Shift Happens!? And what are you doing to adapt to this shift?
Shift Happens!? Transformation Advisor: The Bright Idea Guy
It's not about what to think, but how to think that ensures Shift Happens!?
The state of the MICE industry is evolving, with companies adapting to new norms and challenges. The future holds promise, but it requires careful planning and adaptability. As we navigate these uncertain times, one thing is clear: the industry is far from static, and those who adapt are the ones who will thrive.
The "new normal" is a landscape of constant evolution, requiring adaptability, foresight, and innovation. Companies that embrace these changes are the ones that will define the future of the MICE industry.
As we navigate this transformative period in MICE, it's clear that the industry is far from static. The future is not just about predicting changes but actively participating in shaping them. Adaptability, technological innovation, and a focus on sustainability are key themes that will define the industry in the future. Stay tuned, stay adaptable, and most importantly, stay engaged. The future is bright for those willing to evolve.
So, what's your next move? The ball is in your court; as many may know, I teach 'how' to think, not what to think. Here are some of my thoughts on the MICE industry for 2024 as I reflect on all of the 'shifts' in 2023. Hopefully they are thought starters for you and your organization. What I do know for sure is that Shift Happens and you can be apart of it or a part from it.
The State of the Industry: A 2023 Perspective: Looking In The Rearview Mirror
The events and meetings industry is in flux, adapting to new norms and challenges in recent years. This article aims to provide a comprehensive overview of the current landscape, touching on various aspects such as the shift to online events, the dilemma of cancellations, hotel staffing issues, and more.
The Shift to Online Events
The global pandemic has been a game-changer for many industries, and the events sector is no exception. Companies have had to pivot, leading to a surge in online events.
A Data Management Company's Approach
One data management company decided to go virtual for their annual incentive event. The decision was influenced by the young families of their executive team. They opted for AMEX travel vouchers for their employees and planned a grand in-person event for early next year.
To Cancel or Not to Cancel
The question of whether to proceed with planned events or not is another significant issue that companies are grappling with.
An Event Planning Firm's Experience
An event planning firm in New York had two contrasting experiences with their clients. One client canceled their welcome-back party, absorbing all cancellation fees. Another is pushing ahead with their holiday party, showing the varying approaches within the same city.
Hotel Staffing and Service Issues
The hospitality sector is not without its challenges, particularly regarding staffing.
The Customer Experience
Customers are finding that the level of service is not what they're used to, yet they're still paying premium prices. This situation is causing a ripple effect, reflecting poorly on event organizers and the industry.
Masking and Vaccinations
The health and safety of attendees are paramount, leading to debates and policies around masking and vaccinations.
Industry Trends
In the tech sector, vaccination mandates are solid and likely to continue. This raises questions about how to accommodate those who are uncomfortable or unvaccinated.
The Concept of Intentional Meeting Design
Companies are using this period to rethink and redesign their meeting strategies.
An Insurance Company's Strategy
One life insurance company has taken this time to re-engineer its approach, closing multiple offices and focusing on more intentional meeting designs that value networking.
The Hybrid Model
The hybrid model of events, combining both online and in-person elements, is gaining traction but comes with challenges.
Cost Implications
Running hybrid events is financially demanding, requiring dedicated teams for both online and in-person aspects.
The Future of the Industry
The industry will likely see more changes, with technology playing a significant role.
The Role of Technology
Advancements in technology will continue to shape how we conduct events and meetings, offering solutions that could potentially revolutionize the industry.
The Importance of Flexibility
In today's rapidly changing landscape, flexibility is more than a buzzword; it's necessary for survival. Companies that can adapt to changing circumstances are the ones that will come out ahead.
A Lesson from the Retail Sector
Take, for example, a major retail company that had to pivot quickly when the pandemic hit. They transitioned to online sales and curbside pickups, demonstrating an agility that kept them afloat while others sank. This lesson directly applies to the MICE industry, where flexibility can make or break your success. As you plan for 2024 how have your 'pivotted' to capture these new opportunities.
Sustainability in Events
As we move forward, sustainability is not just an option but a requirement. Companies are increasingly held accountable for their environmental impact, which extends to events.
Green Initiatives
From digital invitations to reduce paper waste to sourcing local food to minimize transportation emissions, green initiatives are becoming standard in event planning. Companies that ignore this trend do so at their peril because your younger audience want to know they are making a difference to their future.
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The Rise of Virtual Reality (VR) and Augmented Reality (AR)
Technology is not just changing how we do business; it's changing how we experience the world. Virtual Reality and Augmented Reality and other AI tools offer new avenues for engagement in events.
Immersive Experiences
Imagine attending a conference from the comfort of your home but feeling like you're there in person. VR and AR can make this a reality, offering immersive experiences that could revolutionize our thoughts about meetings and conferences.
Data-Driven Decision Making
In the age of Big Data, making decisions based on gut feeling alone is a recipe for disaster. Companies are leveraging data analytics to make more informed choices.
The Power of Analytics
Data can provide insights into attendee behavior, preferences, and engagement levels, allowing for more personalized and effective events. You're missing out on a valuable resource if you're not using data to inform your event planning.
And now here comes the elephant in the room....
The Role of Artificial Intelligence (AI) and Machine Learning
As we delve deeper into the digital age, Artificial Intelligence and Machine Learning are not just buzzwords; they're shaping industries, including events and meetings. It’s handy for a lot of things, such as generating content for event websites, summarizing session descriptions, and developing marketing materials. But that is just the tip of what it can do for your organization. Here are some additional thought starters.
Automated Customer Service
Chatbots and automated systems are taking over customer service roles, providing instant responses to queries and helping to manage large-scale events easily. If you're still relying solely on human power for customer service in your circumstances, it's time to reconsider.
Globalization and Localization
The events industry is becoming increasingly global in a more connected world than ever. However, somebody in your organization should not overlook the importance of localization.
Cultural Sensitivity
Understanding local customs, language, and etiquette is crucial when planning international events. Companies that can balance global reach with local sensitivity will have the edge. AI and ChatGPT can convert your emails marketing materials to almost any language.
Mental Health and Well-being
The pandemic has brought mental health into sharper focus. Companies are now considering the well-being of attendees in their event planning.
Mindfulness Zones
Some events incorporate mindfulness zones, mental health booths, and even professional counselors to address the mental well-being of attendees. This is not just a trend; it's a necessity.
Blockchain Technology
Blockchain has entered the events industry, offering secure and transparent transaction management methods. For me, personally, I don't suggest using it. Call me cautious. Call me conservative (Hmmmm no one ever called me that). I don't feel comfortable using it or seeing how the volatility can do anything to help MICE and I certainly understand how it can hinder financial stability.
The Gig Economy
The rise of the gig economy is affecting the events industry, offering more flexible staffing solutions and posing new challenges.
Freelance Specialists
From freelance event planners to part-time staff, the gig economy allows for a more flexible approach to staffing but requires stringent quality control.
Conclusion: The Road Ahead For The "New Normal"
The "new normal" is a constantly evolving landscape requiring adaptability, foresight, and innovation. Companies that embrace these changes are the ones that will define the future of the industry. For me there is no longer 'normal' for anything. Shift Happened and it continues to shift not only how we think but what we think.
The events and meetings industry is at a crossroads, facing challenges and exciting opportunities for those willing to adapt and innovate. The landscape is shifting from the rise of online events to the importance of sustainability and the potential of emerging technologies. Companies that can navigate these changes effectively are the ones that will thrive in this new era.
The state of the industry is evolving, with companies adapting to new norms and challenges. The future holds promise, but it requires careful planning and adaptability. As we navigate these uncertain times, one thing is clear: the industry is far from static, and those who adapt are the ones who will thrive.
Bottom Line:?The MICE industry is undergoing a transformation influenced by technological advancements, social changes, and global challenges.?
FAQs You may want to address in your organization.