Because progress cannot be halted, Steve Heyer CEO argues that companies have to be smart about the way they market themselves, always seeking new methods because new things are coming upon them. Heyer's notes on this were given long ago, yet they prove true now. He delivered a keynote speech bearing this message to a group of 400 media, ad agency and entertainment executives during an “Advertising Age” conference in 2003.
Steve Heyer is a person of great importance in the business world, not least because he is one of the chiefs of Starwood Hotels. Heyer's speech given some years ago was expanded on later, during his interviews. The trick, according to him, was to focus on selling fun, not a bed or a room.
Experiential value is of prime importance here. He said that the hotels had to work on selling experiences worth remembering. Technically, what is being offered has not really changed: it is simply the way of looking at it that has.
The needs of consumers, he explained, had also shifted to customization and were now exerting their strength in full force on the market. The prediction, as we see now, came to pass. And this is most apparent in the computer and digital industries.
The entertainment business is being sucked dry by the latest technologies in the hands of teen consumers. A lot of money was lost by those in the songwriting and production business, for example, because of data-ripping technologies. Millions of music lovers began switching to MP3s on the Web for their music fix.
Heyer remarked on the horrific drop in revenue for singers, songwriters, and producers during this period. It was an object lesson along the lines of Heyer's theme of continuous adaptation to handle a shifting market. It was necessary for other media producers, according to Heyer, to take note of this imperative for change.
What Heyer advocated was the shift from emphasis on the item to emphasis on the experiences associated with it. In the interview explaining his marketing strategy for Starwood Hotels, he furthered explained that they are now a company engaged in distributing entertainment and unforgettable experiences. This marketing tactic would lead to emphasis being placed on the entertainment possibilities of each hotel.
In order to achieve the goal, Heyer has brought in Victoria's Secret, partnering with it to promote the hotels through the fashions shows being hosted for the lingerie line. Because of the exclusivity of the runway shows to Starwood customers, there is a clear integration of the desire to view a Victoria's Secret show with attendance of a Starwood hotel. Here we see the application of Heyer's concepts.
The CEO was also critical of how Hollywood is “slapping” logos and brand names in movies out of context. He found it reprehensible for its lack of contextual significance. Heyer's beliefs here state that he cannot find this a marketing method that would be likely to be effective.
One of Coca Cola's former leaders is actually Steve Heyer CEO. From his work with them, we can see a smarter way to boost brand visibility without being meangingless. He managed to get Coke cups on the table of the judges for a certain talent competition aired on TV, ensuring contextual visibility.
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