Changing global MICE trends to keep an eye on

The importance of audience segmentation in MICE events to meet diverse interests was a key topic highlighted by June Kim, director of Kim’s M&T and regional manager of MPI Academy Korea, as part of an industry outlook on the latest in global MICE trends at The Meetings Show Asia Pacific 2024.

Kim, who also represents the Global MICE Collaborative, a coalition of MPI, SITE and IAEE, presented the following key points:

Exhibitions: Engagement and community building take centre stage

It’s increasingly critical for event organisers to understand the interests of event attendees, exhibitors, buyers, media, and sponsors – this helps to ensure personalised engagement and segmentation during the event, ensuring relevance and effectiveness in marketing and delivery experiences.

Attendee acquisition strategies involve being proactive in using multiple marketing channels – including digital and traditional methods – to reach these audience segments, attract thought leaders and encourage exhibitors to become partners in boosting attendance.

The ultimate goal, said Kim, is to build a community around the event. “Sponsors and exhibitors can be some of the best means of designing and attracting these communities,” he emphasised.

In terms of engagement strategies, email remains the most effective means of reaching attendees, while creating compelling narratives and producing podcasts are seen as reliable tools for providing a continuous stream of updates and insights about the event.

With sponsorship representing 25% or more of exhibitions' revenues but 73% still sell sponsorships a la carte, there is an opportunity to improve revenue through the introduction of comprehensive sponsorship packages.

Corporate meetings: Navigating cost management challenges

Top concerns voiced by meeting planners include cost management, budgeting, staffing and talent, client expectations, tech integration and pandemic worries.

These considerations have prompted planners to implement cost-saving measures, including making major cuts in entertainment, promotional products, destination choices, hotel and venue selections, and contractor expenditures.

In terms of supplier ratings, AV companies and convention centers received high marks for service improvement. Conversely, hotels received lower ratings, underscoring the need for planners to exercise greater diligence in their hotel selection processes.

As virtual events continue to garner positive reception and become a fixture in the industry landscape, Kim suggests incorporating these mediums into corporate meetings.

Sustainability practices are gaining traction within the industry, with 52% of industry professionals using eco-friendly badges, 80% making concerted efforts to eliminate or reduce printing, and 60% actively sourcing for local food and menus.

Despite these efforts, there is room for improvement. Only 6% of industry professionals are purchasing carbon offsets or credits, and just 18% are offering virtual and hybrid event options.

Incentives: Planners be nimble in dynamic climate

Amid an uncertain economic outlook, rewards and recognition remain crucial for business success. As remote work arrangements become increasingly prevalent, companies are recognising the importance of regular in-person gatherings to foster communication and alignment with corporate objectives.

Hence, incentive trips are a means to foster company culture in an intentional way, providing new opportunities for off-site and team-building events. Kim noted that incentive travel is shifting closer to home towards regional and tried-and-tested destinations due to geopolitical uncertainties.

In conclusion, Kim emphasises the need for adaptability in the incentive travel sector, particularly in response to shorter lead times. He underscores the importance of flexibility, agility, nimbleness, and quick decision-making for planners to navigate evolving circumstances effectively.