Events As a Business Tool

Events As a Business Tool

Corporate Welfare events are conducted when everyone in the company across different levels get together and spend the day getting to know each other and sharing their experiences. This bonds the company and brings it closer into a tighter knit. The employees of the company then get the feeling that they constitute a community. Company Days and Annual/ Anniversary day celebrations keep the company together and promote efficiency. Training programs educate the team on developments in their area of work and newer methods of work. The company shows that it is interested in its’ employees growth and work satisfaction. This makes them more competitive in a market that is constantly evolving.

Anniversary days always generate a lot of interest. For example Bang Radio turns 1 or NuSound Radio completes 5 years etc. An event is held to earmark a big happening. It shows the success of the product, company or brand, much like birthdays. They also provide a forum for the company to invite people who have the potential to increase business. Corporate event DJs are quite popular in London these days.

M.I.C.E (Meetings, Incentives, Conferences and Exhibitions)

Meetings: are events held for the purpose of exchanging information from one company or from a broader spectrum of people. E.g. Cocktail functions and product launches.

Incentives: include travel to a foreign country or domestically, as part of a motivational incentive scheme to increase or reward employee effort.

Conferences: are multi day events having at least 100 delegates for the purpose of exchanging information.

Exhibitions: bring people together for purposes of viewing products and services.

The main attraction of the MICE industry is based on the fact that it is the fastest growing segment of the tourism market. The average growth is between 8 – 10% and this sector is significant to the travel industry in volume terms. Even more significantly, the importance is felt owing to the yield, which is very rewarding. Identified as the value-added sector of travel, the established business cum pleasure part of travel is looked upon as highly lucrative. As MICE travellers are generally visiting as part of their corporation, they tend to be more lavish and if the host country can get its act together, can earn up to 4 times more in spending from a MICE traveller than an average tourist.

An added advantage for countries like UK lies in the fact that meetings and conferences are largely held on a rotational basis. Locations, even if liked and found popular, are seldom repeated. Taking the example of Thailand, in spite of the December tsunami tragedy and devastation in 2004, the concerned authorities invited decision makers of 45 multinational firms on a FAM trip to promote this sector of travel. Most of these visiting corporate would have been impressed by the recovery efforts being put in place and the local commitment in recreating travel interest. Naturally, this cannot be done without a certain resolve on the political front as well, as has been shown by the Thai authorities.

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