Tag Archives: Global

Issue 5: Did you know each country has an “innovation” score?

globalcompetitiveness Issue 5: Did you know each country has an innovation score?

Innovation: it’s just as important to countries as it is to businesses and organizations.

For countries around the world, innovation can be a central driver of economic growth, development and jobs.

Did you know each country has as an “innovation” score? The World Economic Forum’s 500+ page “Global Competitiveness Report 2011-2012” ranks 142 countries according to a variety of factors such as “Innovation and Sophistication Factors.” The “Global Innovation Index” by INSEAD (an international graduate business school and research institution) is a collaborative document exceeding 300 pages that ranks 125 countries.

Take a look at these two top 10 lists. Can we learn a thing or two from these countries? Do they also excel in health and wellness innovation? Or in hospitality innovation? Which countries are the most innovative when it comes to spa? (A point of discussion planned for the Global Spa & Wellness Summit this June in Aspen, Colorado.) It’s all up for discussion this weekend. What do you think?

World Economic Forum’s “Innovation and Sophistication Factor” ranking 2011-2012Top 10:
1. Switzerland
2. Sweden
3. Japan
4. Finland
5. Germany
6. United States
7. Israel
8. Denmark
9. Netherlands
10. Taiwan (China)		 INSEAD “Global Innovation Index” ranking 2011Top 10:
1. Switzerland
2. Sweden
3. Singapore
4. Hong Kong (China)
5. Finland
6. Denmark
7. United States
8. Canada
9. Netherlands
10. United Kingdom

Check out these reports in more detail:

World Economic Forum’s “Global Competitiveness Report 2011-2012″
In 500+ pages, the word innovation is used 1022 times. Wellness is mentioned once.

“Global Innovation Index” by INSEAD
This report covers 125 economies, which account for 93.2% of the world’s population and 98.0% of the world’s Gross Domestic Product. Talk about comprehensive.

You talked TED. We listened. And made a list.

In the last issue of the Weekender, we asked about your favorite TED talks. Check out who your peers are watching:

Judy Chapman, Wellness & Spa Curator, Karma Resorts
Thandie Newton’s Embracing Otherness, embracing myself
Shawn Anchor’s Happy Secret to better work

Sallie Fraenkel, EVP – Corporate Development Relations, SpaFinder, Inc.
Nigel Marsh’s How to Make Work-Life Balance Work
Peter Diamondis’ Abundance is Our Future

Jesper, Managing Director, Serena Spa Pvt. Ltd.
Paul Gliding’s The Earth is Full

Farida Chettab Brouwer, Managing Director, Salamander Lifestyle
Jane Fonda’s Life’s 3rd Act

Adria Lake, Founder, AW Lake Spa Concepts
Itay Talgam’s Lead like the great conductors

Krishna Walker, Owner, Krishna Blu Body Studio
Jill Bolte Taylor’s A Stroke of Insight

Diana Mestre, Mestre & Mestre
Bunker Roy’s Lecciones de un Movimiento de Descalzos

Sylvia Gonzalez, Manager, Miami Life Center
Simon Sinek’s How Great Leaders Inspire Action

Jess Grippo, Employee at Mac
Alisa Vitti’s Loving Your Lady Parts as a Path to Success

Jeremy McCarthy, Director, Global Spa Development and Operations
Neil Pasricha’s 1000 Awesome Things
Matt Ridley’s When Ideas Have Sex
Dan Buettner’s How to Live to Be 100
Daniel Kahneman’s Experiencing Self vs. Remembering Self

Michael Bartura, East West Learning Centre, Singapore
Sir Ken Robinson’s Bring On The Learning Revolution!
Simon Sinek’s How Great Leaders Inspire Action

Lori Hutchinson, Hutchinson Consulting
Brene Brown’s The Power of Vulnerability

Revenue Management Is Coming to the Spa Industry

patates uk 788217 Revenue Management Is Coming to the Spa IndustryEarlier this week Peter and I were in the “audience” during a presentation given by two Cornell University students who are getting their Masters of Management in Hospitality (MMH). They had chosen the topic of revenue management in the spa industry and used the two of us as resources. The students’ primary and secondary research showed that:

1) Very few spas are using revenue management as a tool
2) Doing so would likely increase their bottom line

We were impressed with their insights. Revenue management seems perfect for the spa industry.

But what exactly is it? I checked some definitions and liked this one from PROS:

“Revenue management is the application of science to maximize revenues and profits. Aspects can include forecasting demand, optimizing the allocation of inventory, providing dynamic packaging, and offering dynamic pricing.”

One of the most familiar examples is airlines raising ticket prices during the holidays, lowering them during the week, offering cheaper rates for advance bookings than for last-minute bookings, etc.

In the spa industry, revenue management will likely translate into lower prices for treatments during slower times (mornings and early in the week) and higher rates at peak periods (Saturdays). And that will just be the beginning, as product, hotel room, special service prices, etc. could also be adjusted to rise and fall according to demand. Value-add, packaging, and dynamic pricing will also be part of the mix.

Am I happy about this? Well, yes, if I like my massages on Monday morning.

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