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31-CYBER60-2024-RIOT

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Riot Company Profile, Stock Price, News, Rankings | Fortune

Putting the customer first has long been a core principle of business, and today’s digital tools enable companies to craft consumer-centered journeys like never before. At the same time, in our post-pandemic world, customers crave connection and in-person experiences. Leaders from two major multinationals explain how they are bridging the online and offline worlds to better serve their customers, while gathering insights to strengthen and future-proof their brands.

Elevating The Customer Experience

Conferences

Well, we are going to move now to the customer experience, which I think is so important, of course, because we can talk about our businesses all we want. It's the people who want to consume what we make, what we do. So today's customer of course has high expectations. We have two incredible leaders who will be coming out from multinationals. Let me introduce them, one of whom was my dinner companion last night. Peggy Rowe is the executive vice president, chief customer officer at Marriott International. And then Shahzia Sayed is the Unilever's general manager of personal care for the Middle East, Turkey, Bangladesh, and Pakistan, and the head of Arabia. Please welcome them to the stage. They'll be joined by my colleague Emma Hinchlif. Enjoy. Thanks. Hi, good morning, Peggy Shalza. Thank you so much for being here. You're welcome. And Peggy, an extra special thank you to you because we are here at a beautiful Marriott property. Thank you all for hosting us here. Yeah, so thank you for having us. Um, when people stay at this hotel or any hotel in your portfolio, what do you hope they come away feeling and how do you make that happen? Well, I always talk about, you know, how great service is about how we make people feel, right? And so I am very hopeful that you all will walk away with some memory here, um, whether it's some interaction you had with someone in our hotel or a great time or inspiration in this room, um, that will bring you back to the memory of this hotel. And tell us about entering new markets. What is Marriott's approach to this region? Marriott has said that Saudi Arabia is one of its fastest growing markets in the world. So what presence do you have here and how do you expect it to change in the future? I think you heard about the stats around tourism right here in Saudi Arabia, and I think we have close to 90 hotels and a significant pipeline across all price points and one of the. Things we're really doing is investing in the talent here we have a program called Tesinen which is for men and women who are next generation and really trying to upskill that talent. It's a partnership with Cornell and we, um, it's leadership training for 6 months combined with on the job training and every discipline in the hotel, uh, and it's one of the best programs I was hearing about it yesterday and I. you know, I've been in the business at Marriott for 21 years and I thought, I wish I could have done that program. Yeah, it sounds amazing and but as you experience, I hope, um, there's, it's great, there's great service in this hotels. I mean, I've been all over the world and I think what's happening here is really something special. I know they've been amazing. I've already had some of those memorable experiences you talked about.antastic. Well, Shahzia, so you have. Built these global brands in the Unilever portfolio in many different markets. So how do you start to understand your local or your regional customer when bringing a brand into a new market? And can you give us an example of how you've integrated one of your brands into a new market? Sure. So I think uh we are today sitting in a very interesting time. uh transformation barely describes what's going on around us, um, you know, I think while some things remain the same, uh. We are amidst some things which have not changed, which is the consumer is still king, but Everything around that consumer is changing how we reach the consumer, what are they looking for? I mean, there is, they are existing today in a kiosk and, and for a marketer or for a company to reach consumers, you know, gone are the days where you had a neat approach of one product, one way of reaching. Uh, so I think today it is how do you make method of that madness and how do you create um um organization organized ways of reaching. The consumers as they see the world in their world, you know, whether it is through their culture, um, through people they value like the influencers. So I think the whole scenario has completely changed. Unilever has, has, I think, a three-pronged approach. First is about, you know, looking at this transformation. I think culture embedding culture um is critical. So while we have global brands and it's interesting, so if you're sitting in in Saudi today we see. That actually trends travel here like yesterday. So if you go to a pharmacy, the young people have heard about or are demanding the brands which are launched in the US. So while all that is going on, there is there is a local nuance. There is a culture, the young people, whether they exist anywhere, and I think the Saudis, it will resonate with the Saudis. When I asked them what culture, they say, listen, our culture is non-negotiable while we, we, we endorse and we love the global brands, but we want things our way as well. So how do we embed, uh, you know, resonate or be in sync with the culture and not worst thing can be when you go against the culture. And I think the sweet spot is really living that culture, being that culture, and I think, you know, I can give an example of our brand Dove. Dove is a global brand. It's the most loved brand here in Saudi and in the whole of the Arab world, you know, it's the most the brand power is a way of measuring the brands and it enjoys the most, you know, high scores when it comes to that. But yet the, the, the expression is always linked to, uh, local, yeah, so that it resonates with the Saudi woman it uh resonates with an Emirati woman or an Arab woman. When you said that you've been having conversations and people here in Saudi Arabia are demanding global brands, what brands are you hearing? Um, is Dove the main one they're saying or what other brands are they interested in? So yeah, if you could, um, you mentioned that people here in Saudi Arabia. are really, really want global brands and so what brands are you hearing are most in demand. So we are, we have a quite a vast portfolio. So we've got um uh skin cleansing brands. We've got Lux, uh, we have uh Dove, uh, we've got Lifebuoy, so we cover uh a wide spectrum, and then we we are in deodorants and which are in different formats, sprays, um. Sticks and roll-ons with our powerful brands like Ax, Rexona and Dove, and then we are also in oral care with our two brands, Signal and Close Up. So we, and then of course there are other brands like on on hair which is Sunsilk, Tresemme, um Dove, um, and yeah, so I think keeping in mind that this is the heart of where um. Beauty and wellbeing, your personal care is highly regarded, and there are specialized phar pharmacies where high-end brands are sold. So here I think is where we have to be at the speed of lightning to make sure that we don't leave any gap in the demand and the portfolio. Fascinating. Peggy, you're in kind of a different position where you have these, you have your properties and of course local markets and you also have a global consumer who, as we were discussing who kind of has an expectation across Marriott wherever they're traveling, um, so how do you balance that regional versus global, uh, question when it comes to what you're serving your consumer? I was listening to Shazia talking about how, you know, products must be localized and. It's the same in hotels. I think the beauty of the hotel industry is that you want a really local experience both for locals and for travelers, right? So we have this um really challenging um. Piece of where we need to create brands that are consistent globally that deliver on experience like you have here at the Saint Regis, right, the heart of the experiences about having this extraordinary experience in a small hotel that feels like um the car lot the the after home from the past, right, we want that brought to life all over the world whether it's for business or leisure in different markets, um, but that's part of the fun right because consumers are. want both that consistency of what a Saint Regis delivers but also that local flavor when you go around the world. So food and beverage is one of the places where we really localize, design a little bit, but hopefully you still feel that essence of the Saint Regis brand when you walk in here. Great, um, Shalhia, you mentioned kind of this idea of, you know, really getting to know the culture when you are bringing a product to a market or serving that market. Um, to get a little more granular with that, like, how do you do that? Is it about hiring the right people in the market on the ground? What mistakes do you see brands making when it comes to localizing their products? So I think uh uh Saudi's a big market, um, and we are moving, we are focusing a lot on local talent here, um, because we want to put our finger on the pulse of the youth, um, and it can't be, you know, you can go to only that extent till you hear from the horse's mouth. And you get top notch quality of talent with the passion, and then we have some very powerful platforms which excite the youth who they can they can relate to to that platform, whether it is gaming, which is at the heart of, you know, it's a very passionate Saudi is very passionate about gaming. or whether it is football, so we do a lot of work around FIFA, whether it is also it's across the spectrum. So we have we are sponsoring a women's team for Rexona while there's a lot of work on FIFA, football, lacrosse, because we all know how popular, you know, it's next to religion I'd say football. We should work on that together. partnership too, so yeah, so I think when you have the local, local talent who can really tell you, I mean, you know, I was listening to the talent panel earlier and and um you know, the local, it's it's like second nature, you know, a person who's Saudi is a footballer, is a gamer, how do they devise that is going to be totally different to how we read it and we devise a platform. So I think that's that's where we are. Uh, we are putting our fingers on, on all the top, uh, top, um, platforms, um, which are football, gaming, uh, beauty, how is, how is it defined in the, in the Saudi definition, uh, within the cultural nuances, and then, uh. Brands which are well respected, well loved here with the right portfolio, um, you know, unleashed at the right time. That's our strategy in a nutshell. Amazing. Um, well, if anyone has any questions, start thinking. I'll come to you in a moment, um. But Shai, I'd also love to hear a little bit about your own story. So you grew up in Pakistan and you also led that market for Unilever for many years. So tell us a little bit about you and then also what lessons, uh, apply across markets both populations that are very young. So what about your experience there helps you in KSA? So look, um, being from Pakistan, I spent most of my career in Pakistan, and you know the funny question I still get asked is, oh, did you study in Pakistan? I said, yes, I did. So, you know, I feel very proud about that, that I'm a product of Pakistan. Um, but I've actually, um, you know, through Unilever because we have a program where we get a lot of opportunities to work in other countries. I've worked in Vietnam, Sri Lanka, Netherlands, Egypt. I looked after North Africa. I think what I've realized is that as a woman leader, um when I became the the GM in my own country. I think the big aha moment for me was that um you know, there are so many because it's it's a young population, 70% are under the age of 30 or less what they do is the amount of aspiration they have. So, so you know, it hit me that I have to play that role. So as a as a woman leader coming out of Pakistan. Um, I am the source of inspiration with the, you know, for, for, for those millions of people. So I have to wear that double hat of inspiring, of mentoring, and that was, that was something that hit me in that role, and I'm very active there now I across for women and what I, you know, the other question that you had was what is the difference, if any? And what I find in today's world with technology, with the digital age that we are in, actually the aspirations are not different, you know. I can tell you, I'll give you an example that if I look at, if I look at Pakistan in a small town, the young girl is aspiring for Huda Beauty. She cannot afford it, so she will go and buy something that's available closer to that, but she does aspire. So we have to realize that the information flow is a cross. They know the Dove, for example, Across is a popular brand. So I think the myth that it goes trends travel in a neat way is busted. Now it's all it's about, of course, there is that reality of affordability. But I think trends travel across. So we as companies have to prepare for how we want to receive those trends and translate them into growth. Yeah, fascinating. Um, any questions for Peggy or Shazia? Oh great, we have a question right here, um, if we have someone with a microphone. And please introduce yourself just with your name and company. Hi, good morning. My name is Marisa Andrada. I'm currently serving as a board director for Krispy Kreme. I'm also a recovering chief human resources officer from other iconic brands like Starbucks and Red Bull. So my question for you is, I'm a big believer in working in brands where the brand promise is not true externally unless the employees feel it internally. So, for your company, what are you doing to ensure that your employees are feeling that brand promise that you're delivering to your customer? Yeah, great question. Maybe Peggy, do you want to take that one? Yeah, absolutely. I think our whole philosophy for Marriott is that we treat our associates well and that's how we deliver great customer experience. So everything we do starts with we want customers to feel this, but if they don't feel it through the delivery of our associates, then you know it's, it's not successful so we invest a lot of time, money, um. Conferences right to make sure our associates are all over the world feel inspired and and that includes getting them involved in the experiences and things that customers would experience themselves we invest in many um partnerships like uh Beyonce concert or Taylor Swift or FIFA, um, the F1, and we often, you know, send our own associates and by the way, the owners of our hotels too to these experiences so they can experience what our customers do. Fascinating, um, yeah, anything that you do at Unilever to support? Yeah, I think the women, uh, sorry, not the women, but the consumers today are, are very, very, um, discerning, yeah, because of all the stimulus that is around them, they are very shrewd when it comes to picking on um the. The core of the brand, so you can't go wrong, and they're very unforgiving and they move on because there's too much, too many choices, too much stimulus. So I think what is important is that when we go, when we plan our activities, first of all, the focus on the fact that we've got the core right, we've got the functionality right, and on top of that we've got the communication right, you know, so that that the brand in all layers meets. The consumer's expectations. So I think it's a, it's an unforgiving world. It is a fast moving world, and that makes our job much more complex. But of course there is AI which which we have to adopt at the speed of lightning to help us navigate our brands. Yeah, Peggy, your role also includes uh Marriott Bon Boy, one of the best in class loyalty programs out there. So how do you drive not just, you know, purchases but real consumer loyalty? Yeah, I think I started with this, um, at the surface it feels like loyalty is about points, right, and redemptions, but when we talk to customers about their, um, experiences and I asked them, I've talked to many customers all over the world, why do you come back to us year after year. Um, it is because of the way we make them feel, right? And so I think that when you're thinking about building loyalty for your products, um, just trying to think about what is it, how do you create that meaning for somebody? And so for us whether you're. You know, in if part of your experience is digital or physical, we think a lot about that journey end to end and what is the customer feeling? I use emojis to try to say like, you know, when they're in this point in the process, how do they feel and how can we make them feel better about that specific moment of truth? And at the end of the day, you know, we've had people in our program for over 30 years and. It's about how we have made an impression on their lives, which is what drives loyalty. Yeah, amazing. Well, thank you so much, Peggy and Shahzia. Thank you.

According to Marriott International's CEO, travel is back to pre-pandemic levels - but there have been some changes.

Leadership Next: Marriott CEO, Tony Capuano

Leadership

I'm guessing you've got um lifetime, platinum elite status, whatever the, the highest ranking is. But do you have any idea off the top of your head? How many nights stayed in my life? Yeah. Lifetime. Oh, my goodness. Well, I would say over the course of my 28 years with the company, I've probably averaged 100 and 50 nights a year. So the, the short answer is a whole bunch. Welcome to leadership. Next, the podcast about the changing rules of business leadership. I'm Alan Murray and I'm Miha of Rock. And if there were any questions across the world about the resilience of travel, those questions have been answered over the last two years, our business dropped more than 90%. We had real conversations within the company about our ability to survive. Fast forward. Almost exactly two years from those terrifying early days. Uh Lean Oberg, our CFO and I did the fourth quarter earnings call a couple of months ago and on a global basis, rev or revenue per available room, which is the metric we use to evaluate topline performance of our portfolio had recovered to pre pandemic levels on a global basis. In 2022. One of the most interesting things for me to watch. We look at recovery by day of the week and the two days of the week that have recovered most quickly are Thursday and Sunday. And so what that tells you is more and more folks are doing exactly what you just described. They are saying I've got a business trip, Tuesday, Wednesday, Thursday, rather than flying home Thursday. I'm gonna spend the weekend with friends or family. I am very much of the view that all of us are, are extraordinarily fortunate to be short term tenants on this, this beautiful planet. And we have a personal responsibility to care for the planet from a through a business lens. I would tell you that I, I often describe our business model as having four principal constituents, our associates, our guests, our owner community, and ultimately our shareholders, every one of those constituents is demanding that we set stretch goals around sustainability and show demonstrated progress against those goals. The Marriott family is remarkable. It is a in every sense of the world, a real global success story to think about J W Marriott senior and his wife Ali. He was a sheep herder. Uh They got a model T they drove across the country uh and opened a nine seat root beer stand here in Washington DC. And to grow from those humble beginnings to the world's largest lodging company is remarkable.

CFO Leeny Oberg shows off Marriott's headquarters in Bethesda, MD and explains how the design supports the company's culture.

Take a tour of Marriott's new headquarters

Real_Estate

How can we do things differently in a way that really reflects the way that people want their workplace to be? I go back to our core values which are around putting people first and, and making sure that we pursue excellence, embrace change, act with integrity and serve our world. One of the things we did as we started to put the design together for this building is to send out a survey to the associates to ask, what do they like? What did they not like about where we worked and what would they want in a place that they work? So down here, you'll see that towards the end uh of the floors is where we have open collaboration space. We've got a lactation room, we've got pumping stations, we've got uh massage rooms, we've got uh places where someone can meet with a medical professional. So you'll also see that we've got fantastic uh child care and then we've got a phenomenal fitness center. Our whole concept of hospitality came from one of our core values that put people first, which really adheres to this concept that if you treat your associates well, then they will treat the customers well and they'll want to come back time and time again for that kind of service. And it really is a core part of who we are.

Michel Doukeris, Chief Executive Officer, AB InBev
Jim Fitterling, Chairman and CEO, Dow 
Stephanie Linnartz, President, Marriott International 
In conversation with: Matt Heimer, Executive Editor, Features, FORTUNE; Fortune Co-Chair, CEO Initiative

CEO Initiative 2022 - Climate: A Watershed Moment

Michel Doukeris, Chief Executive Officer, AB InBev
Jim Fitterling, Chairman and CEO, Dow 
Stephanie Linnartz, President, Marriott International

Michel Doukeris, Chief Executive Officer, AB InBev
Jim Fitterling, Chairman and CEO, Dow 
Stephanie Linnartz, President, Marriott International 
Matt Heimer, Executive Editor, FORTUNE

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