegraph UK

+ The gist n  Gradual but fundamental shift from luxury consumption to luxury experiences. n  Millennials desire authenticity & cultural experiences n  Much more inquisitive Much more connected n  Much more global. n  n  Starwood’s “Gen luxury” caters to the global explorers, trendsetters, & the new global elite. n  The age of great change in a super-connected world.

+ Our Recommendations n  The App n  The Closet n  The Foundation n  Portal of Discovery

+ Leading the game with technology and innovation THE APP

+ The Future Consumer is Connected n  64.42% of respondents indicated that they stayed in touch with someone they had met on a plane or at a hotel while traveling. – Four Points Business Traveler Survey, February 2013 n  Business travelers have a real need to connect on the road – both virtually and in person road warriors are social, preferring to network rather than just enjoying solitary pursuits. – Brian McGuinness, SVP

+ Targeting the Future Consumer n  “Managers with a cross-cultural perspective are in high demand.” n  n  n  n  “Join The Global Elite”, Harvard Business Review, May 2013 Collaborating with others Moving across continents Keeping an open mind n  The global elite have homes and networks in more than one city n  Millennials today and tomorrow n  n  n  n  n  Desire absolute and instant convenience. Engage with brands digitally. Realize the need to connect on the road. See hotels as communities of travelers. Forge relationships via technological interface.

+ What our respondents are saying... n  “LinkedIn - great articles, forges connections, opens future career opportunities and facilitates discussions about issues & causes” n  “Amherst alumni app – allows me to connect to any Amherst alum easily and anywhere” n  “Tindr - creates platform for communication & relationships” n  “I like my USAA app because I can take care of my business on the go” n  “I want it fast and I want it now.”; “I’m always online.” n  “I like brands with mobile platforms better.” n  42% rank ease of use as “very important”, after only “quality” and above both “price” and “design”.

+ Leveraging the Starwood app

+ The New App Consumer’s Benefits n  A brand new and functional interface n  n  n  n  GPS-based feature: original profile or integration with Facebook/ LinkedIn/ Instagram n  n  n  n  n  Bookings and travel logs Order room service; work as key card The Closet. Connect with old global friends coincidentally in property Connect with new professionals open to networking Privacy settings & staying “invisible” Function modeled after Letslunch/ Lunchmeet Personalized local info and access to exclusive events and local happenings

+ The New App Brand Utility n  Streamlined across 9 brands and integrated across mobile phones & tablets. n  Marketing opportunities; partnerships and collaborations n  Solidify n  global brand image The new ‘global elite’, ‘world explorers’ and ‘trend-setters’ n  Enhance n  brand loyalty: SPG “Brand loyalty is our most important asset” – Frits van Paasschen

+ What our respondents are saying.. n  Service/personal attention is still by far the #1 factor that made their vacation (followed by ‘adventure & entertainment’) n  n  “The W South Beach is so beautiful. The staff was very attentive and always wanting to please the guests. n  n  “Bali, Indonesia! Best vacation for the service & attention I received. Great massages & I'm one happy camper.” “The Adlon in Berlin. Staff were incredibly competent.” Starwood sets the bar for world-class service n  The St. Regis signature butler service.

+ Marketing to Millennials Sell to consumers based on who they are Sell to consumers based on who they want to be

+ Maximized personal attention Catering to the trendsetters, world explorers and global elite THE CLOSET

+ n  Gradual but fundamental shift luxury consumption à luxury experiences n  Things I do not necessarily want to own, but to experience. n  “Authenticity is important to me.” “Absolute convenience.” n  “Catering to the new global elite?” n  n  What’s new/ what’s next? n  I’d rather spend money on experiencing things than owning things and buying things I don’t need.

+ Benchmarks Fashion Rental Companies n  Rent the Runway n  Bag, Borrow, or Steal n  Something Borrowed, NY n  Love Me and Leave Me n  Happily Ever Borrowed n  Albright fashion library

+ The Closet How it works n  Browse wardrobe options on smartphone or tablet n  Browse items in person at the hotel n  Borrow an outfit from The Closet n  Order via mobile app Items delivered to your room n  Charge it to your account n 

+ The Closet Hotel benefits n  Cater to our global markets (Chinese travelers, the upper-income urban generation of professionals, the trend-setters) n  Help guests assimilate to a new culture & place n  Opportunity to infuse brand identity into guests’ wardrobe n  Advertise luxury & local brands n  High earning potential

+ The Closet Guest Utility n  Always dress the part for business dinners and events n  Replace lost luggage n  Always prepared for unexpected weather n  Immerse yourself in local culture through style customs n  Reinvent yourself n  Try it before you buy it n  Browse wardrobe options while in transit through mobile app

+ Giving by Doing Going global, engaging local in a responsible manner The Foundation

+ Rationale n  Top adjectives to characterize favorite brands: “trendy, fashionable”, “cool, hip”, but also “healthy, holistic” and “charitable”. (Q4) n  “I prefer supporting companies that give back.” n  Aside from ‘innovation & technology’, 2nd & 3rd highest categories survey respondents would like to see companies spend more resources on: ‘environmental sustainability’ and ‘local engagement’. (Q9) n  “Sustainability needs to excite and motivate customers. Millennials present the greatest opportunity for engagement.” – Accenture n  Millennials present greatest opportunity for brands to promote a shift to sustainable, eco lifestyles, by incorporating innovative concepts of design. n  “A generation overwhelmingly dedicated to social justice. Where there is justice, we want to respond, whether in-person, online, or through power of the purse.” – Huffington Post

+ Innovating, Going global and Engaging local in a responsible manner n  Natural carpeting & flooring, green roof-tops, up-cycled furniture n  E.g. lamp shades made from sustainable bamboo and recycled copper wire (Designers: Pepe Heykoop & Tiny Miracles Foundation) n  Alleviate poverty for 700 people by 2020 through lamp initiative n  Utilize the skills of under-privileged women and street-kids in the Pardeshi Community of Mumbai.

+ New vision The Foundation n  Each brand works towards an aspect of the overarching cause. n  e.g. Element Hotels promote sustainability initiatives. n  Global issues each brand represents, promotes and tackles determined by brand positioning and customer segment it attracts. n  Display of interactive panel in hotel to promote transparency and solidifies Starwood global image n  Benchmark: Starbucks sustainability wall; Patagonia

+

+

+ Conclusion: Portals of Discovery n  Millennials want impeccable service and comfort, but they also want to learn about new, unique things and experience them in a personal way. n  Hotels can be portals of discovery to curate world experience n  Intellectually, aesthetically, ethically, and always sustainably n  Digital and physical hubs of the future global elite, the new urban generation of professionals, the world explorers and trendsetters Tomorrow’s consumer is: Asian, urban, millennial. n  “In 2030, the young Asian urban consumers alone will be worth 6-7 trillion dollars” à gigantic spending power that matters much to consumer brands. (World Economic Forum Insights: The Millennial Consumer) n  n  Hotels can be a lens into our local destinations  Global opportunities n  Areas of further research

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