Event Industry Predictions for 2014
Despite encouraging figures released in November 2013 by research company IBISWorld suggesting that the event promotion and management services industry will be up 1.1% for the 2013/2014 Financial Year[1], I’m predicting that event managers will need to continue to work hard to rationalise their professional value to clients and to remain competitive in the marketplace.
Many Australian event companies are struggling to compete with ongoing issues that plague our event industry at present, such as:
> Competitive offshore destination packages, which are luring businesses to international locations for events, meetings and team building experiences; and
> Increasing charges across the industry such as food, wages, Superannuation, electricity, entertainment, rubbish removal and accommodation.
These challenges, featured in an article by Australasian Special Events on 10 December 2013 (“Event manager predicts industry challenges in 2014”), prompted agreement from reader “George”, who suggested there’s another couple of hurdles for event professionals, namely:
> the social pressure for environment-friendly events; and
> the increase of competition. On this, George commented “Thirty years ago there were not as many venues, suppliers and planners are there are now, and there are more graduating from colleges every year all over the world.”
Good points George!
Remaining competitive and viable in the industry has now become a very real and daunting challenge. As event producers, we need to think strategically and try new things so as to prepare for the year ahead. So here are my top tips for 2014:
Be versatile and responsive. Event managers who are able to service different markets and offer a whole spectrum of services will be seen as more valuable. Organisations are looking for a one-stop service provider who will commit to delivering regardless of complexity or lead time.
Be prepared to travel. We’ve found that working regionally on events has really kept us afloat since the tough-times caused by the Global Financial Crisis. The market is heating up with organisations fighting tooth and nail for projects so if you want to remain competitive and be viable, you will need to think beyond your immediate (and known) turf.
Improve your offering through collaboration. Don’t just focus on event delivery – your aim should be to work closely and in partnership with your client so as to best achieve their objectives. If you are seen as an extension of their team, sharing the same collaborative mission – your worth will be more easily justified.
Don’t be complacent. Quite simply, complacency will lose you work. The market will always open up to new opportunities so be prepared to chase work, review your fees and seek feedback for improving your service offering.
Protect your IP and minimize competitive risks. Take this how you will, but there can be no casual approach to working with suppliers and contractors. Protect your IP and your client contracts through supplier agreements with non-competition clauses. Ignore that advice at your peril!
Keep a high profile. Enter event industry awards programs and engage in localised PR activity. These sorts of strategies will allow you to reconnect with old and new clients but will also raise your profile amongst existing and prospective clients. Plus event wins or a news clipping is always good for bolstering team morale!
Finally, and I must say - prompted by “George”...
Going Green – there’s a lot to consider. Sustainability is warming to a flaming red priority in our social conscience and expectations are growing. Our post last year “Green Events - 3 Important Event Planning Considerations” offers an opinion and some tips on a topic that should not be ignored.
Best wishes for a prosperous event industry year in 2014.
Jo Jordan
Brisbane event management company | j2 ideas & events
Follow the j2 team on Facebook & Twitter to keep up-to-date with industry news and event planning trends, tips and technologies.
[1] IBISWorld Industry Research Reports 2013, Event Promotion and Management Services in Australia: Market Research Report, ANZSIC N7299, Nov 2013, IBISWorld Pty Ltd, Melbourne.
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