Home » Global Trends » 50 Tends Effecting the MICE Industry in 2014 1. Budgeting and Planning

50 Tends Effecting the MICE Industry in 2014 1. Budgeting and Planning

In 2014, there was an outstanding convergence trend compared to previous years. In the beginning of 2014, MICE event was beginning to appear as fully digital, and the apps and other advanced technologies are entirely integrated and embedded across the exhibition. Marketers were experiencing their busiest time to cope with this trend of convergence. They increased their investments on technology convergence sectors such as augmented reality or 3D projection mapping that are non only sufficient to attract visitor’s attentions, but also are reusable constantly. They were also obsessed with ‘wow factors’, which are impressing visitors while affecting positively on the brand images.

At the same time, marketers couldn’t help striving to improve the efficiency and reduce the costs, which required them to bring up with brand new strategies to introduce advanced technologies with high efficiency ensured. To this end, they had designers in the early stages of the exhibition preparation, so that they can design the venue to their intentions, while having the ‘multi-disciplinary team’ in operation for a year. As a result, in 2014 there were many exhibitions were hosted based on integrated brand campaigns. Global Experience Specialists (GES), a world class event marketing agency also focused on the trend of convergence introduced in the MICE industry. The company also released its annual list of ’50 trends effecting 2014′ in the four segments of budget and planning, marketing, technology and design. In this article, we discuss the GES’s list of trends, and how events in MICE industry can cope with these trends to improve the effectiveness of the event operation. First article is about ‘Budget and Planning.’

1. Budget and Planning
2. Marketing
3. Technology
4. Design

1. Budgeting and Planning

For a marketer to adapt to the trend of convergence, it is important to invest on new technologies that can satisfy the target audiences. However, a thorough review and consideration are also required for marketers to understand how the benefits from the investment can affect the brands and the budget. Vin Saia, th vice president of customer relationship in GES, a.k.a an healthcare event specialist highlighted the importance, “We are no longer living a time where just we prepare multiple booth designs and selecting one that customers like the most. Customers (exhibitors, and the host organization, etc.) are wanting to know exactly where their budgets are allocated.” In this regard, GES suggested the 11 trends effecting the world in budget and planning terms in 2014 as follows.

Total Transparency
Marketers have to accurately and transparently manage the overall event budget. To this end, they may have to take care of the number of human resources and hours invested on woodworking, hours spent for designing and cost of materials. Marketers used to identify some factors that can lead to cut the exhibition costs, through checking the specific expenditures or cost histories in real time.
마케터는 행사 전체 예산을 투명하고 정확하게 관리해야 할 책임이 있다. 이를 위해, 목공 작업에
Visible ROI
Customers want to visually confirm the Return On Investment (ROI). They may want to know what structures were installed and why, what their use is for, how they are operated and managed on site, or how the agencies can measure the profits from those factors. So, marketers must be paid to place the higher priority on the functionality, not on design.

More Data, More Relevancy
Marketers use a video analysis to investigate and monitor activities taken place at the booth. They monitor which booths visitors are entering, what they are interested in, and what information they get at the booth for how many times. These information including all of the visitors’ preferences and interests will be reflected in the marketing analysis to come. Through these processes, marketers can draw appropriate strategies that can improve the experiences of visitors.

Repurposing Structures
Products exhibited are sometimes reused by changing purpose of them. For example, the product can be installed at headquarter, or be a part of other marketing program. So, to plan exhibition products, designers should consider the possibilities of dismantling and reuse, in addition to the product’s role in the exhibition.

In these days, slogans like ‘Going Green’ are not new any more. It’s a time of ‘sustainability’. Marketers are exploiting ideas that are good for environment but reduce the budget at the same time. Paperless event would be an example. As the emergence of crossed platform such as sophisticated apps and event wi-fi, paperless events became possible. Sometimes, these event let visitors use tablets for communication or give them to visitors as giveaway, and make them install and use their apps. Hallmark in its Gold Crown Retail Summit, gave tablets to visitors and had them use its brand application. The visitors were also educated to promote the brand application back to their shops. This marketing event was so successful that a marketing effect was generated from retailers to the customers.

Scaling Strategically
Companies devote themselves to estimate the exhibition space (booth). Large sized companies tend to invest a lot of money, while smaller companies tend to strategically reduce the booth budget, and focus on preliminary marketing activities. John Woo, the vice president design and creative business of GES insisted with regard to this, “reduced booth investment is not necessarily meaning a reduced marketing budget. Important is strategical approach to target customer rather than how and where take a place exhibitions.”

One-Stop Shop
To increase the efficiency, marketers are seeking a marketing agency who can cover the entire process of an exhibition. Gina McDuffie, the marketing director at GES added, “According to a survey on about a thousand of marketers, they are in search of marketing agencies who can cover all the procedures from design, installation through marketing, to audio and video services. They simply need a one-stop shop.”

Year-Round Focus
Now companies invest more on considering the contents and how to deliver those contents, not just relying on the installation and construction. They really know that the exhibition is to communicate or deliver messages with others. If the message is weak, the nice and huge exhibition structures are no use. Companies should not stop their efforts to deliver marketing messages.

Smarter Builds
No company wants huge and heavy structures for its booth. Fabric booth materials are general trend, since fabrics are relatively inexpensive but strong and flexible for customized designs. New structures using LED screens are also tried. LED screens are reusable so relatively attractive in the long term and are also used as a wall to separate spaces, impressing audiences.

Social ROI
The number of visitors and sales leads are conventional indexes representing the effectiveness of the exhibition, but now social media is widely used for the same purpose. Companies can measure the direct effects through sharing, clicks, trade, communication, subscription or other actions on the social media channels.

Total Transparency
Simultaneous events with wide reach that can immediately impress customers scattered at the same time are taking the limelights. For example, BMW held press conferences at New York, London and Beijing simultaneously at the launching of BMW i3, an electricity car. Also, Samsung held a showcase for Galaxy S4 at three cities in Canada, where the singer Feist’s show is performed through hologram technology, giving the audiences an illusion of a live show at all three locations.


comment closed

Copyright © 2009 · Global MICE Insight · All Rights Reserved · Posts · Comments