Feb 12, 2014

Industry Leaders Gather for Second Annual Las Vegas Market CEO Summit

The Winter 2014 Las Vegas Market, which recently concluded with a record-breaking show in terms of attendance and exhibitors, also delivered a powerful line-up of thought leaders who delivered sage business advice during the second annual CEO Summit, sponsored by International Market Centers and Eller Enterprises.

“The feedback from Summit attendees was that this was an incredibly valuable two days, coupled with market, where we teed up the critical issues that business leaders ought to be thinking about and working to solve when they get back to the office,” said co-organizer Randy Eller. “The common themes across our powerful line up of speakers were disruption and innovation. We have to think bigger-not just incrementally, but really a transformative kind of thinking to succeed in today’s competitive environment.”

A who’s who roster of C-level executives and sponsors in the Home and Gift industries gathered on the last two days of Las Vegas Market for an exclusive opportunity to connect about critical issues and opportunities facing businesses today, learning from visionaries in both the private and public sectors. The executive level discussions focused on a broad range of topics including entrepreneurship, IT planning, product development, corporate citizenship, Hispanic market opportunities, innovation and the global economy.

“The CEO Summit was invaluable this year. The line-up of speakers and the content of their presentations have motivated me personally to take a completely different look at where the future may be for our brand and our position within the industry. It is time for ‘disruptive’ thinking when it comes to where the future is, and my job after this summit is to lead my company to a future we may have not yet even imagined. Very inspiring in all ways,” said David Gebhart, CEO of Global Views.

Keynote presenter and best-selling author Luke Williams drew on his book “Disrupt: Think the Unthinkable to Spark Transformation in Your Business” in which he asserted that “disruptive thinking”-the increasing rate of transformative ideas that create increasing returns for your business-can be applied by any size company, not just start-ups, and is most effective in industries where complacency reigns.

“What’s the unthinkable in your business?” Williams asked. “Start paying attention to what’s normally ignored in your space and build a portfolio that balances unconventional strategy with incremental ideas.”

Williams outlined the steps to developing a disruptive strategy, which include defining a disruptive hypothesis and market opportunity; conducting a competitive audit to surface the clichés and sameness in product and price; followed by dramatically re-arranging or inverting the pieces to shift perception.

He said in an era of big data, it’s easy to want to turn to numbers for answers, but it’s exponentially hard to predict. Instead, ‘deliberate provocation,’ essentially the questions we ask ourselves about our business, are perhaps more critical to fostering the next disruptive idea. “Disruption has to deliver value, otherwise it is just noise. The potential for reinvention is all around us,” said Williams.

On day two of the conference, economic forecaster Samuel Wardwell, provided by The Fisher Wealth Management Group of UBS, addressed the “Global Economic Outlook for 2014.” He projected a two to three percent increase in economic growth this year. “In a year from now, unemployment will be low, wages will be rising and people will be buying,” said Wardwell, also noting this is about the time that inflation will start to set in as the economy rebounds.

Among the secular trends that Wardwell says are affecting the current U.S. unemployment rate, which may be understated as people have electively dropped out of the workforce, are 25-year-olds staying in school longer, 30-something women choosing to stay home with families, and the over 50 demographic who are retiring early. “As the economy gets better, this shadow inventory of workers will come back to the workforce,” said Wardwell.

Bullish on the U.S. economy, Wardwell projects “big tailwinds lifting the U.S. dollar in three to five years,” and added the American workforce is “lean and mean” from a competitiveness point of view. Meanwhile, overseas has positive momentum, as well. Optimism about Europe is justified, after years as a sick economy. However Chinese currency will not see a dramatic shift in the coming years, he noted.

Charles Garcia, who has worked for four Presidents, both Republican and Democrat, and is nationwide leader in the Hispanic community, addressed the rising consumer influence of Hispanics in the U.S., and suggested how the gift and home furnishings industries can cater to this emerging community in everything from product development to company operations.

“The Hispanic population is a wave of opportunity ripe for businesses, and in many ways, this community represents greater value,” said Garcia. “The lifespan among Latinos is 16 years longer and their average family size is six. Their relatively longer lives-coupled with a younger population-drives greater consumption.”

Garcia said the criteria often used by Hispanics in purchasing decisions includes product affordability, vendors who speak their language, brand loyalty and positive word of mouth, particularly among friends and family. He also cited a 53 percent growth in home ownership among Latinos since 2011, which represents a strong potential for home furnishings companies, as well.

Beyond the border, Garcia cited Latin America’s GDP is growing at a 3.8 percent rate with explosive growth in Panama, Mexico and Ecuador. “The real market there is the middle to upper class consumer, who spends a great deal of money purchasing online.”

Vivek Kundra, the first U.S. chief information officer appointed by President Barack Obama, spoke about proper IT planning for businesses and the role that data will play in the future to transform businesses into worldwide organizations. “In the brave new world we’re heading into, you must truly know your customer. IT is just a tool, an enabler,” said Kundra.

Closing the CEO Summit was Susan Packard, co-founder of HGTV, who presented “Entrepreneurship: How to Create and Build Great Companies,” using examples from her own amazing career successes and discussing her best practices experience of entrepreneurship. To differentiate your business and brand, she focused on four areas: innovation; focus and discipline around those ideas; learning lessons from the past; and building a culture which adopts core values where employees can be successful.

“Innovation is key and it’s how you scale your business. Build your business into a brand so you’re not a commodity. We need to make sure we are inventing from a business perspective and a product perspective,” said Packard.

Dorothy Belshaw, President of Gift + Home Décor for International Market Centers, closed the conference thanking the event sponsors whose participation was critical and noting the value of the CEO Summit to attendees. “What an incredible array of thought leaders who delivered truly inspiring, relevant and on-point presentations. We are all very busy with our businesses and lives, so choosing to attend this Summit is stolen time and absolutely worth it in order to keep ourselves fresh and relevant.”

In addition to the Summit’s leading sponsors, IMC and Eller Enterprises, additional event sponsors included: Brandwise, an application service provider (ASP) that delivers sales solutions to suppliers and their sales organizations; DEMDACO, a leading industry manufacturer specializing in artist-driven gift and home décor products that lift the spirit and help people connect in meaningful ways; Evergreen Enterprises, a one-stop-shopping experience featuring furniture, decorative accessories and functional items for outdoor living areas to the heart of the home; Toronto-based Giftcraft, an innovative supplier of gifts, home décor and functional lifestyle products; home décor wholesale firm Global Views; global fragrance company Grace Management Group; leading home accessories supplier; Philadelphia-based Ivystone Group, a leading sales representative agency and provider of business solutions for independent retailers; Uttermost; and well-known investment strategy firm UBS/The Fisher Wealth Management Group; and WHEROWARE, an online strategy, marketing development and design firm that creates smart, online solutions for businesses.

Las Vegas Market is the leading furniture, home decor and gift marketplace in the western U.S., presenting 2,000+ gift, home décor and furniture resources in an unrivaled market destination. Las Vegas Market features thousands of gift, furniture and home décor lines, allowing for cross-category commerce among these industries. The Summer 2014 Las Vegas Market runs July 27-31, 2014, at World Market Center Las Vegas. For more information, visit www.lasvegasmarket.com.